LIC New Janaraksha Plan

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.

Eligibility Criteria of LIC New Janaraksha Plan

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.

Benefits of LIC New Janaraksha Policy

There are numerous benefits that a policyholder can avail of under the LIC New Janaraksha Plan.:

1. Death Benefit

   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.

2. Accident Benefit

   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.

3. Maturity Benefit

   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.

4. Supplementary/Extra Benefit

   These are extra benefits that a policyholder can add to his basic plan upon payment of an additional amount as a premium.

5. Surrender Value

   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.

6. Guaranteed Surrender Value

   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.

7. Corporation's Surrender Policy 

   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.  

Documents Required

The following documents are required in order to claim aLIC New Janaraksha Policy:

In case of death of a policyholder

• Form 'A' in Form No.3783. 
• Certified extract from death register. 
• The original policy document with Deed/s of assignment/s, if any. 

In case of maturity claims

• Discharged Receipt in Form No.3825 

The Process to buy LIC New Janaraksha Plan Online 

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.

Key Exclusions

The LIC New Janaraksha Planis considered null and void in the event of a policyholder committing suicide.  The following conditions are taken into consideration.

• Suppose the policyholder commits suicide at any time within a year from the date of risk commencement.  In such a case, LIC will deny any claims under this policy except a payout that equals 80% of the total premiums paid till the date of death, provided the policy has not lapsed.
• If a LIC New Janaraksha Policyholder dies by suicide within 12 months from the policy revival date, then  the death payout is higher of :

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.

FAQ's

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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.