LIC Jeevan Rakshak Plan 827

LIC Jeevan Rakshak Plan is a participating non-linked plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.

Plan Number: 827

Plan name: Jeevan Rakshak

Minimum Eligible Age: 8

Maximum Eligible Age: 55

Minimum Policy term: 10

Maximum policy Term: 20

Minimum Sum assured: 75,000

Maximum Sum Assured: 2,00,000(Multiple of Rs. 5000)

Minimum age at entry for DAB is 18

Mode of Premium payment: Yly, Hly, Qtly, SSS & ECS

Gender Allowed: Both

Minimum age at entry for Accident benefit: 55

Max cover ceasing age Accident benefit: 70

Minimum Accident Benefit Sum Assured: 75,000 (Multiple of Rs. 5000)

Rebate: Available Yearly and Half yearly

Sum Assured Rebate: Available

Loan Available: After at least 3 years of Premium payments

Profit plan: with Profits

Benefits:

Death benefit:

In case of death of the policyholder during the policy term provided all due premiums have been paid, “Sum Assured on Death” shall be payable, which is the highest of
Basic Sum Assured or
10 times of annualized premium or
105% of all the premiums paid as on date of death.

The premiums defined above exclude service tax, extra premium and Accident Benefit rider premium, if any.
In addition to the above, Loyalty Addition, if any shall also be payable if death occurs after completion of 5th policy year.

Maturity Benefit: 

Basic Sum Assured, along with Loyalty Addition, if any, shall be payable in lump sum on Survival to the end of the policy term provided all due premiums have been paid.

Participation in Profits: 

Provided the policy is in full force, then depending upon the Corporation’s experience the policies under this plan will be eligible for Loyalty Addition. The Loyalty Addition, if any, is payable at such rate and on such terms as may be declared by the Corporation, on death after completion of 5th policy year or on Policyholder surviving to the maturity.

Optional Benefit:

LIC’s Accident Benefit Rider: 

Accident Benefit Rider is available as an optional rider by payment of additional premium. In case of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan

Back Dating: 

Yes,The Policies can be dated back in same financial year.Back-dating interest as applicable at the time of completion of the policy(at the rate are fixed by the Corporation from the time to time)will be charged for the period in excess of one month.However,If the policy is back dated to the lean months ,viz. April, May, July, and August, interest is to be charged for period in excess of 3 months.