JEEVAN RAKSHAK

Jeevan Rakshak (Plan No. 827)

LIC's Jeevan Rakshak Plan 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 is basically for those who need a low premium risk cover and some maturity benefits in form of Loyalty Bonus.

Features

• Life risk cover for the life insured
• Additional accidental risk cover
• Low Premium Rates
• Loyalty  bonus
• Loan Facility Available

Eligibility Conditions

Minimum age at entry	8 years
Maximum age at entry	55 years
Minimum Term	10 years
Maximum Term	20 years
Maximum age at maturity	70 years
Minimum sum assured	Rs 75,000/-
Maximum sum assured	Rs 2,00,000/-

Double Tax Benefit

U/S 80 C  : Premiums paid under this plan are eligible for tax rebate u/s 80C

U/S 10(D) : Maturity Returns / Death claim amount is also tax free u/s 10 (D)

Possible Events during policy duration

On Death
If the policy holder dies during the policy term, his/her nominee will be paid following, after which the policy will terminate.

1. Basic sum assured or 10 times of the Annual premium (whichever is higher)

2. Loyalty Bonus (Payable if the death occurs after completion of 5th policy year)


On Accidental Death
In case, the policy holder dies due to an accident, the nominee will get following, after which the policy will terminate.

1. Basic sum assured or 10 times of the Annual premium (whichever is higher)

2. Additional accidental sum assured (maximum upto Rs. 50 Lakhs)
3. Loyalty Bonus (Payable if the death occurs after completion of 5th policy year)

On Maturity

The policy holder will get the following returns at maturity:

1. Basic sum assured
2. Loyalty Bonus (Payable if the death occurs after completion of 5th policy year)

The policy will terminate after this.

Understand New Endowment Plan with an example

Mr. Dinesh aged 35 years, plans to take Jeevan Rakshak Plan for the term of 20 years and sum assured of Rs 2,00,000.00 (Rupees Two Lakhs only). 

He is required to pay an annual premium of Rs 8,320.00 (Rupees Eight Thousand Three Hundred and Twenty only).

Possible Events

On Death

If Mr Dinesh dies during the policy term, his nominee will receive the Sum Assured i.e. Rs 2,00,000.00 (Rupees Two Lakhs only) + Accrued Bonus. After this, the policy will terminate.

On Accidental Death 
If during the policy term, Mr. Dinesh dies due to an accident, his nominee will receive the Basic Sum Assured (Rs 2,00,000.00) + Additional Accidental Sum Assured (Rs 2,00,000.00) + Accrued Bonus. The policy will terminate after this event.

On Survival till maturity

If Mr. Dinesh survives till the end of policy term, he will get the Basic Sum Assured i.e. Rs 2,00,000.00 (Rupees Two Lakhs only) + Accrued Bonus. The policy will terminate thereafter.