LIC has always been sensitive to the changing aspirations of its customers and thus brings out different products from time to time to cater to those needs . Close on the heels of Jeevan Aastha, which was a runaway success, its latest offering is Jeevan Varsha, a Close-ended Guaranteed Additions plan. The Plan provides guaranteed benefits on death as well as maturity and has a few unique features. The Plan would be open for sale from 16th February 2009 to 31st March 2009 .
It is a Money Back Plan with only 2 Policy terms i.e., 9 years and 12 years , with Premium paying term restricted to only 9 years for both . This has been done keeping in view the preference of the people for short duration policies. Further it offers attractive Guaranteed Additions of Rs. 65/- per thousand S.A. per year for 9-year term and Rs. 70/- per thousand S.A. for a policy of 12-year term.
For the first time in any Money Back Policy, the Survival Benefits are payable every 3 years. This means that for a 9-year term policy, the payouts would be at the end of 3rd,6th and 9th years and for a 12-year term policy, the payouts would be at end of 3rd,6th,9th and 12th years. This provision makes Jeevan Varsha a plan with periodical payments (Survival benefit) and helps the buyer in meeting various expenses during the course of the policy , while enjoying full insurance coverage for the entire policy term .
Any person who has completed 15 years of age can buy this policy so that first Survival Benefits becomes payable to him only after he attains majority. The maximum age at maturity has been pegged at 75 years which means that the maximum age of entry for 9-year term would be 66 years and for the 12-year term it would be 63 years.
This is a regular premium plan where all modes of payment Yearly,Hly,Qly and monthly (ECS mode only) are allowed.
The minimum Sum Assured for ECS monthly mode is Rs. 75000/- and Rs. 50,000/- for other modes, there being no limit on the maximum Sum Assured.
The Loyalty Additions are also payable depending on the experience of the Corporation with regard to interest rate assumed, expenses and mortality.
The plan has provisions for Loan, Surrender and Revival. Usual conditions regarding Grace Period and Cooling-off are also applicable to this plan. Tax Benefits as per the existing Income Tax Rules are also admissible.
It is a Money Back Plan with only 2 Policy terms i.e., 9 years and 12 years , with Premium paying term restricted to only 9 years for both . This has been done keeping in view the preference of the people for short duration policies. Further it offers attractive Guaranteed Additions of Rs. 65/- per thousand S.A. per year for 9-year term and Rs. 70/- per thousand S.A. for a policy of 12-year term.
For the first time in any Money Back Policy, the Survival Benefits are payable every 3 years. This means that for a 9-year term policy, the payouts would be at the end of 3rd,6th and 9th years and for a 12-year term policy, the payouts would be at end of 3rd,6th,9th and 12th years. This provision makes Jeevan Varsha a plan with periodical payments (Survival benefit) and helps the buyer in meeting various expenses during the course of the policy , while enjoying full insurance coverage for the entire policy term .
Any person who has completed 15 years of age can buy this policy so that first Survival Benefits becomes payable to him only after he attains majority. The maximum age at maturity has been pegged at 75 years which means that the maximum age of entry for 9-year term would be 66 years and for the 12-year term it would be 63 years.
This is a regular premium plan where all modes of payment Yearly,Hly,Qly and monthly (ECS mode only) are allowed.
The minimum Sum Assured for ECS monthly mode is Rs. 75000/- and Rs. 50,000/- for other modes, there being no limit on the maximum Sum Assured.
The Loyalty Additions are also payable depending on the experience of the Corporation with regard to interest rate assumed, expenses and mortality.
The plan has provisions for Loan, Surrender and Revival. Usual conditions regarding Grace Period and Cooling-off are also applicable to this plan. Tax Benefits as per the existing Income Tax Rules are also admissible.
The plan is ideally suited for a person who wishes to plan for his future needs arising at different intervals, ensuring complete safety of his capital and with assurance of only a reasonable rate of return.
wha do u advise on taking up the policy?
ReplyDeleteIF u want complete safety of ur capital and with assurance of only a small rate of return then only u should go for this otherwise avoid.
ReplyDelete