• LIC New Janaraksha Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The New Janaraksha Plan from Life Insurance Corporation of India is an endowment insurance plan that helps the policyholder provide financial security to his/her loved ones. This is a “with-profits” plan, which means the policy can participate in the profits that are declared by LIC. The premiums payable towards this plan will vary on the basis of the age of the life assured, policy tenure, sum assured opted for, and other such factors. The life assured and nominee can avail tax benefits as per the Income Tax Act, 1961.

    Sum Assured and Premium Range - What you get and what it costs?

    Sum Assured

    The sum assured is the minimum guaranteed amount that will be paid to you (the life assured) or your nominee, as per the eventuality. The policy buyer will have to opt for a sum assured, within the limits mentioned in the policy brochure.


    The premium is a pre-defined sum of money that is decided at the time of purchasing the policy. The policyholder pays the premium to the insurer in order to avail the risk cover provided by the policy. Under the New Janaraksha Policy, if the life assured has paid all due premiums for a minimum period of 2 years, the full risk cover will be available even if the subsequent premiums are not paid up to 3 years.

    Policy Tenure As per policy brochure
    Premium Payment Mode
    • Annual
    • Bi-Annual
    • Quarterly
    • Monthly
    • Salary Deductions

    *Premiums vary based on age, location, plan term, and other factors.

    Plan Coverage - What the LIC New Janaraksha Plan covers?

    Death Benefit The sum assured amount and all bonuses will be paid to the nominee as the death benefit, if the policyholder passes away during the policy tenure.
    Accident Benefit The sum assured, up to Rs.5 lakh, is paid in a lump sum to the nominee if the policyholder meets with an accidental death. In case of an accidental disability, the sum assured will be paid in instalments.
    Maturity Benefit The base sum assured with bonuses will be paid at maturity of the policy, as the maturity benefit.

    Riders/Add-On Plans – Additional coverage under the LIC New Janaraksha Plan

    Certain optional benefits can be purchased along with the base policy for an additional premium. If these add-ons are purchased, the policyholder/nominee will be eligible to receive a more enhanced protection.

    Other Key Features

    Surrender Value Policies that have been active for a minimum period of 3 years can be surrendered. The life assured will be paid the higher of the Special Surrender Value or the Guaranteed Surrender Value.
    Bonuses The policyholder is also entitled to receive the Simple Reversionary Bonus and the Final Additional Bonus, as declared by the insurer.

    Tax Benefits – How you can save with the LIC New Janaraksha Plan?

    Tax benefits can be availed under the prevailing laws of the Income Tax Act, 1961, for premiums paid in a given fiscal year and the benefits received, respectively.

    Other Features of LIC

    • Choice of Plans: The insurer offers a range of life insurance and health insurance policies, for both the retail segment and groups.
    • Premium Calculator: Premium quotes for various insurance plans can be checked on the insurer’s official website.
    • Premium Payment: Premiums can be paid through a multitude of channels, as per the policyholder’s convenience. The life assured can choose to pay due premiums through the insurer’s website/branch, authorised banks, franchisees, merchants, NACH, Bill Pay, and ATMs.
    • Customer Service: The insurer can be contacted through their phone helpline service, by email, or through SMS. One can also locate the nearest branch on the LIC website, and walk into the insurer’s office.

    Why you should buy the LIC New Janaraksha Plan from Life Insurance Corporation of India (LIC)?

    The New Janaraksha Plan from Life Insurance Corporation of India provides the combined benefits of a protection cum savings instrument. The risk cover provided by the policy can safeguard your dependents from financial hassles, while the maturity benefit can help you meet your financial goals.

    Life Insurance Corporation of India is a leading public-sector insurance firm in India. They have a claims settlement ratio of 98.31% for financial year 2016-17, indicating that the insurer had settled a very high number of claims that year. The grievances solved ratio for the same period was 100%, which indicates their superior customer management skills.

    Note: This plan has been withdrawn by LIC.

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