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.
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)
|
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 |
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.
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