LIC Jeevan Varsha Policy is 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 3rd, 6th, 9th & 12th year along with G.A.+ L.A. if any, (as shown in the below table).
| LIC Jeevan Varsha Policy General condition | |
| Min. age at entryMax .age at entry:For 9 yrs Term
For 12 yrs Term Max. maturity age Terms Allowed PPT Min. S.A. Min. S.A. for ECS MLY made Max. S.A. S.A. in multiples of Modes |
15 yrs. Compl.66 yrs. nbd63 yrs. nbd
75 yrs. nbd 9 & 12 yrs. Rs.50,000 Rs.75,000 NO limit. Rs.5,000 YLY/HLY/QLY/MLY-ECS |
LIC Jeevan Varsha Policy 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.
LIC Jeevan Varsha Policy Table 196
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.
Mr. Rice aged 30 years takes a LIC 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, 1 Lakh, 1, 50,000 each at the end of 3rd, 6th, & 9th year respectively. On maturity in the 12th year, he receives balance of Rs.2 Lakhs + 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 7th policy year his nominee will get Rs.5 LAkh S.A.+Rs.2,45,000 as Guaranteed Addition for 7 years @ Rs.70 per 10000 p.a. i.e. Rs.7,45,000.
- The survival benefit of Rs.50, 000 & 1Lakh paid during 3rd & 6th 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.
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OK, do you have your property in HOUSTON irnesud? YOu need a COMMERCIAL umbrella over a business property NOT a personal one. The personal umbrella isn’t going to COVER a business venture, anyway. So, a COMMERCIAL umbrella will have an underlying liability requirement of $ 1,000,000, so you will have to raise the liability limit of the rental property to $ 1,000,000 on that policy (it becomes the deductible, on the umbrella). And the umbrella should cost you about $ 1,000 per million. I m making an assumption that the rental property in Houston is irnesud impropertly, on a homeowners policy which could open up a can of worms if you have a claim. But ANY indpendent agent should be able to do the commercial umbrella over the rental property they’re just going to ALSO want to write the policy on the rental property. So if you’re with State Farm or such, you’ll have to move the whole account to another agent. Email me directly if you want the phone number to an agency that can help you out, here in Houston.Keep in mind . . . the liability sections ONLY cover suits brought against you in the US.
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