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
Min. S.A. for
ECS MLY made
S.A. in multiples of
|15 yrs. Compl.66 yrs. nbd63 yrs. nbd
75 yrs. nbd
9 & 12 yrs.
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.
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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