LIC New Janaraksha Planis an endowment assurance plan. It provides financial protection against death to the policyholder. The policy serves as a safety net for the insured’s family in times of distress. The maturity amount is automatically payable on survival and upon maturity of the LIC New Janaraksha Policy. The premiums for this policy can be paid on a monthly, quarterly, half-yearly, or yearly basis.Read more
The option for the premiums to be deducted from the salary of the policyholder is also available to them, as long as the policy is active.
The entry age of a policyholder to be eligible for the LIC New Janaraksha Planis kept at a minimum of 18 years and a maximum of 50 years for anyone buying the LIC policy.
The maximum maturity age for a policyholder with the LIC New Janaraksha Policyis kept at a maximum of 70 years.
There are numerous benefits that a policyholder can avail of under the LIC New Janaraksha Plan.:
This benefit is payable upon the death of the policyholder. The Sum Assured is payable as a lump sum upon the death of the policyholder along with all the bonuses accumulated to date in the policy term.
In the event of the policyholder's accidental death, the sum assured (subject to a limit of Rs 5 Lakh) is payable as a lump sum amount during the policy term. If the policyholder is to suffer from a permanent disability due to the accident, the benefit is payable in installments during the policy term.
The sum assured, along with all the bonuses accumulated up to the maturity date of the LIC New Janaraksha Policy, is paid to the insured or his nominee as a lump sum amount on survival to the policy term-end.
These are extra benefits that a policyholder can add to his basic plan upon payment of an additional amount as a premium.
Purchasing the LIC New Janaraksha Planinvolves a commitment for the long term. Surrender value is, however, available to the policyholder if the policy contract terminates earlier.
A policyholder may surrender the LIC New Janaraksha Planafter it has been effective for a minimum of 3 years. The Guaranteed Surrender Value that a policyholder can claim is 30% of the basic premiums paid till the date of surrender, which excludes the first year's premium.
LIC usually pays a special surrender value to the holders of the LIC New Janaraksha Policy. This value is either equal to or more than the GSV or the Guaranteed Surrender Value. The benefit paid to a policyholder reflects the discounted value of the claim amount that is reduced. This is supposed to be paid on the policyholder’s death or at maturity.
This value depends upon two factors, the policy duration and the time period for which the premiums have been paid, at the date of the surrender.
The Surrender Values are subject to change, by the Corporation, depending on a number of factors e.g., economic environment, market experience, and many other factors.
The following documents are required in order to claim aLIC New Janaraksha Policy:
In case of death of a policyholder
In case of maturity claims
The most convenient method to purchase LIC New Janaraksha Policy is online at the corporation website or through any official agents. The standard steps involved are:
Step 1: Locate the company website and click on the “Buy Online” option.
Step 2: Enter personal details like name, gender, date of birth, address, and contact number.
Step 3: Choose the financial parameters and upload scanned copies of required documents.
Step 4: Review the quote received and pay the premium online to complete the process of purchase.
The LIC New Janaraksha Planis considered null and void in the event of a policyholder committing suicide. The following conditions are taken into consideration.
80% of all premiums paid till the date of death OR the Policy Surrender Value existing as on the date of death.
The nominee will not be able to make any other claim for benefits under the policy.
*For more information about exclusions, please refer to the plan brochure or the policy document.
Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.