After the success of Jeevan Astha, a well-thought insurance scheme, the state run Insurance major Life Insurance Corporation of India (LIC) on Saturday launched yet another money back plan, Jeevan Varsha, a close ended guaranteed addition money back policy.
The plan, that offers survival benefits for every three years, is going to start from February 16 and close on March 31 with two policy terms of 9 years and 12 years. LIC Zonal Manager (East) R. R. Dash expects good response to the plan and said that LIC has set a target to earn Rs 1,500 crore premium from the new policy.
Mr. Dash said, "After the success of Jeevan Astha which closed recently, the corporation has launched another guaranteed product. This is a regular premium policy and money back plan."
Any person above 15 years of age can buy the policy with facility of any modes of payment such as yearly, half-yearly and monthly. The firm would assure Rs. 75,000 under monthly mode and 50,000 for other modes. 'Jeevan Varsha' will offer Rs 65 per Rs 1,000 sum assured and Rs 70 for a term of 12 months.
LIC GM said, "For the first time survival benefit are payable every three years."