After ‘Jeevan Aastha’ LIC to sell ‘Jeevan Varsha’ online

After receiving an overwhelming response from its online sales of its Jeevan Astha online, public sector life insurer Life Insurance Corporation of India (LIC) has now decided to put up its latest policy Jeevan Varsha for online sales, inaddition to LIC's traditional ales channels.

LIC has tied-up with insurance portal  policybazaar.com  to access detailed information on Jeevan Varsha and buy it online exclusively on the website till its closing date on 31 March 2009.

Jeevan Varsha is a regular premium plan where all modes such as yearly, half-yearly and monthly are allowed and any person who has completed 15 years can buy this policy. The minimum sum assured for the monthly mode is Rs 75,000, while it is Rs50,000 for other modes.

Jeevan Varsha is at the lower end than Jeevan Aastha, though the internal rate of return will be similar, taking into consideration all the factors.

The policy will offer Rs65 per Rs1,000 sum assured and Rs70 for a 12-year term. The money-back plan has two policy terms - 9 years and 12 years - with the premium-paying term restricted to only nine years. The plan also provides policy holders tax benefits of 80C and 1010D, and in addition, has a clear floor in terms of a 7 per cent simple return on investment over 12 years.

To buy the policy, the customer logs in with a need in mind and by using an interactive and intuitive tabbed browsing interface, can access hundreds of options and combinations. Once a simple on-line application form is filled, the site offers options for the policy needed. Customers are then free to finalise and close the deal, suited to their needs.

''After getting a very good response from Jeevan Astha, we are trying to deliver the best for Jeevan Varsha to our consumers as well as the client,"  said Yashish Dahiya co-founder and CEO, Etechaces Marketing and Consulting Pvt. Ltd, the owner of policybazaar.com. "We are always striving to get the best products to our customers to provide the best deals easily through internet, and we are also very proud of our association with a trusted brand like LIC.''