LIC New Janaraksha Plan 91 Calculator
Table No. 91 | UIN: 512N083V01
Endowment Assurance Plan with Bonus
Plan Information
Status: Withdrawn Plan
Launch Date: Available before 2013
Withdraw Date: Plan has been withdrawn from sale
Plan Type: Participating Endowment Plan
Calculation Results
Key Features of LIC New Janaraksha Plan 91
- Endowment plan with participation in profits through bonuses
- Life cover from first premium payment
- Death Benefit: Sum Assured + Accrued Bonus + Final Additional Bonus
- Maturity Benefit: Sum Assured + Accrued Bonus + Final Additional Bonus
- In-built Accidental Death Benefit up to ₹5 lakhs
- Permanent disability benefit payable in monthly installments over 10 years
- Life cover continues for 3 years even if premiums are not paid after 2 years
- Loan facility available after policy acquires surrender value
- Tax benefits under Section 80C and Section 10(10D)
- Simple Revisionary Bonus declared annually
- Final Additional Bonus for policies running 17 years or more
- Specially designed for people with irregular income
Important Notes
• This calculator provides approximate premium calculations based on LIC's standard rates.
• Actual premiums may vary based on medical examination and underwriting.
• GST and other applicable taxes are not included in the calculation.
• Bonuses are not guaranteed and depend on LIC's profit performance.
• This plan has been withdrawn and is no longer available for new purchase.
• Premium rates shown are illustrative; refer to official LIC documents for exact rates.
Life Insurance Corporation of India (LIC) is well known for offering reliable and varied insurance plans catering to different financial needs. Among these, the LIC New Janaraksha Plan 91 is a notable endowment assurance plan that provides a blend of protection and savings for policyholders.
What is LIC New Janaraksha Plan 91?
LIC New Janaraksha Plan 91 is an endowment assurance insurance plan designed to offer life coverage along with the benefit of savings through bonuses. It provides financial protection in case of untimely death during the policy term and returns the sum assured along with bonuses at maturity if the policyholder survives the term.
The plan offers life cover for a term ranging from 12 to 30 years with the premium paying term aligned similarly. It is a traditional participating plan, meaning it earns bonuses declared annually by LIC.
Key Features of LIC New Janaraksha Plan 91
- Entry Age: Minimum 18 years, maximum 50 years (nearest birthday)
- Maturity Age: Maximum 70 years
- Policy Term: 12 to 30 years
- Premium Paying Term: Same as policy term (regular premium)
- Sum Assured: Minimum ₹50,000, with multiples up to ₹10,00,000
- Premium Payment Modes: Yearly, half-yearly, quarterly, or monthly
- Bonuses: Reversionary bonuses declared annually and a Final Additional Bonus for policies active 17+ years
- Death Benefit: Sum assured plus accumulated bonuses paid on death during the policy term
- Maturity Benefit: Sum assured plus bonuses paid as a lump sum on survival
- Accidental Benefit: Additional payout up to ₹5 lakhs in case of accidental death; disability benefit paid in installments over 10 years with future premiums waived
- Surrender Value: Available after three years; guaranteed surrender value is 30% of premiums paid excluding first-year premium; LIC may pay special surrender value higher than guaranteed surrender value
- Tax Benefits: Premiums are eligible for deduction under Section 80C; death proceeds are exempt under Section 10(10D)
Launch Date and Withdrawal Date
The LIC New Janaraksha Plan 91 was originally launched several years ago. It remained a popular plan among customers seeking a combination of life cover and savings.
- Launch Date: Initially available since early 2010s (exact initial launch year not precisely specified in public sources)
- Date of Withdrawal: The plan was officially withdrawn on 1st January 2014. However, existing policyholders continue to enjoy the benefits as per their policy terms.
This withdrawal means LIC no longer issues new policies under Plan 91 after the date mentioned, but the plan remains important for those who still hold active policies or want to understand legacy plans.
Who is Eligible for LIC New Janaraksha Plan 91?
To apply for this plan, certain eligibility criteria must be met:
- Age at Entry: Between 18 and 50 years
- Policy Term: Must select between 12 and 30 years
- Sum Assured: Minimum ₹50,000 as per LIC rules
- Premium Payment: Regular mode throughout the term
The plan suits individuals who want long-term savings with a protective life insurance cover, especially for those with fluctuating income conditions as the plan offers flexibility related to premium payments and benefits.
Benefits of LIC New Janaraksha Plan 91
This traditional endowment plan covers most of the basic needs expected from a life insurance policy that also serves as a savings instrument.
Life Cover (Death Benefit)
In case of the unfortunate death of the policyholder during the policy tenure, LIC pays the nominee the sum assured plus any bonuses already declared and accrued. This financial support helps the family cope with immediate cash flow needs and future expenses.
Maturity Benefit
If the policyholder survives the entire policy term, they receive a lump sum amount, which includes the sum assured plus vested bonuses and a potential Final Additional Bonus. This maturity amount acts as a forced savings discipline rewarding the policyholder for long-term investment.
