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(this plan is withdrawn)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.
