LIC Jan Suraksha (Plan No. 880, UIN 512N388V01) is a non‑linked, non‑participating life micro‑insurance savings plan with guaranteed additions, targeted at low‑income customers.

Plan type and purpose

• Type: Non‑par, non‑linked, individual, savings, life micro‑insurance plan.
• Objective: Provide affordable life cover plus guaranteed‑return savings for economically weaker sections, with simple conditions and low documentation.

Eligibility and basic parameters

From LIC‑linked and press‑release style sources (use LIC’s Sales Brochure/CIS for exact grids):

• Entry age:
  • Minimum: 18 years.
  • Maximum: 55 years (53 for offline policies in some descriptions).
• Maturity age (maximum):
  • 70 years (nearer birthday) overall.
  • 65 years (nearer birthday) for offline policies as per one table.​
• Policy term: 12 to 20 years.
• Premium Paying Term (PPT): Policy term minus 5 years (limited‑pay).
• Basic Sum Assured:
  • Minimum: ₹1,00,000.
  • Maximum: ₹2,00,000 per life, in multiples of ₹5,000.
• Premium mode: Limited premium; mode options (annual/other) as per LIC’s brochure, designed for low, affordable instalments.

Key features

• Life micro‑insurance: Low‑ticket sum assured with simple, standardised conditions and minimal paperwork.
• Limited premium: PPT = policy term minus 5; cover and savings continue beyond last premium payment.
• Guaranteed Additions (GA):
  • Accrue at 4% of annualised premium at the end of every policy year for the full policy term.
  • Additional incentives on GA rate may apply depending on Basic Sum Assured band and online vs offline purchase.
• Auto cover: After payment of 3 full years’ premiums, an auto cover feature keeps life cover in force for a defined period even if premiums stop, as per brochure rules.
• Loan: Policy loan available after one year and payment of at least one full year’s premium.

Benefits

Death benefit

If the policyholder dies during the policy term while the policy is in force (and premiums as per conditions are paid):

• Nominee receives a guaranteed death benefit based on Basic Sum Assured (exact formula in brochure), which is at least the Sum Assured on Death, plus impact of accrued Guaranteed Additions as defined, and subject to the regulatory minimum of 105% of total premiums paid (excluding taxes/extra/rider premiums).

Descriptions emphasise that death‑time benefits are guaranteed amounts, providing financial support to the family.

Maturity benefit

If the policyholder survives till the end of the policy term and all premiums have been paid:

• Maturity Benefit =
  • Sum Assured on Maturity (equal to Basic Sum Assured), plus
  • Accrued Guaranteed Additions (4% of annualised premium each year, plus any GA incentives).

So both death and survival benefits are fully guaranteed, not bonus‑based.

Positioning and suitability

• Target customers: Low‑income and lower‑middle‑income individuals who need simple, affordable life cover and guaranteed savings between ₹1–2 lakh.
• Use cases: Covering family against the policyholder’s death while building a small lump sum for children’s education, marriage, or emergency fund.
• Strengths:
  • Guaranteed additions from year 1 till term end.
  • Limited‑pay structure with auto‑cover after 3 years.
  • Loans and micro‑ticket premiums, with easy onboarding through LIC, CSCs and online.

Example: A 30‑year‑old selects Basic Sum Assured ₹2,00,000, 15‑year term, PPT 10 years; she pays limited premiums for 10 years, accumulates 4% GA on annual premium each year, stays covered for the full 15 years with auto‑cover support after 3 years, and at maturity receives Basic Sum Assured plus all Guaranteed Additions if she survives, while her family gets the guaranteed death benefit if she dies earlier.