LIC Jeevan Rakshak Plan (Table 827) it’s a like Endowment Policy non linked plan with Maturity and death benefits. Good combination of Life Coverage and also saving features. Can buy this from even 8 years old child also, Plan provides economic support to the family members of the demised policy holder any time of policy term before the maturity, and the bigger bump sum amount at the time of maturity to the insured person. Also Have an option can take care of liquidity needs by the loan facility, LIC Jeevan Rakshak Policy suitable for girl or boy baby child future Higher Education, Carrier, future Marriage by paying small amount of premium with parent life cover. Before buy the product Know the Eligibility, Sum Assured, details, new features, benefits, reviews, life insurance coverage, maturity Benefits, premium calculator, maturity calculator, premium chart, return calculator, tax Benefits under Section 80(C) and Section 10 (D). Generally New Endowment LIC Policies are inbuilt Accidental Death and Disability Benefit Rider. PolicyandFunds.com is one of the top & best LIC Agent in Chennai, provides good customer services to choose perfect Life Insurance Plans in India 2018.

LIC Jeevan Rakshak Plan (Table No. 827)

Policy Main Specification

• Age at Entry (Last Birthday): 8 Years
• Maximum Maturity Age (Last Birthday) : 70 Year
• Policy Term (PPT): 10 – 20 years
• Minimum Sum Assured: 75,000
• Maximum Sum Assured: 2,00,000
• Variable options to pay Premium (Paying Mode): Yearly, Half-yearly, Quarterly, Monthly (by bank ECS)

Key Features of LIC Jeevan Rakshak Policy

• LIC Jeevan Rakshak Policy is a Traditional Endowment Insurance Plan
• In this plan can avail the maximum sum assured upto Rupees 2 lac only per life insured person
• Premiums has to be paid to the full policy chosen period (years)
• Policy continued existence till the period of the policy and the final maturity benefit + bonus and Final Additional Bonus will be paid to the policyholder.
• If the life insured person (policy holder ) may die within the period of policy year, the death and other benefits will be paid to the nominee.

Benefits of LIC Jeevan Rakshak Policy

• Bonus: Policy holder can be eligible for LIC’s declared bonus and also Loyalty Additional.
• Maturity Benefit: The Basic Sum Assured and declared bonuses, final additional bonus will be paid to the policy holder
• Death Benefit: Life Insured (policy holder) die within the period year,
  1. Basic Sum Assured on Death will be payable (or)
  2. 10 times of annualized premium (or)
  3. Subject to a minimum of 105% of the total premiums paid as on date of death, whichever is higher
  4. Bonus and Loyalty Addition will be payable to nominee
• Additional Rider Benefit is available: LIC’s Accidental Death and Disability Benefit Rider
• Surrendered Value : The policy eligible to surrender at least three full year premiums are paid by the policy holder.
• Loan : Three full policy year premiums has to paid to eligible for the Loan
• Mode and High S.A. Rebates:
• Mode Rebate:
  1. Yearly mode – 2% of Tabular Premium
  2. Half-yearly mode – 1% of Tabular premium
  3. Quarterly & Monthly mode – NIL
  4. High Sum Assured Rebate discount offered to the policy holder. For choosing yearly and half yearly premium modes.
• Income Tax Benefit: Policy Premium paid under this plan is eligible for TAX under section 80c. and Maturity under this plan is tax free under sec 10 (10D)

Sample Premium Detail with Rates

Sample premium rates declared below in table (excluding service tax) per Rs. 1000/- Basic Sum Assured (SA):

LIC Jeevan Rakshak Policy Details and KYC

Under the policy Grace Period: 30 days will be allowed to premium pay. Policyholder if fails to pay the premium within the policy grace period, automatically the policy will be get lapsed. And there is a option to be revived the policy within the period of two years from the date of the first unpaid policy premiums.

Free Look Period: Policy holder are not satisfied under the policy condition or like coverage etc., policy holder have the options to cancel the policy within the period of 15 days from date of receipt, provided any claim happen LIC will not be paid.

Exclusions: Suicide committed within one year (12 months) of policy period from the date of commencement of risk, LIC will not pay any claim under this policy except for to the extent of 80% of the premiums paid excluding any taxes, extra premium and rider premiums, if any, provided the policy is in force.

Documents Required: Proposal Form 300/340/360 shall be filled under this plan with exact medical history, and also other proof of documents are required to completed the policy, like address proof and other Know your customer (KYC) documents. Additionally Medical test may required based on the sum assured also the age of the person wants to take the policy

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