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  • LIC New Janaraksha Plan

    LIC Life Insurance

    LIC New Janaraksha Plan is a simple endowment policy with bonus facility. The Sum Assured for this policy along with accrued Bonus is payable to the policyholder on the Maturity or in the case of earlier death. This plan also provides for inbuilt accidental death benefit. One of its leading advantages is the fact that once a policy owner has paid 2 years of premium, but stops paying the same, he is still covered for death benefits for the the next 3 years. The period of the live cover of unpaid premiums starts from the day the last premium was paid.

    LIC New Janaraksha Plan Eligibility Criteria

    This information is generic and may be different. The information may not be accurate at the time, hence please check with your LIC agent or LIC office before you are confirmed.

    Minimum entry age 18 years.
    Maximum entry age 50 years.
    Minimum age at maturity Not Applicable
    Maximum age at maturity 70 years.

    Key Features of LIC New Janaraksha Plan

    Plan type Simple endowment policy
    Plan basis Individual
    Premium paying terms Minimum: 12 years Maximum: 30 years
    Policy term Minimum: 12 years Maximum: 30 years
    Death Benefits In the case of the policy owner's death, the nominees will receive a lump sum amount which includes the Sum Assured + accrued Bonus.
    Maturity benefits Just as it for death benefit, the insured will receive the maturity benefit which includes the sum assured as well as the accrued bonus.
    Accident in- built Rider Benefits The maximum limit for this amount is Rs. 5 lakhs. In the case of death caused by accident the amount will be paid to the nominee at one go. However, if the accident leads to the policyholder's disability then the policy will payout the maturity or death benefit amount in installments.
    Premium payment frequency Annually, Quarterly, Half-yearly, Monthly and SSS
    No Medicals The plan can be taken without any medicals by answering a few questions.
    Grace period After 2 years of policy payment the life cover will be still applicable for the coming 3 years..
    Policy revival The policy can revived within 3 years from the date of 1st premium missed.
    Alterations The policy allows alteration of premium paying frequency.
    Nomination Nomination is accepted under this policy.
    Sum Assured Minimum: Rs.30,000 Maximum: Rs. 10 lakhs
    Policy coverage Death benefit, maturity benefits and accidental benefits with rider.

    Benefits and Features of the LIC New Janaraksha Plan

    The main features and benefits of the LIC New Janaraksha Plan include the following:

    1. Death Benefits: In the case of the policy owner's death, the nominees will receive a lump sum amount which includes the Sum Assured + accrued Bonus.
    2. Maturity Benefits: Just as it for death benefit, the insured will receive the maturity benefit which includes the sum assured as well as the accrued bonus.
    3. One of its leading advantages is the fact that once a policy owner has paid 2 years of premium, but stops paying the same, he is still covered for death benefits for the the next 3 years. The period of the live cover of unpaid premiums starts from the day the last premium was paid.
    4. Accident Benefits: The maximum limit for this amount is Rs. 5 lakhs. In the case of death caused by accident the amount will be paid to the nominee at one go. However, if the accident leads to the policyholder's disability then the policy will payout the maturity or death benefit amount in installments.
    5. Tax Benefit: This policy is under tax exemption, which includes exemption under Section 80C and maturity exemption through Section 10 (10D).
    6. This LIC policy can be taken for handicapped individuals as well.

    How LIC New Janaraksha Plan Works

    This plan works through simple live cover which is a payment of the sum assured as well as the accrued bonuses being paid out in the case of death. However, in the case of death caused by accident the cover is upto Rs. 5 lakhs. In the case of maturity that is if the policy owner services the policy term and has paid all his due premiums, hew will receive the maturity benefit which is the same as the death benefit. Also,once a policy owner has paid 2 years of premium, but stops paying the same, he is still covered for death benefits for the the next 3 years. The period of the live cover of unpaid premiums starts from the day the last premium was paid.

    LIC New Janaraksha Plan Premium Payments

    The premium amount is dependant on the policy term as well as the amount of or sum that has been assured for cover of this plan. The premiums also can be paid in SSS, monthly, yearly, half-yearly basis. Hence, the instances are variable for people. The premium payment details are hence variable and flexible based on the policy holder's preference of policy tenure and sum assured.

    LIC New Janaraksha Plan Riders

    There is an in-built rider that includes an accidental death benefit. The maximum limit for this amount is Rs. 5 lakhs. In the case of death caused by accident the amount will be paid to the nominee at one go. However, if the accident leads to the policyholder's disability then the policy will payout the maturity or death benefit amount in installments.

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