lic policy

life insurance of india

LIC Jeevan Rakshak plan-827

Policy Details

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


Death Benefit

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.

Optional Benefit

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.

Maturity Benefit


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

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

Assignment                             Yes

Revival                                     Yes

Surrender                                  Yes

Nomination                                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.

Age :30

Term :20

D.A.B. : 200000

Sum Assured :200000


1st year Premium With TAX 4.5% :

Yearly 6846 308 7154
Half Yearly 3459 156 3615
Quarterly 3459 156 3615
Monthly ECS 583 79 1827



After 1st year Premium With TAX 2.25%



Yearly 6846 154 7000
Half Yearly 3459 78 3537
Auarterly 1748 39 1787
Monthly 583 13 596



Approximate Return at Maturity Time :

S.A. : 200000

L.A. : 65000

Total Approximate Return at Maturity Time : 265000





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