LIC New Janaraksha Plan is a simple endowment policy with bonus facility. The Sum Assured along with accrued Bonus is payable on the Policy Maturity or on earlier death. This plan provides for inbuilt accidental death benefit.
Key Features of LIC New Janaraksha Plan
§ This plan an endowment plan with guaranteed returns
§ Sum assured + accrued Bonus paid on Maturity or on earlier Death.
§ The plan is allowed to physically handicapped people
§ Even if the policyholder is not able to pay premiums after paying first 2 years premiums, then the life risk cover continues for 3 more years from unpaid premium.
Benefits you get from LIC New Janaraksha Plan
Death Benefit – In case of death of the Life Insured, the nominee receives Sum Assured + accrued Bonus in a lumpsum.
Maturity Benefit – At the maturity of the policy, the insured will get Sum Assured + accrued Bonus.
Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)
Eligibility conditions and other restrictions in LIC New Janaraksha Plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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30,000
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10,00,000
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Policy Term (in years)
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12
|
30
|
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Premium Payment Term (in years)
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12
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30
|
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Entry Age of Policyholder
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18
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50
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Age at Maturity
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-
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70
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Single Premium (in Rs.)
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NA
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NA
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Payment modes
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Yearly, Half-yearly, Quarterly, Monthly and SSS
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Sample illustration of premium of LIC New Janaraksha Plan
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs 1,00,000and Policy Term = 25 years respectively.

Additional Features and Benefits of LIC New Janaraksha Plan
Riders – There are 1 in-built Additional Riders available:
· Accidental Death Benefit Rider
You stop paying the premium – If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions.
You want to surrender the policy – There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium
You want a loan against your policy – Loan facility is available under this policy
Alternate endowment plans from different insurance companies
1. DLF Pramerica Roz Bima
2. HDFC Savings Assurance Plan
3. IndiaFirst Secure Save Plan
Other endowment insurance plans from Life Insurance Corporation of India
1. Endowment Assurance Limited. Payment - with profits
2. Endowment Assurance Policy - with profits
3. Jeevan Mitra
4. New Jeevan Shree 1
5. Jeevan Saral
6. Jeevan Pramukh
7. Bima Nivesh 2005
8. LIC's Jeevan Amrit