kolkata riding on the success of the recently closed jeevan astha policy staterun life insurance corporation of india lic on monday said it has launched another closeended guaranteed moneyback planafter the success of jeevan astha which closed recently the corporation has launched another guaranteed product jeevan varsha is a regular premium policy and moneyback plan lic zonal manager east rr dash said the plan would be made available for sale only between february 16 and march 31mr dash said the lic was aiming to collect a premium of rs 1500 crore from the new product the lic in the eastern region collected rs 1190 crore from the sale of 264 lakh policies from recently closed policy he said jeevan varsha is available with two policy terms nine and 12 years the policy will offer rs 65 per rs 1000 sum assured and rs 70 for a 12year term for the first time the survival benefits are payable every three years an lic statement saidthis means that for a 9year term policy the payouts will be at the end of 3rd 6th and 9th years and for a 12year term policy the payouts will be at the end of 3rd 6th 9th and 12th years this provision makes jeevan varsha a plan with periodical payments survival benefit and helps the buyer in meeting various expenses during the course of the policy while enjoying full insurance coverage for the entire policy term any person who has completed 15 years can buy this policy so that first survival benefits become payable to him only after he attains majority the maximum age at maturity has been pegged at 75 years which means that the maximum age of entry for a 9year term would be 66 years and for a 12year term 63 years