Showing posts with label LIC New Janaraksha plan 91. Show all posts
Showing posts with label LIC New Janaraksha plan 91. Show all posts

Thursday, May 19, 2022

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(this plan is withdrawn)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.
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