Jeevan Rakshak Plan (827) – LIC Jeevan Rakshak Policy
LIC’s Jeevan Rakshak Plan is a regular premium paying Non-linked, With-Profits, Endowment Assurance plan.
• Maximum Basic Sum Assured: Rs. 2,00,000/-
• Minimum Basic Sum Assured: Rs. 75,000/-
• Maximum Policy Term: 20 years
• Minimum Entry Age: 8 years (completed)
• Minimum Policy Term: 10 years
• Mode of Premium Payment: Yearly, half-yearly, quarterly & monthly
• Maximum Entry Age: 55 years (nearer birthday)
• Maximum Age at Maturity for Life Assured: 70 years
• Minimum Accident Benefit Sum Assured is Rs 10,000
• Accidental Death & Disability Benefit Rider is available on payment of additional premium.
• Minimum entry age for the rider is 18 years.
• Maximum Accident Benefit Sum Assured is an amount equal to the Basic Sum Assured subject to the maximum of Rs 1 Cr.
• On Survival : On survival Basic Sum Assured + Loyalty Addition if any.
• On Death before completion of 5th policy year: “Sum Assured”
• On Death after completion of 5th policy year: “Sum Assured + Loyalty Addition if any.”
• Where ‘Sum Assured on Death’ is defined as the higher of
i. 10 times of Annualised Premium, OR
ii. 105%of all Premiums paid as on death
• Income Tax Benefit: Premium paid under this plan is eligible for TAX rebate under section 80c.
• Maturity under this plan is free under sec 10(10D).
• Surrendered Value: The Policy can be surrendered at any time during the policy term provided at least 3 full years premiums have been paid.
• Loan : Loan Facility is available under this plan, after payment of premiums for at least 3 full years.
source: licindia, licallinonecalc