New Janaraksha Plan is a with-profit plan and it participates in the profits of the LIC's life insurance business. This Plan is most suitable for the community from rural area where income is largely depend upon the nature mood.
Below Given Benefits of Accidental
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
Eligibility of LIC New Janaraksha
Minimum Entry Age: 18 Years
Maximum Entry Age: 50 Years
What else should I know about?
Surrender Value: You can surrender the policy after it has been in force for 3 years or more. The guaranteed surrender value will be equivalent to 30% of all premiums paid less the first years’ 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, medical reports.
LIC New Janaraksha offer?
Benefit of Death:
In case of unfortunate death of the life insured, Sum Assured along with vested bonuses is paid.
Benefit of Accidental:
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.
Benefit of Maturity:
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.
Tax benefits?
Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.
Under Section 10(10D) death claim is completely tax free.
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