LIC Jeevan Rakshak plan No.827 is a participating, non-linked plan with a combination of saving and protection. It provides support to the family of the policyholder after the death also after maturity, if the policyholder survives throughout the policy term. There are many benefits that are provided under the LIC Jeevan Rakshak plan such as maturity benefit and death benefit as main coverage. Accidental benefit and disability benefit as an add-on policy. This is also going to provide savings by means of tax savings. The plan also offers loan facilities after a certain period of the policy according to terms and conditions.
Features of LIC Jeevan Rakshak plan.
- It is a participating endowment plan that provides saving as well as protection.
- Premium paying term is equal to the term of the policy such as if the policy term is 15 years one will have to pay the premium for the whole 15 years.
- As the plan is participating it provides loyalty additional benefit after the completion of 5 years of the plan.
- If the policyholder service throughout the policy period the maturity benefit is provided to the policyholder and the policy gets terminated.
- If the insured person meets to death within the policy time then the nominee of the policyholder will get the death benefit and the policy will get terminated.
Benefits provided under LIC Jeevan Rakshak plan
In case of survival of policyholder till the end of the policy term the basic sum assured + loyalty additional (if any) are payable to the policyholder as maturity benefit.
If the policyholder meet to unfortunate death within the policy term the sum assured on that is payable to the nominee of the policyholder.
The payable sum at the situation of death will be as follow:-
the highest of these will be provided
1. The basic sum that is insured at the time of policy purchase.
2. 105% of all the premium which is paid up to the death of the policyholder.
3. 10 times the annualized premium.
According to the LIC, this plan is a participating plan. Means if the policy is in full force the corporation can decide the eligibility of the policy for the loyalty addition according to the terms and condition of the corporation.
Premium paid under this plan is tax-free within the amount of 1,50,000 under section 80C and the maturity benefit provided is also tax-free under the insurance act section 10D. You can file an income tax return based on this.
Eligibility criteria for LIC Jeevan Rakshak plan
- The minimum amount that can be assured in this plan is 75000 and the maximum amount that can be assured is 2,00,000 without undergoing any medical examination.
- The basic sum assured will be the multiple of rupees 5000.
- The age required for the entry of this plan is 8 years and the maximum age for entry is 55 years.
- The maximum maturity age for the completion of the policy term is 75 years
- The minimum term to which the policy can be taken is 10 years and the maximum term to which the policy can be taken is 20 years.
Payment of premium
Payment of premium can be done annually, half-yearly, quarterly, or monthly but the monthly payment can be only done by ECS. There is a certain discount for the annual and half-yearly premium payer 2% for annual premium and 1% for half yearly premium.
Documents required for LIC Jeevan Rakshak plan
- Fully Filled up the application form
- Address proof document
- Age proof document
- Aadhar Card and PAN card for KYC
- Accurate medical history
- And a self-declaration of health according to LIC Jeevan Rakshak plan.
Terms related to LIC Jeevan Rakshak Plan.
There is a period of 30 days provided as a grace period for the payment of the premium. If the premium would not be paid under this Grace period the policy will get lapsed.
Revival of policy
If the premium will not be paid within the grace period the policy gets lapsed but it can be revived within 2 years from the date of the last premium paid and it can be continued.
The policy acquires a surrender value after the completion of 3 years of the policy. The surrender value increases as the years of the policy increase according to the terms and conditions of the policy.
Once the policy gets surrender value then you can take a loan on your policy according to the terms and conditions of the corporation.