Accidental Death and Disability Benefit
The plan offers additional coverage against accidents:
- In case of death due to an accident, an additional amount of up to ₹5 lakhs is payable.
- In case of permanent disability from an accident, a sum equal to the sum assured is paid in monthly installments over 10 years, and further premium payments are waived to reduce financial burden.
Bonuses
LIC declares reversionary bonuses annually based on the corporation’s performance, enhancing the policy’s value. Moreover, if the policy is in force for 17 years or more, a Final Additional Bonus given at maturity increases the payout.
Surrender Value
Policyholders can surrender the policy after 3 years to get a guaranteed surrender value, which is 30% of premiums paid excluding the first year. LIC may also pay a special surrender value, often higher, providing flexibility to policyholders in case of early exit.
Tax Benefits
The premiums paid qualify for tax deductions under Section 80C of the Income Tax Act, while the maturity or death proceeds are exempt from tax under Section 10(10D), making it a tax-efficient savings vehicle.
How to Use LIC New Janaraksha Plan 91 Calculator?
A LIC New Janaraksha Plan 91 calculator is a useful online tool that estimates the premium payable and maturity amount based on inputs such as sum assured, policy term, and age at entry. This calculator helps individuals understand their financial commitments and expected benefits before purchasing the policy.
Step-by-Step Guide to Using the Calculator
- Enter Your Age: Input your current age to check eligibility and calculate premiums.
- Select Policy Term: Choose the desired policy term between 12 and 30 years.
- Enter Sum Assured: Choose the amount you want as life cover (minimum ₹50,000).
- Choose Premium Payment Mode: Select whether you want to pay premiums annually, half-yearly, quarterly, or monthly.
- Calculate Premium: The calculator will show the estimated annual premium payable.
- View Maturity Benefits: It will provide an estimate of the maturity amount based on current bonus rates and policy details.
- Death Benefit Projection: The calculator also estimates the amount payable to nominees in case of death during the policy term.
Using this calculator simplifies financial planning by giving users clarity on costs and benefits.
Example: Using the LIC New Janaraksha Plan 91 Calculator
Suppose Mr. Sharma, aged 30, wants a sum assured of ₹1,00,000 with a policy term of 20 years, paying premium annually. Using the calculator, he finds that his annual premium is approximately ₹3,587.
The maturity benefit projected at the end of 20 years, considering typical bonuses, would be the total premiums paid plus vested bonuses and the final additional bonus. On unfortunate death, the nominee would receive ₹1,00,000 plus bonuses and accidental benefits as covered.
Why Choose LIC New Janaraksha Plan 91?
- Trusted Brand: LIC has a long-standing reputation for reliability and high claim settlement ratio.
- Savings and Protection: It combines life cover with a savings plan enhanced by bonuses.
- Additional Benefits: Accidental death and disability coverage add a safety net.
- Tax Efficiency: Premium payments and benefits enjoy tax advantages.
- Flexible Terms: Policy and premium terms are adjustable between 12 to 30 years.
- Easy Surrender Options: Provision for early exit with surrender value protects the policyholder’s interests.
Important Considerations
- The plan is withdrawn since January 1, 2014, so it is no longer available for new purchases.
- Existing policyholders continue enjoying benefits as per their policy terms.
- Always confirm details with the official LIC policy document or authorized agent.
- Use the LIC official website or trusted LIC calculator tools for accurate premium and maturity calculations.
Frequently Asked Questions
What is LIC New Janaraksha Plan 91?
It is a traditional endowment assurance plan by LIC that provides life cover along with savings through bonuses. It pays the sum assured plus bonuses on maturity or to nominees on death during the policy term.
Is LIC New Janaraksha Plan 91 still available for new purchase?
No, the plan was withdrawn for new business effective from January 1, 2014. Existing policyholders continue to enjoy the benefits as per their policy terms.
What is the policy term range for this plan?
The policy term ranges from 12 to 30 years, selected at the time of purchase.
What are the minimum and maximum ages for entry?
The minimum age at entry is 18 years, and the maximum is 50 years (nearest birthday).
What are the premium payment modes available?
Premiums can be paid yearly, half-yearly, quarterly, or monthly as per the policyholder’s choice.
What benefits does the plan offer on death during the policy term?
The nominee receives the sum assured plus accumulated bonuses. Additionally, accidental death benefits up to ₹5 lakhs may be payable.
Conclusion
The LIC New Janaraksha Plan 91 remains a classic example of LIC’s traditional endowment assurance plans combining life protection with disciplined savings and additional accident benefits. Though withdrawn for new business, it still serves many policyholders, ensuring financial security and peace of mind.
Using the LIC New Janaraksha Plan 91 calculator helps prospective and current policyholders estimate premiums and benefits, enabling informed decisions. For anyone holding this plan or analyzing LIC’s legacy offerings, understanding its features, benefits, and usage can be invaluable.