Life Insurance Corporation of India (LIC) has an insurance plan known as LIC's Jeevan Rakshak Plan. It is a non-linked plan that is participating in nature. Therefore, you will receive the company’s dividends with this plan. With this plan, you and your family members will be financially secure even if some unforeseen incident occurs. Moreover, it offers liquidity with the help of its policy loan option.
You can save your money extensively with the help of this plan. Apart from serving as a savings tool, it provides good protection for the life of the policyholder.
The LIC's Jeevan Rakshak Plan can be taken by any standard healthy individual without going through any medical exam.
|Minimum entry age||8 years (should have completed)|
|Maximum entry age||55 years (as on last birthday)|
|Minimum maturity age||Information not provided|
|Maximum maturity age||70 years (as on last birthday)|
The LIC's Jeevan Rakshak Plan extends a good basic sum assured for every policyholder. Under this plan, the full basic sum assured offered for all policies will not go above Rs.2 lakh. Under this plan, the basic sum assured will be in multiples of Rs.5,000.
|Minimum basic sum assured for each life||Rs.75,000|
|Maximum basic sum assured for each life||Rs.200,000|
|Minimum policy period||10 years|
|Maximum policy period||20 years|
|Premium payment mode||Annually, half-yearly, quarterly, monthly|
Under this plan, the premiums are economically priced. You can pay your premiums via salary deductions for all payment mode, except the monthly payment mode. For the monthly premium payment mode, you will have to choose ECS.
When you go for high sum assured amounts under the LIC's Jeevan Rakshak Plan, you will receive amazing rebates.
|Basic sum assured||Rebate|
|Rs.75,000 to 1,45,000||-|
|Rs.1,50,000 and higher||1.50% of sum assured|
You will also receive mode rebates with this plan.
|Type of mode||Rebate|
|Annual mode||2% of tabular premium|
|Half-yearly mode||1% of tabular premium|
|Quarterly, monthly (ECS) and salary deduction mode||-|
Premiums may vary depending upon factors like age, location, term of the plan and prevailing taxes/GST.
The LIC's Jeevan Rakshak Plan aims to give reliable protection for the entire life of the policyholder. If the policyholder dies before the plan matures, then the company will pay a benefit to the dependents of the policyholder. If the policyholder survives till the policy matures, then he or she will receive a lump sum amount as a maturity benefit. Moreover, the plan also offers an optional benefit which can be taken by the policyholder if he or she is interested in it.
|Type of benefit||Features of the benefit|
|Death benefit||When the policyholder dies during the policy period, then the nominee will receive a death benefit. This is given only if all the premiums have been paid promptly. The death benefit will be 10 times the annualised premium, basic sum assured, or 105% of all the premiums that have been paid till the date of death, whichever is higher.|
|Maturity benefit||When the policyholder survives till the end of the policy period, then a maturity benefit will be paid if every premium has been paid accurately.|
|Participation in profits of the insurance company||If you are eligible to receive profits under this policy and if the policy is active, you will get a share of the profits depending on the performance of the company.|
With the LIC's Jeevan Rakshak Plan, you can choose to take a rider or an add-on plan in order to receive enhanced protection. You can take the LIC’s Accident Benefit Rider by paying an extra premium. With this rider, when the policyholder dies due to an accident, his or her dependents will receive additional protection. This rider benefit will be provided apart from the death benefit that is offered with this plan.
When you take the LIC's Jeevan Rakshak Plan, you will have certain exclusions just like most other insurance plans. If the policyholder dies due to committing suicide in 12 months after the policy commences, then the beneficiary will receive only 80% of the premiums that have already been paid till the date of the death, accidental death benefit rider premium, and any additional premium. In case the life insured commits suicide in 12 months after the insurance policy is revived, then the nominated beneficiary will get the surrender value or 80% of the premiums that have been paid until the date of death, the premium of the accidental death benefit, and any extra premium, whichever is higher.
You can enjoy many other primary features with the LIC's Jeevan Rakshak Plan along with the main protection and maturity benefits that are offered with this plan.
|Cooling-off period||This plan offers a period of 15 days from when the policy is received. It is known as a cooling-off period. You can check the terms and features of your insurance plan within this special period and then return your policy if you are not happy with it.|
|Policy loan||You can take a policy loan with this plan if your policy has obtained the surrender value.|
|Paid-up value||If you have paid premiums for a minimum of 3 years and not paid your next few premiums, then your policy will not be considered invalid. It will continue as a paid-up policy.|
|Surrender value||You can surrender your policy if you have paid premiums for 3 full years accurately. You will then receive a guaranteed surrender value.|
|Policy revival||You can revive your expired policy within 2 continuous years since when you have stopped paying your premiums.|
With this plan, you will be entitled to receive tax benefits according to the Income Tax Act, 1960 as per Section 80C and Section 10(10D).
By taking this plan, you can save a lot by enjoying the online features available on the website of the company. You can also avoid standing in long lines for your application or payment processes.
Life Insurance Corporation is a public life insurance provider that has been offering outstanding life insurance solutions for several years. The company is well-known for its timeless efforts in extending custom-made insurance for all kinds of individuals. It is a pioneer in the industry. The company has won many accolades and awards for its constant dedication towards settling claims of people efficiently. With the Jeevan Rakshak Plan from LIC, you can be certain that you will get top-class life cover as well as great savings. Your loved ones will be financially independent even if an unforeseen, unfortunate event has an impact your life.