Jeevan Rakshak Plan

LIC Jeevan Rakshak Plan is a participating Endowment Plan. It is a Traditional Plan with Bonus facility which gives you the dual benefit of protection and savings.

How it works – In this plan, premium is to be regularly for the entire term. On maturity, the policyholder gets the basic Sum Assured and the Loyalty Additions. If the policyholder dies during the term of the policy then the Sum Assured on death and the Loyalty Additions (if any) is paid to the nominee. LIC’ s Accident Benefit rider makes the plan comprehensive.

Key Features of LIC’s Jeevan Rakshak Plan – Table no 827

• Regular Premium Paying
• With Profit Endowment Assurance Plan
• Minimum Age at Entry – 8 Years Completed
• Maximum Age at Entry – 55 Year (Nearest Birthday)
• Policy Term  – 10 Years and 20 Years
• Premium Paying Term – Equals to Policy Term
• Maximum Maturity Age – 70 Years Nearest Birthday
• Mode – Monthly (SSS, ECS), Quarterly, Half Yearly and Yearly
• Loan – Allowed after payment of premiums for at least 3 years.
• Minimum Sum Assured – 75,000
• Maximum Sum Assured – 2,00,000
• Accident Benefit Rider – 0.50 Per Thousand
• Maturity Benefit – Basic Sum Assured + Loyalty Addition
• Death Benefit – Sum Assured and Loyalty Addition if Policy completed 5 Years ( Basic Sum Assured or 10 Times of Annualized premium or 105% of all premium paid on date of death)
• Double Accident Benefit – Allowed with Additional Premium
• Rebate – 2% for Yearly and 1% for Half Yearly
• NO Medical Check up Required
• Suicide Clause – If life insurance policy holder commits suicide at any time within 12 months from date of commencement of risk LIC will not entertain any claim under this policy.
• Free Look Period – If policy holder is not satisfied with “Terms and Condition” of policy he/she may return policy to LIC stating reason within 15 days from date of receipt of policy.
• 
  

Benefits you get from LIC Jeevan Rakshak Plan

Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets:

• Sum Assured on Death +
• Loyalty Additions (if any) if death occurs after 5 completed policy years.

Sum Assured on Death is defined as the higher of:

• Basic Sum Assured
• 10* Annual Premium
• 105% of all premiums paid till death

Maturity Benefit – On survival till the end of the policy tenure, the policyholder gets the Basic Sum Assured and the corresponding Loyalty Additions

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.