LIC's Jeevan Varsha: First look on features.

Posted by Admin on 1

After a great success in guaranteed return plan “Jeevan Astha” LIC of India is back with one more guaranteed return plan but this time it is with money back and regular premium features.

Jeevan Varsha is LIC’s new Guaranteed return money back plan which is available between 16th February till 31st March 2008.

Jeevan Varsha is available with policy terms of 9 and 12 years and it will offer guaranteed addition of Rs. 65 per 1000 for 9 years term and Rs. 70 per 1000 for 12 years.

Although return compared to “Jeevan Astha” is quite low the important part of this policy is it will offer survival benefit (i,e money back) after every 3rd year this means one can invest the amount in higher return generating instrument.

Because of this the overall rate of return may turn out to be much more then “Jeevan Astha”.

One more point need to be considered here while calculating the return which is premium payment mode, unlike Jeevan Astha where mode is single, here you have the liberty to choose yearly/Half-yearly/Quarterly premium payment mode for the term of 9 years; this means this policy not only offers you liquidity with survival benefit after 3 years but also you are paying premium in parts and not as a lump sum.

Premium paying mode for both the term (9 year and 12 year) is 9 years this means even if you opt for a term of 12 years premium needs to be paid for 9 years only.

Death cover is the area where this policy scores over Jeevan Astha . Full SA + GA is paid anytime in the term in the event of death.

Features:

Policy terms: 9 year and 12 years.

Premium payment term: 9 year only.

Survival benefit: After every 3 years.

Guaranteed Addition: Rs. 65 per 1000 SA for 9 years term.

Rs. 70 per 1000 SA for 12 years term.

Survival benefit

Term 9 year

Term 12 year

3rd year

15% of SA

10% of SA

6th year

25% of SA

20% of SA

9th year

60% of SA + GA + LA(if any)

30% of SA

12th year

40% of SA + GA + LA(if any)

Death Cover: unlike Jeevan Astha it will offer fixed death benefit of SA + GA + LA.

Keep visiting this space for a detail analysis and review on “Jeevan Varsha”

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1 comments:

Maya said...

can u pl explain this policy with giving figures or example (means if you paid this much premium you will get this much after 9 years.

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