LIC Jeevan Varsha Life Insurance

This is a close ended money Back plan with 9 & 12 years policy term. For both policy Terms of 9 &12, the PPT will be 9 years only i.e. one has to pay premium only for 9 yrs. The Survival Benefit will be paid at the end of 3^rd, 6th, 9th & 12^th year along with G.A.+ L.A. if any, (as shown in the below table).

Death Benefit:

1)      Death during the policy term excluding last policy year: S.A. + Accrued G.A.

2)      Death during the last policy year: SA. + G.A. + L.A. if any.

Paid-up Value: If after at least 3 full years premium have been paid and any subsequent premium not duly paid, policy shall subsist as a paid-up policy for a reduced sum.

Gtd. Surrender Value: Available after the expiry of 3 policy year provided the premiums have been paid for at least 3 years. The guaranteed surrender value will be 30 percent of the total amount of the premium paid excluding the premium for the first  year, all extra premiums that may been paid and the amount of survival benefit paid earlier.

Special Surrender Value: The SSV will be discounted value of the paid-up value.

• EXAMLE: Mr. Rice aged 30 years takes a Jeevan Varsha policy for Rs.5Lakh S.A. for 12 year policy term (PPT 9 years). He pays yearly premium for Rs.78, 497. Here, he receives Rs.50, 000, 1Lakh, 1, 50,000 each at the end   of 3^rd, 6^th, & 9^th year respectively. On maturity in the 12^th year, he receives balance of Rs.2Lakhs + G.A. of Rs.4,20,000 @ Rs.70 per thousand S.A. i.e.6,20,000+Loyalty Addition, if any, Totally he will receive 9,20,000+L.A.if any.

In case, Mr., Rice dies at the end of 7^th policy year his nominee  will get Rs.5LAkh S.A.+Rs.2,45,000 as Guaranteed Addition for 7 years @ Rs.70 pre 10000p.a. i.e. Rs.7,45,000.

The survival benefit of Rs.50, 000 & 1Lakh paid during 3^rd & 6^th year will not be deducted from the claim amount. No Loyalty Addition will be paid.

In case, Mr. Rice dies during the last policy year his nominee will get 5Lakh S.A.+4,20,000 G.A.+L.A. if any. The survival benefit of Rs.3Lakhs (50,000+1Lakh+1, 50,000) paid earlier will not be deducted from claim amount.

Related posts:

1. LIC Amulya Jeevan. Life Insurance India Table 190 General police condition Min. age at entry Max. age at entry Max. Maturity Age Minimum Term Maximum Term Modes allowed Minimum S.A S.A in multiples...
2. LIC Jeevan Bharti- 1. Table-192 India General policy conditions Min. age at entry Max. age at entry Max. maturity age Terms Allowed Min. S.A Max. S.A S.A in multiples of Modes...
3. LIC Child Fortune Plus Table 194 India This Unit Linked plan is allowed to PARENTS who have a CHILD aged between 0 to 7 years ibd to meet the EDUCATIONAL & OTHER...