LIC New Janaraksha plan 91 - LIC Endowment plan - LIC online - LIC Plans

LIC New Janaraksha

(this plan is withdrawn)

LIC Plan 91

Eligibility of LIC New Janaraksha plan

• Minimum Entry Age: 18 Years
• Maximum Entry Age: 50 Years
• Maximum Maturity Age: 70 Years
• Policy Term: 12 to 30 Years
• Premium Payment Term: Regular
• Minimum Sum Assured: Rs 50,000 per annum
• Premium Payment Mode: Yearly, Half Yearly, Quarterly or Monthly

LIC New Janaraksha benefits :

Death benefit:

• In case of unfortunate death of the life insured, Sum Assured along with vested bonuses is paid.

Accidental Benefit:

• In case of death because of accident, Sum Assured subject to maximum of INR 5 lacs is paid. In case of disability as a resilt of accident, Sum Assured is paid in installments.

Maturity Benefit:

• At the end of policy term, premiums paid with vested bonuses will be paid.

Bonuses: 

• These are added at the end of each financial year and are a percentage of Sum Assured. The percentage depends on the performance of the company.

Income Tax Benefits : 

• Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.

Tax benefits on Maturity/ claims

• Under Section 10(10D) death claim is completely tax-free.

Surrender value : 

• The policy can be surrendered after 3 years provided the policy is in force. The guaranteed surrender value will be equivalent to 30% of all premiums paid less the first year’s premium.

Free Look Period: 

• New Janaraksha plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, and medical reports.