The money-back plan has two policy terms – nine and 12 years
Minimum sum assured in the scheme is Rs.50,000 and Rs.75,000
MADURAI: The Madurai division of the Life Insurance Corporation of India on Monday launched Jeevan Varsha, a close-ended guaranteed addition money-back plan.
S. Chandrasekar, Senior Divisional Manager, Madurai Division, launched the scheme. Marketing Manager M.K. Karuppiah gave a briefing regarding the plan.
The money-back plan has only two policy terms – nine and 12 years – with premium paying term restricted to 9 years for both.
Under the nine-year policy term, the minimum age for the scheme at entry is 15 years with maximum being 66 years.
Under the 12-year term, the maximum age at entry is 63 years and maximum age at maturity is 75 years.
The minimum sum assured in the scheme is Rs.50,000 and Rs.75,000. The loyalty additions are payable depending on the experience of the Corporation with regard to interest rate assumed, expense and mortality.
According to the press release, the plan will be open for sale from February 16 to March 31.