Life Insurance Corporation of India (LIC) has launched a close-ended, money back plan - 'Jeevan Varsha' – that opens for sale from February 16 and closes March 31, 2009.
The plan provides guaranteed benefits on death as well as maturity and has a few unique features, LIC said in a release here today.
Jeevan Varsha is a money back plan with two policy terms: 9 years and 12 years, with premium paying term restricted to only 9 years for both. This has been done keeping in view the preference of the people for short duration policies, it said.
Any person who has completed 15 years of age can buy this policy, while the maximum age at maturity has been pegged at 75 years.