This plane started August 2014, LIC Jeevan Rakshak policy, a participating non-linked plan that offers a combination of protection and savings is being offered by the LIC of India. It offers a financial support to the family sudden death of the policyholder during the term of the policy and a lump sum amount at the maturity in case of survival of the policyholder. Loan facility available in this policy.
Features of LIC Jeevan Rakshak
LIC Jeevan Rakshak plan is endowment plan savings and security of the life Assured
Maturity is offering loyalty additions completion of 5 years of the policy
This policy is a non-medical fixed benefit plan ,
Accident Benefit Rider available
In case of the death of the policyholder within the term of the policy
A Sum Assured is payable
Basic Sum Assured or
10 times of the Yearly premium
105% of all the premiums paid as on date of death
The above benefits are not inclusive of service tax, extra premiums or optional rider benefits, if any.
After the 5th year of the policy term that time policy holder death Sum Assured and Loyalty Additions, if any, will also be payable.
ptional benefit available in this policy Accident Benefit Benefit Rider that makes the policy extra premium to be paid along with the death benefit on the accidental death of the policyholder payable as a lumps sum amount.
This policy Maturity Benefit The Basic Sum Assured along with Loyalty Additions if any are paid in a lump sum amount to the policyholder on survival at the end of the policy term. This is applicable only if all premiums have been duly paid.
Tax Benefit available deduction from taxable income under section 80C, and the maturity amount proceeds are tax free section
Conditions for LIC Jeevan Rakshak
The policy and the optional rider have a set of rules which constrain its availability to prospective policyholders. They are mentioned as below –
Basic Plan (Jeevan Rakshak) Non medical examinations
Minimum Age entry 8 Years (complited)
Maximum Age entry 55Years (near birth day)
Maximum Maturity Age 70 Years
Policy Term 10 Years
Max.policy Term 20 Years
Min.Basic Sum Assured 75,000
Max.Basic Sum Assured 2,00,000
Mode Yearly, half year, quartyl ,monthly, Ecs
Accident Benefit Rs.1.20
Policy Loan Yes
Maximum – Amount equal the sum assured in the basic plan, subject to a maximum of Rs. 50 lakh that includes accident covers from all other policies linked to the same individual
Payment of Premiums
Premiums paying mode paid in yearly, half-yearly, quarterly or monthly modes.ECS Facility, Rebates are applicable for yearly and half-yearly modes at 2% and 1% of the Tabular premium A grace period of a month not less than 30 days is allowed for yearly and half-yearly payments of premiums, while only 15 days are admissible for monthly payments.
A sample of annual premium rates (not inclusive of service tax) per Rs. 1000 of the sum assured is as follows –
Other Information about LIC Jeevan Rakshak
Revival of Policy
This policy not paid within the grace period, this policy is lapses. It can be reinstated within a period of 2 years (2 years auto cover) The Accident Benefit Rider, if opted for revival, will also be considered in conjunction with the base policy and not individually.
Loans – Loans can be availed under the policy if it has acquired a surrender value. The terms and conditions for the loan will be decided by the Corporation.
Suresh Take a Jeevan Rakshak – 827 age,30 years term 20 years Sum Assured 2,00,000.
D.A.B. : 200000
Sum Assured :200000
1st year Premium With TAX 4.5% :
After 1st year Premium With TAX 2.25%
Approximate Return at Maturity Time :
S.A. : 200000
L.A. : 65000
Total Approximate Return at Maturity Time : 265000