Jeevan Varsha – Unique Money Back Plan

LIC Jeevan Varsha Summary:

Jeevan Varsha (Plan No. 196) is a money-back plan with Guaranteed Additions and Loyalty Additions if any.
Jeevan Varsha is a close-ended plan and it would be open for sale from 16th February 2009 to 31st March 2009.

1. Features:

  • Short-Term Money-Back for 9 Years or 12 years.
  • Policy Term for 9 Years or 12 Years
  • Assured Money-Back every 3 years (Survival Benefit)
  • Guaranteed Returns – Rs.65 per Thousand for 9 Years and Rs.70 per Thousand for 12 Years
  • Complete Risk Coverage throughout the Tenure
  • Profit-Sharing through Loyalty Additions.

2. Benefits:

A) Death Benefit:
On death during the policy term excluding last policy year:  Sum Assured with accrued Guaranteed Additions.
On death during last policy year:  Sum Assured with accrued Guaranteed Additions along with Loyalty Addition if any.

B) Survival Benefits in Jeevan Varsha:

Survival benefits will be payable as given below:

Survival at end of 9-year plan12-year plan
3rd year15% of Sum Assured
10% of Sum Assured
6th year25% of Sum Assured20% of Sum Assured
9th year60% of S.A +G.A + L.A30% of Sum Assured
12th yearNA40% S.A+ G.A+ L.A

c) Maturity Benefit

For policy term of 9 years: 60% of the Sum Assured along with Guaranteed Additions and Loyalty Addition, if any, will be payable.

For policy term of 12 years:  40% of the Sum Assured along with Guaranteed Additions and Loyalty Addition, if any, will be payable as described in the above survival benefit table.

D) Guaranteed Addition:

The Guaranteed Addition will accrue for each policy year at the following rates:

– Rs. 65 per thousand Sum Assured per year for a policy of 9 years term.

– Rs. 70 per thousand Sum Assured per year for a policy of 12 years term.

In case of a death claim or surrender of a fully paid-up policy (applicable for a policy term of 12 years), the Guaranteed Additions for the policy year of death or surrender will be added fully.

Also Read  LIC New Children's Money Back Plan

In the case of surrenders and paid-up policies, the Guaranteed Additions for the policy year in which the last premium is received will be added on a proportionate basis. For example, if two months’ premiums have been received for the policy year, then 2/12th of the Guaranteed Additions for that policy year shall be added.

E) Loyalty Addition:

Depending upon the Corporation’s experience with regard to policies issued under this plan, the policy will be eligible for Loyalty Addition on death during the last policy year or on the Life Assured surviving the stipulated date of maturity at such rate and on such terms as may be declared by the Corporation.

Eligibility Conditions and Restrictions Jeevan Varsha:

a) Minimum Sum Assured: Rs.75,000/- for ECS monthly mode OR Rs 50,000/- for other modes

b) Maximum Sum Assured: No limit

c) Minimum age at entry: 15 years completed.

d) Maximum age at entry: 66 years (nearest birthday) for the policy of term 9 years 63 years(nearest birthday) for the policy of term 12 years

e) Maximum age at maturity: 75 years nearest birthday

f) Policy Term : 9 & 12 years

g) Premium Paying Term:9 years

The Sum Assured shall be in multiples of Rs. 5,000.

Age at entry for the life assured is to be taken as age nearest birthday except for the minimum age at entry i.e. 15 years.

4. Modes of Premium Payment :

You can pay premium Yearly, Half-yearly, Quarterly, and Monthly (through ECS only)

Grace Period For Payment Of Premium:

A grace period of one month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.

If death occurs within this period and before the payment of the premium then due, the policy will still be valid and the Sum Assured shall be paid after deduction of the said premium as also unpaid premiums falling due before the next Policy anniversary.

Also Read  Jeevan Shiromani - Money Back Plan

If a premium is not paid before the expiry of the grace days, then the Policy will lapses.

5. Rebates (Discount):

Mode Rebates:

Rebates are available at the following rates:
Yearly mode: 2% of tabular premium
Half-yearly mode: 1% of the tabular premium

Sum Assured Rebates:

Sum Assured
Less than Rs.1, 00,000Nil
Rs 1, 00,000 to Rs 1, 99,999Rs 2.00
Rs 2, 00,000 ato Rs. 4,99,999Rs 3.50
Rs. 5,00,000 and aboveRs 5.00

6. Paid-Up Value:

If after at least 3 full years’ premiums have been paid in respect of this policy and any subsequent premium be not duly paid, this policy shall not be wholly void but shall subsist as a paid-up policy for a reduced sum.

