LIC Jan Suraksha Yojana Launch, Affordable Life Cover With Savings Benefit For Low-Income Families
New Delhi: The Life Insurance Corporation of India (LIC), the country’s largest insurance provider, recently introduced two new schemes — LIC Jan Suraksha Yojana and LIC Bima Lakshmi Yojana. The Jan Suraksha Yojana aims to offer low-cost insurance coverage along with the added advantage of savings, making it especially beneficial for individuals from low and middle-income groups.
What is LIC Jan Suraksha Yojana?
The LIC Jan Suraksha Yojana is a micro-insurance plan designed to provide affordable life insurance to individuals and families with limited income. It is a non-linked, non-participating individual savings life insurance plan.
Under this scheme, the nominee receives the insurance benefit in case of the policyholder’s death during the policy term. However, if the policyholder survives till maturity, they receive the sum assured plus savings benefit, providing both protection and financial return.
Sum Assured and Policy Term
In this scheme, the sum assured ranges from Rs 1 lakh to Rs 2 lakh, and must be in multiples of Rs 5,000. The policy term can vary between 12 and 20 years.
Premium payments are required only up to five years before the end of the policy term, reducing the financial burden in later years.
People aged between 18 and 55 years are eligible to enroll in this scheme.
Key Features and Benefits
- The Jan Suraksha Yojana provides dual benefits — protection through insurance and returns through savings.
- If the policyholder pays premiums for at least three consecutive years, they automatically receive continuous life cover.
- After paying one year’s premium, policyholders become eligible to apply for a loan against the policy.
- The plan also encourages financial inclusion, helping more individuals gain access to basic life insurance security.
LIC’s Jan Suraksha Yojana offers a simple and affordable way to secure both insurance protection and savings, making it an ideal choice for individuals seeking financial security at minimal cost.
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