Redefine Web » LIC Money back policy

Recently, Life Insurance Corporation of India introduced guaranteed money back plan – Jeevan Varsha. LIC has launched the policy in the replacement of Jeevan Astha. The policy would be available from 16th February, 2009 to 31st March, 2009. It is a market based plan.
Jeevan Aastha Policy of LIC was also a mix investment and insurance plan. The company is most popular in life insurance. It is one of the largest investors in government sector also. After the 1956 it has now 24.6% investment in government sectors. It has more than 200 thousand million agents and more than 101 divisional offices.
The plan Jeevan Astha by LIC was great succeeded. After the success of that plan the Jeevan Varsha has been introduced. It is one of the guaranteed products by LIC with regular premium and money-back plan.
Life Insurance Corporation of India has planed to collect about Rs. 1,500 crore premiums by the new product. According to the previous data LIC had collected Rs. 1,190 crore to sell 2.64 lakh Jeevan Astha Policies.
Jeevan Varsha will offer two policy terms – 9 and 12 years. The policy is offering Rs 65 per Rs 1,000 sum assured for 9 years and Rs 70 for 12 years term. The payable terms are each 3 years.
There are calculations of policy terms. For 9 years policy terms payouts will be at the end of 3rd, 6th and 9th years. For 12 years policy terms payouts will be at the end of 3rd, 6th, 9th and 12th years.
Maximum age for the policy maturity is 75 years. For the 9 years terms age should be 66 years maximum and for 12 years terms maximum age should be 63 years.
In the period of recession there is no competitor for the policy, now. However, last year there were many market policies with money back guarantee in the insurance market but now, only LIC is on the top.