Jeevan Varsha close ended Money back policy from LIC

After hugely popular and successful Jeevan Astha which collected more then 1k crore, LIC has come up with a new money back policy called Jeevan Varsha.

• The plan will be available for sale only between February 16 and March 31, 2009 .
• Jeevan varsha plan is available with two policy terms of 9 years and 12 years.
• The policy will offer Rs 65 per Rs 1,000 sum assured for 9 year term and Rs 70 for a 12 year term.
• The first time survival benefit are payable every three years.
• Amount received 15%,25% (60%+G.A+L.A) at the end of 3, 6, 9th years respectively for 9 year plan.
• Amount received 10%,20%,30%,(40%+G.A+L.A) at the end of 3,6,9,12th year respectively for 12 year plan.

LIC officials said though guaranteed additions in Jeevan Varsha is lower than Jeevan Astha, the rate of return will be similar to it taking into consideration other factors.

Below is an example from LIC for 35 years Male for a term of 9 year and sum Assured Rs 1,00,000

End of year	Premiums Paid during the year	Benefit on Survival / Maturity at the end of year
		Guaranteed	Variable		Total
			Scenario 1	Scenario 2	Scenario 1	Scenario 2
1	15918	0	0	0	0	0
2	15918	0	0	0	0	0
3	15918	15000	0	0	15000	15000
4	15918	0	0	0	0	0
5	15918	0	0	0	0	0
6	15918	25000	0	0	25000	25000
7	15918	0	0	0	0	0
8	15918	0	0	0	0	0
9	15918	118500	0	20000	118500	138500