LIC’s New Janaraksha Plan
LIC’s New Janaraksha Plan is one of the LIC Withdrawn Policies. New Janaraksha Plan offers Financial Protection to the Customer against Death during the Policy Term. On Survival of the Policy Holder until the end of Policy Term, LIC provides Maturity Benefits. New Janaraksha is a With Profits Plan and participates in Profits of the Corporation’s Life Insurance Business. If Policy has run for a Certain Period, Final Bonuses are also available.
Eligibility Criteria of LIC’s New Janaraksha Plan
|Particulars||Description according to Illustration 1 (Table 91)|
|Age at Entry||35 Yrs.|
|Premium Payment Mode||Yearly|
|Premium Payment Term||25 Yrs.|
Key Features of LIC’s New Janaraksha Policy
- LIC New Janaraksha is a With Profits Plan.
- This Policy offers Financial Protection against the death to the Policy Holder during the Policy Term.
- New Janaraksha Plan provides Death Benefit, Accident Benefit, Maturity Benefit, and Other Extra Benefits.
- Premium Payment Term shall be Yearly / Half-Yearly / Quarterly / Monthly / Through Salary Deductions usually.
Benefits of New Janaraksha Plan
- Death Benefit: Upon the Death of the Life Insured, LIC pays Sum Assured Plus all Bonuses to date in a lump sum through New Janaraksha Policy.
- Maturity Benefit: In a Case of Survival of the Policy Holder up to the end of the Policy Term, Sum Assured along with all the available bonuses are Payable in the lump sum to the Life Insured.
- Accident Benefit: If the Policy Holder dies due to an accident during the Policy Term, Sum Assured in the lump sum is Payable (Subject to the limit of Rs.5,00,000). If the Life Insured attains Permanent Disability due to the Accident, the LIC Pays Sum Assured in installments to the Policy Holder.
- Supplementary/Extra Benefits: These Benefits are Voluntary Options to the Customer. If the Customer Chooses Extra Benefits, he has to pay additional Premium amounts. Extra Benefits serve with added Protection along with the Basic Plan.