LIC Jeevan Rakshak Plan is a profit sharing Endowment Plan. It is the simple endowment plan with death and maturity benefit which one can buy even for their 8 years old child.
The insured needs to pay the premium for the whole term regularly. After reaching the maturity age, the policyholder gets the basic Sum Assured along with Loyalty Additions. In case of unfortunate demise of the policyholder during the term of the policy then the nominee receives the Sum assured and any Loyalty Additions. LIC’s Accident Benefit rider works as a fortifying force.
|
|
Minimum |
Maximum |
|
Entry Age (Last Birthday) |
8 years |
55 years |
|
Maturity Age (Last Birthday) |
- |
70 years |
|
Policy Term (PT) in years |
10 years |
20 years |
|
Premium Paying Term (PPT) in years |
Equal to Policy term |
|
|
Premium Paying Frequency |
Annual, half-yearly, quarterly and monthly |
|
|
Sum Assured per life |
Rs 75,000 |
Rs 2,00,000 |
The annual premium is mentioned in Rupees for a Policy Tenure of 20 years. Basic Premium is mentioned below (Tax not included)
|
Age |
Rs 75,000 |
Rs 1 Lac |
Rs 2 Lacs |
|
30 Years |
2642 |
3523 |
6746 |
|
40 Years |
2778 |
3704 |
7109 |
|
50 Years |
3138 |
4185 |
8069 |
Grace Period:The insured can take 30 days of time to pay the premium. The policy tends to lapse if the insured fails to pay his premium within the specified grace period. However, the policy is revived within the date of the first unpaid premium.
Benefits of surrendering the policy or Termination Benefit: The policy acquires a surrender value after completing 3 years of the policy and the insured also gets eligible for availing loans.
Free Look Period: In order to cross check their decision of buying the policy, the policyholder gets fifteen days to go through the terms and conditions thoroughly and find whether they have taken the right decision or not.
Exclusions
If the insured commits suicide within 12 months of commencing the policy, then the 80% of the premiums paid are returned to the nominee. However, if the policyholder commits suicide within 12 months of revival, then the higher of the Surrender Value acquired or 80% of the paid premiums.
Documents Required
To take the policy, you need to submit a Proposal or application form with accurate medical history along with proper Know Your Customer (KYC) documents. A medical examination is not mandatory, but can be required in certain cases such as sum assured as well as the age of the person.
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Frequently asked questions:
Q 1: What happens if I stop paying the premium?
Ans: The policy and all its benefits lapse if the policyholder stops paying the premium. If the policyholder pays the premium for at least complete 3 years, then the premium becomes paid-up value and goes on as reduced value. The nominee gets this Paid-up value on the early death of the policyholder or maturity.
Paid-up Value = Basic Sum Assured * (Number of Premiums Paid/ Total Number of Premiums Payable)
Q 2: Does the policy offers any surrender benefit?
Ans: If the insured pays the premium for complete three years then the policy acquires a Surrender Value. The Surrender Value payable will be higher of:
Q 3: Can we take a loan against this policy?
Ans: Yes, you can take Loan against this policy as per the terms and conditions of the company.
Q 4: Are there any death benefit offered by this policy?
Ans: If the Life Insured passes away within the Policy Tenure, then the nominee receives:
At the time of Death the Sum Assured is the higher of:
Q 5: How many riders are available under this plan?
Ans: You will get to leverage LIC’s Accident Benefit Rider under this plan.
