LIC New Janaraksha Plan
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
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.
There are 1 in-built Additional Riders available:
- Accidental Death Benefit Rider
Benefits
In case of death of the Life Insured, the nominee receives Sum Assured + accrued Bonus in a lumpsum.
At the maturity of the policy, the insured will get Sum Assured + accrued Bonus.
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
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 30,000 | 10,00,000 |
| Policy Term (in years) | 12 | 30 |
| Premium Payment Term (in years) | 12 | 30 |
| Entry Age of Policyholder | 18 | 50 |
| Age at Maturity | - | 70 |
| Single Premium (in Rs.) | NA | NA |
| Payment modes | Yearly, Half-yearly, Quarterly, Monthly and SSS | |
FAQs
What happens if 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.
What happens if 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
What happens if You want a loan against your policy?Loan facility is available under this policy
