LIC New Janaraksha Plan

Key Features of LIC New Janaraksha Plan

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.