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Home » Products » Withdrawn Plans » LIC's New Janaraksha Plan (Plan No. 91, UIN : 512N083V01) » Benefits

Benefits

Death Benefit:

The Sum Assured plus all bonuses to date is payable in a lump sum upon the death of the life assured during the policy term.

Accident Benefit:

The Sum Assured (subject to a limit of Rs.5 lakhs) is payable in a lump sum on accidental death of the life assured during the policy term. In case of permanent disability of the life assured due to accident during the policy term, this benefit is payable in instalments.

Maturity Benefit:

The Sum Assured plus all bonuses declared up to maturity date is payable in a lump sum on survival to the end of the policy term.

Supplementary/Extra Benefits:

These are the optional benefits that can be added to your basic plan for extra protection/option.  An additional premium is required to be paid for these benefits.

Surrender Value:

Buying a life insurance contract is a long-term commitment. However, surrender value will be available under the plan on earlier termination of the contract.

Guaranteed Surrender Value:

The policy may be surrendered after it has been in force for 3 years or more.  The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium.

Corporation’s policy on surrenders:

In practice, the Corporation will pay a Special Surrender Value – which is either equal to or more than the Guaranteed Surrender Value. The benefit payable on surrender reflects the discounted value of the reduced claim amount that would be payable on death or at maturity. This value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premium paid.

The Corporation reviews the surrender value payable under its plans from time to time  depending on the economic environment, experience and other factors.

Note: The above is the product summary giving the key features of the plan.  This is for illustrative purpose only.  This does not represent a contract and for details please refer to your policy document.