Jeevan Varsha is a close ended Money Back Plan with Guaranteed Additions from Life Insurance Corporation.

Features
• Jeevan Varsha provides for periodical payments of an amount of Sum Assured at specified durations, on survival during the term of the policy and on maturity.
• The Jeevan Varsha Plan provides for payment of Sum Assured on death.
• Guaranteed Additions are payable on death and Maturity.
• Loyalty Additions may also be payable during the last year of the policy on both maturity and death
• Premium can be paid yearly, half- yearly, quarterly, monthly (by ECS mode only)
• Loan is available under the plan after the policy acquires paid-up value.

Other Features

Grace Period:
A grace period of one month but not less than 30 days will be allowed for payment of yearly or half yearly or quarterly premiums &15 days for monthly premiums.
If death occurs within this period and before the payment of the premium then due, the policy will still be valid and the Sum Assured can be paid after deduction of the said premium as also unpaid premiums falling due before the next Policy anniversary. The Policy lapses, if premium is not paid before the expiry of the days of grace.

Revival
A lapsed Jeevan Varsha policy can be revived by paying amount overdue of premium together with interest within a period of five years from the date of first unpaid premium but before maturity. The rate of interest applicable will be as fixed by the Corporation from time to time.

Paid up value:
If 3 full years premiums have been paid and any subsequent premium be not duly paid, this Jeevan Varsha policy shall not be completely canceled, but shall subsist as a paid-up policy for a reduced sum.
The Sum Assured of the policy shall be reduced to such a sum (called paid-up value), as shall bear the same proportion to the full Sum Assured as the number of premiums actually paid bears to the total number of premiums fixed for in the policy , less any survival benefit paid.
The policy so reduced shall be free from all liability for payment of the premiums, but shall not be entitled to the Guaranteed Additions from the due date of first unpaid premium. However, the accumulated Guaranteed Additions will remain attached to the reduced paid-up policy.
Notwithstanding the benefits available under a fully in force policy, in the case of a reduced paid up policy, no survival benefits shall be payable and the paid-up value along with the accrued Guaranteed Additions, if any, shall be payable only in lump-sum on the expiry of policy term or death of life assured, if earlier.

Surrender Value:
It will be available after the expiry of 3 policy years, provided the premiums have been paid for at least three years. The guaranteed surrender value will be equal to 30 percent of the total amount of the premiums paid excluding the premium for the first year, all extra premiums that may have been paid and the amount of survival benefits paid earlier. The cash value of any existing guaranteed additions will also be paid.

Cooling off period:
The policy can be returned within 15 days, If not satisfied with the “Terms and Conditions” of the policy.

Benefits

Survival Benefits

For 9 Years Policy Term
15% of the Sum Assured is payable at the end of 3 years.
25% of the Sum Assured is payable at the end of 6 years.
60% of the Sum Assured is payable together with Guaranteed Additions, and Loyalty Addition, if any, at the end of 9 years.

For 12 Years Policy Term
10% of the Sum Assured is payable at the end of 3 years.
20% of the Sum Assured is payable at the end of 6 years.
30% of the Sum Assured is payable at the end of 9 years
40% of the Sum Assured is payable together with Guaranteed Additions, and Loyalty Addition, if any, at the end of 12 years.

Death Benefit:
In case of death of the life assured during the policy term, the full sum assured is payable irrespective of the survival benefits paid earlier.
1. On death during the policy term excluding last policy year: Sum Assured with accumulated Guaranteed Additions
2. On death during last policy year: Sum Assured with accumulated Guaranteed Additions along with Loyalty Addition.
Guaranteed Additions
The Guaranteed additions are payable at following rates
• Rs. 65 per thousand Sum Assured per year for a policy of 9 years term.
• Rs. 70 per thousand Sum Assured per year for a policy of 12 years term

Loyalty Addition
The policy will be eligible for Loyalty Addition on the Life Assured surviving the stipulated date of maturity or on the Life Assured’s death during the last policy year at such rate and on such terms as may be declared by the Corporation.

Eligibility
Minimum Entry Age: 15 years (completed)
Maximum Entry Age: 66 years (Nearest Birthday) for 9 years term policy & 63 years (Nearest Birthday) for 12 years term policy
Policy Term : 9 years & 12 years
Premium Paying Term: 9 years
Maximum Maturity Age: 75years (Nearest Birthday)
Minimum Sum Assured: Rs. 75,000/- for monthly ECS mode & Rs. 50,000/- for other modes
Maximum Sum Assured: No limit
(Sum Assured shall be in multiples of Rs.5,000/-)