LIC Jeevan Raksha

LIC Jeevan Raksha - An Overview

LIC Jeevan Raksha is a non-linked and non-participating individual pure protection term insurance policy offered by LIC of India. With this plan, LIC aims to focus entirely on high financial coverage for the nominee at a highly competitive premium rate.

The Life Insurance Corporation of India (LIC) will be launching the Jeevan Raksha plan to mark their 70th anniversary. It is going to be a pure risk utility product with no maturity benefits if the policyholder survives. However, this LIC term insurance plan will offer affordable and competitive premiums so that the beneficiaries can get high-value coverage.

Key Features of LIC Jeevan Raksha

Here are some of the key features of the upcoming LIC Jeevan Raksha plan.

• LIC Jeevan Raksha is a non-participating and non-linked individual life insurance policy.

• It is a term insurance plan proving pure risk cover.

• Flexibility to choose the premium payment option as either single, regular or limited premium payment.

• Option to get the death benefit as a lump sum or in installments.

• The final death payout received by the nominee is fully tax exempt as per the Section 10(10D) of the Income Tax Act. The premiums paid by the policyholder are also eligible for tax deductions under Section 80C up to ₹1.5 lakhs per year.

What are the Benefits of LIC Jeevan Raksha Plan?

The LIC Jeevan Raksha policy is a highly affordable, small-ticket pure term insurance policy. The company has tailored this policy for mass protection. Following are the expected core benefits of the policy.

Death Benefit

If the policyholder passes away during the policy term, then the nominee receives the sum assured as death payout. The policyholder can choose how their nominee will receive the death payout. They can choose to get it either as a lump sum or as installments over a selected number of years. The policyholder gets to choose this option which can not be changed later on by the nominee.

Maturity Benefit

As LIC Jeevan Raksha is a pure term insurance plan, there is no payout given to the policyholder if they outlive the policy term. Therefore, LIC Jeevan Raksha offers no maturity benefits.

How to Buy LIC Plans from Policybazaar?

When you buy an LIC plan from Policybazaar, you get dedicated claim assistance and 24/7 customer service. Follow the steps below to buy an LIC plan from Policybazaar.

Step 1: Visit the LIC section on Policybazaar.

Step 2: Fill out your name and contact number in the online form.

Step 3: Enter your current city, age and annual income.

Step 4: View all the available LIC plans on Policybazaar. Tweak the investment amount and time period as per your need and select the plan you find the most suitable.

Step 5: Pay the premium online to complete the purchase.

Summing Up

LIC Jeevan Raksha is an individual pure protection term insurance plan. This is a non-participating and non-linked plan which aims to offer affordable premiums with high financial cover. As a pure risk utility product, the Jeevan Raksha plan will not have maturity benefits. Its sole purpose is to provide financial protection against the insured’s death during the policy term.

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