7. Guaranteed Surrender Value:

The Guaranteed surrender value will be available after the expiry of 3 policy years, provided the premiums have been paid for at least three years. The guaranteed surrender value allowable under this policy is equal to 30 percent of the total amount of the premiums paid excluding the premium for the first year, all extra premiums that may have been paid and the number of survival benefits paid earlier. The cash value of any existing guaranteed additions will also be payable.

Jeevan Varsha Special Surrender Value:

The special surrender value will be payable if it is more favorable to the policyholder. The Special Surrender Value will be the discounted value of the Sum Assured and Guaranteed Additions accrued. The discount factors shall be the special surrender value factors used for the Endowment Assurance plan, which will depend on the policy term and the duration elapsed since the commencement of the policy. The cash value of any existing guaranteed additions will also be payable.

10. Loans:

A loan facility will be available under this plan after the policy acquires paid-up value.
The rate of interest charged for this loan amount would be determined from time to time by the Corporation (LIC Of India).

Also Read  LIC Jeevan Anurag

Update: Plan No. 196 Has Been Discontinued.

  1. rajesh bahirwar July 3, 2013 at 6:03 pm

    I want to surrender my policy JEEVAN VARSHA MONEY BACK PLAN-922376423,open in 10-july-2009.But Because of my financial problem I unable to pay premium monthaly 4308/-. plz tell me how much amount I will get.

  2. To Buy a New LIC Insurance Policy in Kolkata, please call/SMS our LIC DMKT DEPARTMENT 9007468003 (Kolkata only)

  3. I took a policy for Rs.50,000, under this 12 year plan (table 196) i am investing Rs.4087.00 half yearly, which will become an amount of Rs.73,566.00 after 9 years of regular premium payment.

    Rs.73,566.00 – Rs.50,000.00= Rs.23,566.00

    Now my question is, if i get total money back after 12 years (i.e 100% of sum assured=Rs.50,000.00), what about the remaining amount of Rs.23,566.00 ??
    How could i become benefited at the time of maturity??

    waiting for a quick reply.
    with regards
    Shabin Das.

    • Hi Shabina Das

      Apart from the sum assured u will get Guaranteed Returns of 3500*12=42000 and Loyalty addition based on corporation profit ration

  4. inderjit singh July 13, 2012 at 6:36 pm

    Mrs. J.Rama Dev i have a same question fom corporation….
    did u get ant reply from the corporation….
    i yes plz forward me the same detail…
    thanks mam…

  5. Respected sir,

    I have taken policy 12 years for Rs.16150 with half yearly premium 8075 in jeevan varsha policy in 2009 .so i would like to know how much i will get money back after 3 years, 6 and 9 years.

    today only i have paid the 3rd yr premium, when i will get money for first 3rd year. whats the procedure.

  6. hi dis s kannan my age s 24 i need a sum assured of 10,00,000 for 9yrs jeevan policy for that i want to know my monthly premium ,returns &benefits dteails

  7. I’m looking for a long term guaranteed return policy, So If i want to invest 20,000 per year for 20 years then which policy will be good for me to give me a good guaranteed return.

    Please also give me the example also with money return. I don’t want to go with ULIP plans.

    Amit Patel

  8. Respected sir,
    i invest 20 years for Rs.20000 in jiven varsha policy .so how many Rs. get me yearly.After 20 year which amount give me.
    plz tell me some information.

  9. I have subscribed LIC jeevan varsha plan 196 for 9 years, sum assured 5,00,000/- and paying 6827/ p.m. premium through ECS. So totally I am paying Rs. 81,124/ p.m and 7,37,316/- per 9 years term. It means I am paying 2,37,316/- more than the sum assured.What happens to the extra 2,37,316 money? will your corporation return thisa amount along with your guaranteed additions and loyalty additions. Please clarify and send e-mail to me. Thank You
    Rama Devi

  10. sameer wadelkar April 20, 2010 at 7:41 pm

    Dear sir,

    pl. send me the details of highest return insurance policy lic of India. also send the details of jeevan varsha and jeevan aastha ,market plus policy with details example of premium rs.100000/-

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