Life Insurance Corporation of India has introduced a new policy, “Varuvayniti Project”, which can be availed by insurers from 18 to 62 years of age. This insurance policy has the premium payment period of 8 or 9 years and at the same time the policy holder can also extend the term period of the policy to 12, 16 and even up to 21 years. This makes the policy very flexible to the insurer to extend or limit policy term periods.