<p>LIC Jeevan Varsha was a close-ended ;<strong>money-back insurance plan</strong> ;introduced by the ;<strong>Life Insurance Corporation of India</strong> ;(LIC) to offer policyholders a blend of guaranteed returns and loyalty additions. Although this plan was discontinued and is no longer available for new policies, it provided comprehensive financial security through short-term money-back options with unique benefits. Here’s an overview of the features, benefits, and legacy of the LIC Jeevan Varsha plan.</p>



<h3 class="wp-block-heading">Overview of LIC Jeevan Varsha</h3>



<p><strong>Jeevan Varsha</strong> ;was available from ;<strong>February 16, 2009, to March 31, 2009</strong>, and was structured with flexible short-term terms to suit the varying needs of policyholders.</p>



<h4 class="wp-block-heading">Key Features of LIC Jeevan Varsha</h4>



<ol class="wp-block-list">
<li><strong>Policy Terms</strong>
<ul class="wp-block-list">
<li>Offered two short-term policy options: <strong>9 years</strong> or <strong>12 years</strong>.</li>
</ul>
</li>



<li><strong>Survival Benefits</strong>
<ul class="wp-block-list">
<li>Policyholders received money-back payments at intervals throughout the policy term:
<ul class="wp-block-list">
<li>For the <strong>9-Year Term</strong>:
<ul class="wp-block-list">
<li><strong>3rd Year</strong>: 15% of Sum Assured</li>



<li><strong>6th Year</strong>: 25% of Sum Assured</li>



<li><strong>9th Year</strong>: 60% of Sum Assured + <strong>Guaranteed Additions (G.A.)</strong> + <strong>Loyalty Additions (L.A.)</strong></li>
</ul>
</li>



<li>For the <strong>12-Year Term</strong>:
<ul class="wp-block-list">
<li><strong>3rd Year</strong>: 10% of Sum Assured</li>



<li><strong>6th Year</strong>: 20% of Sum Assured</li>



<li><strong>12th Year</strong>: 40% of Sum Assured + G.A. + L.A.</li>
</ul>
</li>
</ul>
</li>
</ul>
</li>



<li><strong>Guaranteed Returns</strong>
<ul class="wp-block-list">
<li>Guaranteed returns accrued based on the policy term:
<ul class="wp-block-list">
<li><strong>9-Year Term</strong>: ?65 per ?1,000 sum assured</li>



<li><strong>12-Year Term</strong>: ?70 per ?1,000 sum assured</li>
</ul>
</li>
</ul>
</li>



<li><strong>Risk Coverage Throughout Policy Term</strong>
<ul class="wp-block-list">
<li>Comprehensive risk coverage was provided for the entire term, ensuring financial protection.</li>
</ul>
</li>



<li><strong>Profit-Sharing</strong>
<ul class="wp-block-list">
<li>The plan was eligible for <strong>loyalty additions</strong> based on LIC’s annual profits, providing an additional benefit.</li>
</ul>
</li>
</ol>



<h3 class="wp-block-heading">Benefits of LIC Jeevan Varsha</h3>



<h4 class="wp-block-heading">Death Benefit</h4>



<ul class="wp-block-list">
<li><strong>During the policy term</strong> (excluding the last policy year): <strong>Sum Assured</strong> + accrued <strong>Guaranteed Additions</strong>.</li>



<li><strong>During the last policy year</strong>: Sum Assured + Guaranteed Additions + Loyalty Additions.</li>
</ul>



<h4 class="wp-block-heading">Maturity Benefit</h4>



<ul class="wp-block-list">
<li><strong>9-Year Term</strong>: 60% of Sum Assured + G.A. + L.A.</li>



<li><strong>12-Year Term</strong>: 40% of Sum Assured + G.A. + L.A.</li>
</ul>



<h4 class="wp-block-heading">Guaranteed Additions</h4>



<p>Guaranteed additions were accrued at predetermined rates based on the policy term, enhancing the benefits for death or surrender scenarios.</p>



<h3 class="wp-block-heading">Eligibility Conditions for LIC Jeevan Varsha</h3>



<ol class="wp-block-list">
<li><strong>Sum Assured</strong>
<ul class="wp-block-list">
<li><strong>Minimum</strong>: ?75,000 for ECS mode; ?50,000 for other modes.</li>



<li><strong>Maximum</strong>: No specified limit.</li>
</ul>
</li>



<li><strong>Entry Age</strong>
<ul class="wp-block-list">
<li>Minimum: <strong>15 years</strong></li>



<li>Maximum: <strong>66 years</strong> for 9-year policy; <strong>63 years</strong> for 12-year policy.</li>
</ul>
</li>



<li><strong>Premium Payment Term</strong>
<ul class="wp-block-list">
<li>Fixed at 9 years, with flexible payment modes including yearly, half-yearly, quarterly, and ECS monthly.</li>
</ul>
</li>



<li><strong>Grace Period and Rebates</strong>
<ul class="wp-block-list">
<li>Policyholders could benefit from a grace period for premium payments. Rebates were available for premium payment modes and higher sums assured.</li>
</ul>
</li>
</ol>



<h3 class="wp-block-heading">Additional Features: Premium Payment and Surrender Value</h3>



<p>The ;<strong>premium payment modes</strong> ;included yearly, half-yearly, quarterly, and ECS monthly options, providing flexibility. A guaranteed surrender value was accessible after three years of premium payments.</p>



<h3 class="wp-block-heading">Looking for Similar Options?</h3>



<p>Though LIC Jeevan Varsha is now discontinued, LIC offers alternative plans with similar benefits. For example, the ;<a><strong>LIC ;Dhan ;Varsha ;Plan</strong></a> ;provides a single premium format, offering both savings and insurance benefits in one.</p>



<p>To explore more insurance options with LIC, consider reading about the ;<a href="https://mypaisa.in/lic-jeevan-saral-review/"><strong>LIC ;Jeevan ;Saral</strong></a>, a flexible plan offering additional benefits, or visit the ;<a href="https://mypaisa.in/jeevan-anand-an-endowment-assurance-whole-life-plan/"><strong>LIC ;Jeevan ;Anand</strong></a> ;page for details on endowment insurance plans.</p>



<h3 class="wp-block-heading">Conclusion</h3>



<p>LIC Jeevan Varsha provided a robust combination of ;<strong>guaranteed returns</strong> ;and ;<strong>financial security</strong>, aimed at delivering value through periodic money-back options and loyalty additions. As it is now discontinued, interested individuals should explore LIC’s current offerings like ;<strong>Dhan Varsha</strong> ;or ;<strong>LIC Jeevan Anand</strong> ;for alternative solutions.</p>



<p>For more insights on LIC plans, such as ;<a href="https://mypaisa.in/lic-health-protection-plus/">LIC’s ;health ;protection ;policies</a> ;and ;<a href="https://mypaisa.in/lic-wealth-plus/">LIC ;wealth ;management ;options</a>, ;</p>

This post was last modified on November 13, 2024
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