LIC Jeevan Rakshak Plan

LIC Jeevan Rakshak Plan is a profit-sharing non-linked and participating Endowment Plan that offers a dual benefit of savings and protection. 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. The plan provides financial support to the loved ones in case of an untimely demise of the policyholder.

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In case of the unfortunate demise of the policyholder during the term of the policy, the nominee receives the Sum Assured and any Loyalty Additions. LIC’s Accident Benefit rider works as a fortifying force. The plan also takes care of liquidity requirements through its loan availability. 

LIC Jeevan Rakshak - Key Features

  • This traditional endowment plan allows the insurance taker to leverage the profit made by the company as it is a participating plan.
  • You need to pay the premium for the entire policy tenure.
  • This plan has a low coverage facility and can be taken only for a maximum sum assured of Rs 2 lacs per life.
  • Maturity benefit is paid if the policyholder survives to complete the tenure of the policy and the policy terminates.
  • If the life insured dies during the tenure of the policy, then the nominated person receives the death benefit and this LIC policy terminates
  • To get an additional premium, you need to opt for additional coverage. 

LIC Jeevan Rakshak - Benefits

  • Bonus: The policy also performs in the bonuses of the company and thus it accrues Loyalty Addition.   
  • No Medical Test: This policy is offered without any medical test and is offered only on declaration of good health.
  • Maturity Benefit: Basic sum assured along with the loyalty additions, shall be payable in a lump sum upon the survival to the completion of the policy tenure, provided all the due premiums have been paid.  
  • Death Benefit: If the policyholder dies during the term of the policy, provided all the due amount of premium has been paid. Then the sum assured on death shall be payable, as the higher of:
    • 10 times of annual premium
    • Subject to a minimum of 105% of the total premiums paid as on date of death
    • If the life insured dies within the first 5 policy years, only the amount assured is paid to the nominee as a Death benefit and then after the policy gets terminated.   

The premiums amount discussed above excludes the additional premium, service tax, and Accidental Benefit Rider premium (if availed). 

After completing 5 years of the policy, the Sum Assured plus Loyalty addition would be payable to the nominee.

  • Profit Participation – The plan is also eligible for loyalty additions, provided the policy is in complete force. 
  • Add on Benefit: LIC’s Accidental Death Benefit Rider is available as an optional benefit that enhances the coverage of your policy by paying an additional premium payment. The accidental death sum assured amount will be payable in lumpsum along with the death benefit under this plan, in case of accidental death. 
  • Tax Benefits: This allows the leverage when it comes to the mode (half-yearly and yearly) of paying the premium for the higher assured sum. Section 80C defines the income tax benefits on the premiums paid and, on the claims, received as per Section 10(10D) defined under the Income Tax Act. 

LIC Jeevan Rakshak - Product Specification:




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 the Policy term

Premium Paying Frequency

Annual, half-yearly, quarterly, and monthly

Sum Assured per life

Rs 75,000

Rs 2,00,000

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

Details about Premium

The annual premium is mentioned in Rupees for a Policy Tenure of 20 years. Basic Premium is mentioned below (Tax not included)


Rs 75,000 

Sum Assured

Rs 1 Lac 

Sum Assured

Rs 2 Lacs 

Sum Assured

30 Years




40 Years




50 Years




*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

LIC Jeevan Rakshak - Policy Details

  • Grace Period: The insured can take 30 days 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. A grace period of 30 days is allowed for payment of yearly/half-yearly/quarterly premium and 15 days is allowed for a monthly payment of premiums. 
  • 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: If the insured is not satisfied with the terms and conditions, features, and benefits of the policy, the policyholder gets fifteen days to go through the policy documents thoroughly and find whether they have taken the right decision or not.


If the insured commits suicide within 12 months of commencing the policy, then 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 are paid. 

Documents Required

To purchase 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.


  • 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 a 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 offer 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:
    • Guaranteed Surrender Value is the percentage of all the premiums paid
    • Special Surrender Value is declared with the change in time 
  • Q 3: Can we take a loan against this policy?

    Ans:  Yes, you can take a loan against this policy as per the terms and conditions of the company.
  • Q 4: Are there any death benefits offered by this policy?

    Ans: If the Life Insured passes away within the Policy Tenure, then the nominee receives:
    • Sum Assured
    • Loyalty Additions if the policyholder completed 5 policy years.
    At the time of Death, the Sum Assured is the higher of:
    • Basic Sum Assured
    • 105% of the premiums that the policyholder paid till death
    • 10* Annual Premium 
  • Q 5: How many riders are available under this plan?

    Ans:  You will get to leverage LIC’s Accident Benefit Rider under this plan

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