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  • LIC Jeevan Varsha Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The Jeevan Varsha Plan from Life Insurance Corporation of India (LIC) is a close-ended, money-back policy that provides guaranteed additions to the policyholder, which are payable along with the death/survival benefit. The policy also offers loyalty additions that are payable on the final year of the policy term, just before the life assured’s death or at maturity. The policy provides tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

    Eligibility - Who is LIC’s Jeevan Varsha Plan for?

    All insurance providers have a pre-defined eligibility criteria that policy buyers need to meet, if they wish to purchase the policy.

    Parameters Criteria for eligibility
    Minimum age at entry 15 years
    Maximum age at entry
    • 9-Year Policy Term: 66 years
    • 12-Year Policy Term: 63 years
    Maximum age at maturity 75 years

    Sum Assured and Premium Range - What you get and what it costs?

    Sum Assured

    The sum assured is the maximum amount of money that will be paid to your nominee in case of an unfortunate eventuality. You will have to choose an optimum sum assured at the time of purchasing the policy.

    Minimum Sum Assured Rs.75,000
    Maximum Sum Assured No limit

    Premiums*

    The premium is a fixed sum of money that one has to pay to enjoy the benefits and the risk cover provided by the policy. The payable premium for the Jeevan Varsha Plan will vary based on the policyholder’s age at entry, policy tenure, sum assured, and other factors.

    Minimum term of the policy 9 years
    Maximum term of the policy 12 years
    Premium Payment Mode Annual, Bi-Annual, Quarterly, or Monthly

    *Premiums vary based on age, location, plan term and other factors.

    Plan Coverage - What LIC’s Jeevan Varsha Plan covers?

    Death Benefit Upon the death of the life assured, the sum assured will be paid, regardless of whether or not the survival benefits have been paid in the past.
    Survival Benefits
    • 9-Year Policy Tenure: Survival benefits will be paid at the completion of the 3rd, 6th, and 9th policy year.
    • 12-Year Policy Tenure: Survival benefits will be paid at the completion of the 3rd, 6th, 9th, and 12th policy year.
    Guaranteed Addition Guaranteed additions are provided at the rate of Rs.65 per thousand of the sum assured per year and Rs.70 per thousand of the sum assured per year, for a 9-year and 12-year policy term, respectively.
    Loyalty Addition Loyalty additions will be paid if the policyholder survives till maturity of the policy or if the policyholder passes away during the last policy year.

    Riders/Add-On Plans – Additional coverage under the LIC’s Jeevan Varsha Plan

    No additional riders can be purchased along with LIC’s Jeevan Varsha Plan.

    Exclusions - What LIC’s Jeevan Varsha Plan doesn’t cover?

    The Jeevan Varsha Plan comes with a suicide exclusion. If the policyholder commits suicide, regardless of whether he/she was in a sane/insane state of mind, within a period of 1 year from purchasing the policy, no death benefit will be payable by LIC to the nominee.

    Other Key Features – Free-Look Period, Surrender Value, Grace Period, etc.

    Free-Look Period For this policy, the insurer provides a free-look period of 15 days.
    Surrender Value Upon surrendering the policy, provided the policyholder has paid premiums for a minimum of 3 years, the insurer will pay the higher of the Guaranteed Surrender Value or the Special Surrender Value.
    Policy Revival A policy that has been lapsed can be revived within a period of 5 years by paying the due premiums with the applicable interest.
    Grace Period For the yearly, half-yearly, or quarterly mode of premium payment, a grace period of 30 days is provided. For the monthly mode of premium payment, a grace period of 15 days is offered.
    Loan After the policy has acquired a paid-up value, policyholders will be eligible to take a loan against the policy.
    Rebate
    • Policy buyers who opt for the yearly and half-yearly mode of premium payment will be eligible to receive a rebate.
    • Policy buyers will also be eligible to claim a rebate if they opt for a sum assured over Rs.1 lakh.

    Tax Benefits – How you can save with LIC’s Jeevan Varsha Plan?

    Policyholders who purchase the Jeevan Varsha Plan from LIC can claim tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961, for premiums paid and benefits received.

    Other Benefits – How you can save with LIC’s Jeevan Varsha Plan?

    • Host of Plans: LIC has a range of insurance plans on offer, including endowment plans, whole life plans, money-back plans, term assurance plans, pension plans, unit linked plans, micro insurance plans, health plans, and group scheme. Further, the insurer also offers riders that policy buyers can purchase to enhance their policy’s coverage.
    • Customer Service: In case you are in need of any assistance or information, you can contact the insurer through the phone helpline service, email ID, or the SMS-based helpline service. The insurer’s customer care details can be found on their official website.
    • Online Purchase of Plans: Certain life insurance plans can be purchased directly through the insurer’s website in a time-efficient and hassle-free manner.
    • Premium Payment Channels: Policyholders can choose to pay their premiums at the nearest LIC branch or through the LIC website via debit/credit card or net banking. Premium payment can also be done via authorised banks (Axis Bank and Corporation Bank), franchisees, or merchants.

    Why you should buy the Jeevan Varsha Plan from Life Insurance Corporation of India (LIC)?

    The Jeevan Varsha Plan from LIC provides a range of benefits that will help one meet significant milestones in their life with ease. The plan also provides a risk cover that will ensure that one’s dependents are financially safeguarded in case of an unfortunate eventuality. LIC, one of the premier insurance firms in the country, has a pan-India presence, with a number of branches across the country. The insurer has a claim settlement ratio of 98.33% for FY15-16, thus ensuring that customers are highly unlikely to face any issues with claim settlement.

    Note: This plan has been withdrawn by LIC.