LIC Jeevan Rakshak Plan (827): Features, Benefits, Premium Calculator and More
LIC Jeevan Rakshak Plan (827): Features, Benefits and Premium Calculator
LIC Jeevan Rakshak Plan is a non-linked, with profits endowment plan of LIC. This plan is also one of the popular plan of LIC. This plan is a traditional plan with bonus facility.
The LIC Jeevan Labh Plan offers a combination of protection and savings. The Plan provide financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the the time of maturity for the surviving policyholder.
This Plan also takes care of the liquidity needs through its loan facility.
Key Features of LIC Jeevan Rakshak Plan (827):
- This is a participating plan.
- Bonus is given in the form of loyalty addition after the completion of 5 policy year.
- Accidental death and disability riders makes this plan more beneficial.
- Rebate is also offered to policy holder if he opt for higher sum assured.
- Premium Paid are exempted from income tax under section 80C.
- Amount received on maturity or on death is exempted under section 10 (10D).
Benefits of LIC Jeevan Rakshak Plan (827):
On the death during policy term policyholders nominee will get Sum Assured on death.
Maximum Sum Assured on Death can be absolute amount assured on death i.e. basic sum assured or 10 times of annualized premium which ever is higher. The death benefit shall not be less than 105% of all the premium paid till the date of death.
In addition to the above, Loyalty Addition, if any shall also be payable if death occurs after completion of 5 policy year.
If the policy holder survive till the end of policy term he will get Sum Assured on death along with loyalty addition, if any, provided all the due premiums have been paid.
Participation in Profit:
The policy also participate in the profit of the corporation. The policy holder is entitled to receive loyalty addition, if any, declared by LIC from time to time, provided the policy is in full force. The loyalty addition, if any, is payable at such rate and on such terms as may be declared by the Corporation, on death, after the completion of the 5 policy year or on policyholder surviving to the maturity.
LIC’s Accident Benefits Rider is available on the payment of additional premium during the policy term. In case of accidental death, the Accident Benefit Sum Assured will be payable as lump sum along with the death benefit under the basic plan.
Premium paid is exempted u/c 80C and the amount received on death or maturity is also exempted u/s 10 (10D).
Loan Facility: Loan facility is also available after the completion of 3 years.
Eligibility and other restrictions:
- Minimum age of entry : 8 years
- Maximum age of entry : 55 years
- Maximum Age of Maturity: 70 years
- Basic Sum Assured : Minimum Rs. 75000 and Maximum Rs.200000 (in multiple of Rs.5000).
- Policy Term: Minimum 10 years, Maximum 20 years
Mode of Payment of Premium:
Premium can be paid monthly, quarterly, half yearly and yearly.
Rebate on mode and high sum assured:
- Quarterly and monthly mode nil
- Half yearly mode 1%
- Yearly mode 2%
Basis sum assured rebate:
- 75000 to 145000 Nil
- 150000 and above 1.50% of Basic Sum Assured
Lapse, Revival and paid up value: If the premium is not paid within the grace period the policy will lapse. Lapsed Policy can be revived within a period of two consecutive years from the date of first unpaid premium on the payment of all the arrears of premium with interest. However if at least three full years premium have been paid and any subsequent premium be not duly paid, this policy shall continue as a paid up policy.
The policy can be surrendered for cash provided at least three full years premiums have been paid. The surrender value percentage will depend on the policy term and the policy year in which surrendered.
Premium Calculator: For the calculation of premium of LIC Jeeevan Rakshak Plan, LIC Premium Calculator can be used. To calculate premium click on Premium Calculator
For more details of the Plan visit: LIC Jeevan Rakshak Plan (827)
For other updates and information Click here