New Janaraksha Plan Summary: ( Table No.91 )
New Janaraksha Plan is an Endowment Assurance plan that provides financial protection against death throughout the term of the plan. It provides full life insurance for 3 years even when the premiums are not paid. New Janaraksha Plan (with Profits) is specially designed for people with irregular income and whose job is not secure due to fluctuating income, i.e. Workers with the unorganized sector, Daily wage earners, Call Center Employees, Farmers, Small businessman, etc.
New Janaraksha Plan is a with-profit plan and it participates in the profits of the LIC’s life insurance business. You will get a share of the profit in the form of bonuses. Simple Revisionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. The Bonuses Once declared they form part of the guaranteed benefits of the plan. Final (Additional) Bonus may also be payable provided a policy has run for a certain minimum period.
The Sum Assured plus all bonuses to date is payable in a lump sum upon the death of the life assured during the policy term.
The Sum Assured (subject to a limit of Rs.5 lakhs) is payable in a lump sum on the accidental death of the life assured during the policy term. In case of permanent disability of the life assured due to accident during the policy term, this benefit is payable in installments.
The Sum Assured plus all bonuses declared up to maturity date is payable in a lump sum on survival to the end of the policy term.
The Premiums are exempt u/s 80C. Maturity/Death Claim is exempt u/s 10(10D)
You may pay premiums yearly, half-yearly, quarterly, monthly or through Salary deductions, throughout the term of the policy or earlier death. After at least two full years’ premiums have been paid, full insurance cover is available even when premiums are not paid for up to three years.
Eligibility Conditions and Restrictions for New Janaraksha Plan:
- Minimum age at entry: 18 years (Last Birthday)
- Maximum age at entry: 50 years (Nearest)
- Max. age at Maturity: 70 years
- Min. Term: 12 years
- Max. Term: 30 years
- Min. SA: 30,000
- Max. Sum Assured: 10,00,000
- Policy/ Housing Loan Available: Yes
Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to Life Insurance Corporation Of India within 15 days.
Buying a life insurance contract is a long-term commitment. However, the surrender value will be available under the plan on earlier termination of the contract.
The Unique Identification No. of the New Janaraksha Plan is 512N083V01
Update: New Janaraksha Plan Table No.91 Has Been Discontinued.
The above is the product summary giving the key features of the Insurance plan. This is for illustrative purposes only. This does not represent a contract and for details please refer to your policy document.