LIC Jeevan Rakshak Table no 827

LIC Jeevan Rakshak plan as the name suggests provides complete life cover while acting as a great savings plan. The plan provides a lump amount as maturity sum on its completion while the life assured could also avail the facility of loan against the pian. Moreover, if the life assured faces a premature demise prior to the completion of policy term then the family members would be provided instant monetary support.

lic jeevan raksha

Maturity Benefits in Jeevan Rakshak

Basic Amount Guaranteed along with any applicable Loyalty Addition, would be paid in one lump amount to the life assured on the maturity of the plan provided entire premiums were timely paid.

Death Benefits in Jeevan Rakshak

If the Life Assured suffers an untimely demise then the family would be supplied monetary support in the form of “Sum Assured on Death” provided entire premiums have been paid. This amount would be highest of

  • Basic Amount Guaranteed or
  • 10 times of yearly premiums or
  • 105 percent of entire premiums paid till the demise date

Participation in Profit (Bonus)

Jeevan Raksha is a participating non-linked plan. In the instance of an active plan and depending on the profits experienced by the Corporation it could share a percentage of its profit with the policyholder in the form of “Loyalty Additions”. This Loyalty Addition would be payable as a lump sum either after the completion of the plan along with Maturity Benefits or, in the instance of a premature demise, the beneficiary would be provided Loyalty Addition along with death benefits provided the plan has completed a minimum of the 5-year term.

LIC’s Accident Benefit Rider (Optional Benefit)

With an added premium payment, the policyholder could avail the facility of Accident Benefit Rider as an optional benefit with LIC table 827. This facility is especially beneficial in the instance of an accidental death where the beneficiary would be provided an additional lump value in the form of Accident Benefit Amount Guaranteed besides the above-stated death benefits.

Surrender Value

The Life Assured could avail the facility of cash against the surrender value of this policy provided a minimum three-year term has been successfully completed. The Guaranteed Surrender Amount would be a percentage of entire premiums paid exclusive of added premiums and any chosen premiums for Accident Benefit rider.

Cooling Off Duration

The Corporation provides the facility of Cooling Off Duration of 15 days from the date of plan purchase to return the policy along with a reason for the objection.

Policy Eligibility in Jeevan Rakshak

For Basic Plan

Smallest Basic Amount Guaranteed 75 Thousand INR
Highest Basic Amount guaranteed 2 Lakh INR
Lowest Eligibility Age 8 years (completed)
Highest Eligibility Age 55 years (oncoming birthday)
Smallest Policy Duration 10 years
Longest Policy Duration 20 years
Highest Maturity Level Age 70 years (oncoming birthday)

For LIC’s Accident Benefit Rider

Lowest Amount Guaranteed 75 Thousand INR
Highest Amount Guaranteed An amount equal to the x Basic Sum Assured under the x Basic Plan subject to the maximum of Rs.50 lakh overall limit taking all existing policies of the x Life Assured under individual as well as group schemes including policies with inbuilt accident benefit taken with x Life Insurance Corporation of India and the Accident Benefit Sum Assured under the new proposal into consideration.
Lowest Eligibility Age 18 years (completed
Highest Eligibility Age The Life Assured could opt for this rider for an active plan at any policy anniversary
Highest Cover Ceasing Age Similar to Basic Plan

Revival

The Jeevan Rakshak plan would acquire a lapsed state if the premium amount is not paid in a timely manner and within the grace duration. However, the Corporation provides the facility to the Life Assured to revive the policy within a 24-month duration from the date of first defaulted premium and prior to the maturity date. In this case, the Life Assured would have to pay up entire defaulted premium amounts along with interests at a Corporate fixed rate.

Paid Up Value

If a Life Assured successful pays all the premiums for a minimum of the three-year term and then fails to pay any additional premium amount then instead of getting void the plan would acquire a Paid Up Value. In this case, the basic amount guaranteed would become smaller and would change to Paid Up Value bearing the same ratio as the Basic Amount Guaranteed, only the number of premiums would get reduced. This Paid Up guaranteed amount would be delivered to the Life Assured on the completion of the plan tenure or in the instance of an early demise.

Policy Loan

After a successful completion of three year period of LIC Jeevan Rakshak, the Life Assured could apply for a loan against the plan. This loan facility would be subjected under the Corporate’s terms and conditions and may change during the course of the plan.