LIC Jeevan Rakshak Plan 827

          This is a regular endowment assurance plan with profit.It is a non-medical fixed benefit plan. In case of death of the policyholder during the policy term if no premiums are due, Sum Assured on Death shall be payable, which is the highest among basic sum assured, 10 times of annualized premium and 105% of all the premiums paid as on date of death. Loyalty Addition will also be paid if death occurs after completing 5 years of policy.While the age at entry must be 8-55 years, the age at maturity is 75 years. The policy term may be 10-20 years. The minimum Basic sum assured is 75,000 Rupees and the maximum Basic Sum Assured per life is 2, 00,000 Rupees per life.

          The policy can be surrendered at any time if a minimum of three full years´ premiums have been paid. The Corporation may pay the Guaranteed Surrender value which is a percentage of total premiums paid excluding extra premiums, or the Special Surrender value which is the discounted value of Paid-up Sum assured, whichever is higher.Rebate is given as 1.5% of Assured Sum above 1, 50,000 Rupees. Premiums paid up to 1, 50,000 Rupees are deducted from the taxable income each year and the Maturity Proceeds are tax free depending on fulfillment of terms and conditions.

          LIC Jeevan Rakshak (Plan 827) is a regular premium paying participating non-linked Endowment plan. Jeevan Rakshak is a traditional plan which provides a fusion of protection and savings. Jeevan Rakshak Plan offers financial support for the family in case of unfortunate death of the life assured any time before maturity and a lump sum amount at the time of maturity for the surviving Insured. LIC endowment Jeevan Rakshak policy also takes care of liquidity needs through its loan facility. The UIN code of Jeevan Rakshak endowment plan is 512N289V01. This LIC endowment plan shall be available to regular life only under a non-medical limit, and the total Sum Assured under this plan shall not exceed Rs. 2,00,000/-.

Features of LIC Jeevan Rakshak Plan 827

• LIC Jeevan Rakshak is a With Profit Endowment Assurance Plan.
• Jeevan Rakshak is a Regular Premium Paying endowment plan.
• No Medical Check up: Under this endowment plan, medical check up is not needed.
• Jeevan Rakshak Endowment Plan is a fusion for Savings & Protection needs.
• Loan facility is available: Under Jeevan Rakshak 827 after payment of premiums for at least three years.
• The Bonus is given in the form of Loyalty Additions after completion of Five policy years.

LIC Jeevan Rakshak Policy Eligibility Conditions

S.no	Conditions	Details
1	Entry age Allowed	Minimum 8 years completed.
		Maximum 55 years (Nearest Birthday).
2	Sum Assured	Minimum Rs. 75,000/-.
		Maximum Rs. 2,00,000/-.
3	Policy Term	Minimum 10 years.
		Maximum 15 years.
4	Premium Paying Frequency	Yearly.
		Half-Yearly.
		Quarterly.
		Monthly.
5	Premium Paying Term	Equals to Policy Term.
6	Maturity Age	Maximum 70 Years (Nearest Birthday).
7	Accident Benefit Rider	0.50 per thousand.

LIC Jeevan Rakshak Plan Benefits

• Death Benefit: On the passing of the Life Assured during the policy term “Sum Assured on Death” shall be payable.

1. Basic Sum Assured.
2. Ten times of annualized premium.
3. 105% of all the premiums paid as on date of death.

In addition to the above benefits, Loyalty Addition, if any, shall also be payable if death occurs after completion of the fifth policy year.

• Maturity Benefit: If life insured survive till the end of the policy term then Basic Sum Assured + Loyalty Addition, if any, shall be payable.

• Participation in Profits: Provided the policy is in full force, then depending upon the insurance company experience the policies under Jeevan Rakshak Plan will be eligible for Loyalty Addition.

• Double Accident Benefit: Allowed with Additional Premium.

• Free Look Period: If life assured is not satisfied with “Terms & Condition” of Jeevan Rakshak policy he/she may return policy to Insurance company stating reason within 15 days from the date of commencement of policy.

• Grace Period: A grace period not less than 30 days will be allowed for payment of yearly, half-yearly or quarterly premiums and 15 days for the monthly mode of premium payment.

• Revival: Two consecutive years from the date of first unpaid premium.

• Loan: Loan facility is available under Jeevan Rakshak plan, after payment of premiums for at least Three full years.

LIC Jeevan Rakshak Riders

          Under Jeevan Rakshak endowment plan an optional Accident Benefit Rider is available. Get an idea about LIC Accident Benefit Rider.

LIC Accident Benefit Rider: Under LIC Jeevan Rakshak Accident Benefit Rider is available as an optional rider by payment of additional premium. In the case of accidental death, the Accident Benefit Sum Assured will be payable as lump sum along with the death benefit under the basic plan.

S.no	Conditions	Details
1	Entry Age Allowed	Minimum 18 years (completed).
		The Maximum any policy anniversary during the policy term.
2	Cover Ceasing Age	Maximum age Same as under the basic plan.
3	Accident Benefit Sum Assured	Minimum Rs. 75,000/-.
		Maximum of Rs. 50,00,000/- overall limit taking all existing policies of the Life Assured under individual & groups.

Sample Premium Rates:

          Check the Sample Premium Rates here. Following are some of the sample tabular annual premium rates per Rs. 1000/- Basic Sum Assured.

AGE/TERM	10 Years	15 Years	20 Years
10 Years	85.9	51.7	35.2
20 Years	86.25	52.05	35.55
30 Years	86.45	52.35	35.95
40 Years	87.35	53.7	37.8
50 Years	90.65	57.8	42.7

Jeevan Rakshak Plan Claim Procedure

          The policyholder can claim the Jeevan Rakshak Endowment plan offered by LIC, India after the completion of the policy period. In the case of eventual death of the policyholder, the nominee can claim instead of the Life assured. Let us have a glance at the documents required for Claim the LIC Jeevan Rakshak Endowment Plan here.

• Original Policy Document / Bond.
• NEFT Form.
• Discharge form.
• Proof of title.
• School/College/employer’s certificate
• Proof of Accident and Disability.
• Proof of Death ( If in the case of the eventual death of the life insured).
• Cancel check or Bank Passbook xerox.

Additional Information regarding LIC Jeevan Rakshak Endowment supplementary information

Paid up Value:

          If after at least three full years premium have been paid, and any subsequent premiums are not duly paid, then Jeevan Rakshak Plan shall not be wholly void, but shall subsist as a paid-up policy. The Basic Sum Assured under the policy shall be reduced to such a sum, called Paid-up Sum Assured, and shall bear the same ratio to the Basic Sum Assured as the number of premiums actually paid bears to the total number of premiums originally stipulated for in the policy i.e. Basic Sum Assured *(no. of premiums paid I Total number of premiums payable).

Surrendered Value:

          The Jeevan Rakshak Endowment policy can be surrendered at any time during the policy term provided at least 3 full years premiums have been paid.

Taxes:

          Taxes including Service Tax, if any, shall be as per the Income Tax laws and the rate of tax shall be as applicable from time to time.

Reinsurance:

          No reinsurance is required for policies taken under this endowment plan.

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