LIC Jan Suraksha 880 (Table 880) is a gauranteed limited premium paying micro insurance plan. This plan will be available to standard healthy lives without any medical test requirement,

This policy also offers loan facility provided the premium of 1 year have been paid, In case of an active insurance plan, 80% of loan can be availed on the total premium paid. Whereas, in case of a paid-up policy, a loan of 70% of loan can be availed can be availed.

Please note: You can buy now online LIC Jan Suraksha 880 through credit card/debit card, net banking, upi and wallets on LIC's New Business Platform.

Key Features

• Low Premium Plan- Designed for low-income groups with low premiums
• Auto Cover Facility- Auto cover facility after payment of three full years’ premiums.
• Without medical- No medicals required for standard lives
• Benefit of attractive incentives for Higher Sum Assured.
• Option to enhance coverage by opting for Riders on payment of additional premium for rider benefits.
• Paid premiums are exempted from income tax under 80C
• Maturity amount is tax free under 10 (10D)

Plan Parameters

Benefits

Maturity benefit

• On survival of year term, Maturity will be Basic Sum Assured + Gauranteed Addition (4% of the annual premium every year throughout the policy term)

Death benefits

• Basic Sum Assured + Gauranteed Addition (4% of the annual premium every year till policy holder death)

Sum Assured on Death will be the higher of:

• 7 times the annualised premium, or
• Basic Sum Assured

Importantly, the death benefit will never be less than 105% of total premiums paid.

Optional Accidental Benefit Rider

There are 2 rider benefits under this policy which any policyholder can opt for by paying an additional premium. The policyholder can opt between either of the LIC’s Accidental Death & Disability Benefit Rider or LIC’s Accident Benefit Rider under this policy.

LIC Jan Suraksha 880 with an Example

Lets take an example of Jan Suraksha policy with following details:

So, as per above example, policy holder needs to pay the premium of Rs.10,000 per year for 15 years and maturity will happen after completion of 20 years. The details of year-wise policy progress and maturity is explained below.

Maturity Details

If Policy holder completes 20 years and pays all premium successfully, then Maturity will be as under.

Death Claim Details

Following table provides policy year-wise and age-wise total premium paid and death claim details. In case of accidental death, additional amount equal to Sum Assured is also included in death claim amount.

How to Understand Following Table

Suppose if, unfortunate death of policy holder happens in year 2035 (at age 38), then by that time total premium paid will be Rs. 1,10,000/- and nominee will get death claim as Rs. 2,00,000 + Gauranteed Addition in case of normal death or Rs. 4,00,000 + Gauranteed Addition as accidental death claim in case of death due to accident and policy will stop.

LIC Jan Suraksha 880 Additional Information

Risk Coverage: End of the Policy Term.

Date of Commencement of Risk: Imidiately 

Locking period: 1 years.

Loan: Loan is available after 1 years

Income Tax Deduction: Under Section 80-C for premiums paid and Section 10 (10D) for Maturity returns.

Riders available: You can opt for Accident death and disability Benefit Rider.

Policy Revival: Policy can be revived before 5 years from date of First Unpaid Premium.

Suicide Clause: If insured commit suicide before 12 months, returned back 80% of premium what he paid to the nominee.

Proposal Forms: Proposal Form no. 300 and 360 will be used for this plan.

Cooling-off Period: If a policyholder is not satisfied with the Terms and Condition of the policy, he/she may return the policy within 30 days from the date of receipt of the policy.

Backdating interest: The policies can be dated back within the same financial year.