LIC New Jeevan Rakshak Maturity Calculator

What is LIC New Jeevan Rakshak Plan?

LIC Jeevan Rakshak is a participating and non-linked endowment plan offered by the LIC of India. The plan is a combination of savings and insurance protection. The policyholder should regularly pay the premium for the whole tenure. The maturity payout whether as death benefit or maturity benefit comprises the basic sum assured and the loyalty additions. This life insurance plan by LIC also offers a loan facility to take care of liquidity requirements of the policyholders.

Note: The Jeevan Rakshak (Plan 827) has been withdrawn by LIC for new purchases. However, those who have already purchased this plan will continue to receive the benefits.

LIC New Jeevan Rakshak Maturity Calculator- An Overview

LIC New Janaraksha Maturity Calculator is a useful online tool enabling customers to instantly calculate their LIC New Jeevan Rakshak plan’s maturity amount. It is a reliable and straightforward way to determine the amount a policyholder can expect to receive at maturity. This tool offered by the LIC of India considers various details, such as the policy amount, term, age of the insured, premium payment frequency, etc., to accurately estimate the maturity benefit.

Benefits of LIC New Jeevan Rakshak Maturity Calculator

Below mentioned are some of the benefits that a policyholder may avail of by using the LIC New Jeevan Rakshak Maturity Calculator:

• One of the primary benefits of this calculator is that it allows policyholders to plan their finances more effectively. By knowing the maturity value of their policy in advance, policyholders can make informed decisions about how to invest their money, pay off debts, or plan for significant expenses.

• This calculator is an easy-to-use and effective calculator that assists the customer in saving time and effort in calculating the maturity amount manually.

• The LIC New Jeevan Rakshak Maturity Calculator also provides transparency and clarity to the policyholders in relation to returns on their policies. Policyholders can easily view the premiums to be paid to get a certain maturity value, and make better financial plans.

• Additionally, this calculator also provides policyholders with peace of mind. Policyholders can use the calculator to work out the maturity value of their policy, and then feel confident that they will get the value they are expecting at maturity. This, in turn, contributes to trust between the policyholders and LIC, one of the nation's top insurance organizations.

How to Use LIC New Jeevan Rakshak Maturity Calculator?

The LIC Jeevan Rakshak Plan 827 calculator is quite an easy online tool made to help LIC policyholders estimate the maturity of their policy and the premium payable. To use the LIC calculator, you need to enter the required details based on which the calculator will give you accurate results instantly.

What Details are Required to Enter in the Calculator?

The calculator asks you to enter the following information:

• Your Age

• Policy Term

• Basic Sum Assured (BSA) of the policy

• Premium Payment Mode (monthly, quarterly, half-yearly, or yearly)

• Rider Information

How Does LIC New Jeevan Rakshak Maturity Calculator Work?

Using the above details the LIC Jeevan Rakshak Maturity Calculator computes the following.

• The premium amount you need to pay as per your payment mode (monthly, quarterly, half-yearly, or yearly).

• Total number of premiums to be paid again according to the mode you selected.

• The maturity amount which includes the sum assured plus the estimated loyalty additions.

• The death benefit amount.

Let's take the case of Mr Sharma for a better understanding of how the calculator works. Mr. Sharma, a 30 year-old and non-smoking individual, decided to purchase the Jeevan Rakshak Policy with a sum assured of INR 1 lakh. He chose the payment term and policy term of 20 years.

To check the premiums payable by him, he decided to use the LIC 91 Plan Maturity Calculator. By using the calculator, the annual premium he would pay would be around Rs. 3,587.

Along with this, the calculator also helped Mr Sharma calculate the death benefit his family will receive or the maturity benefit he will receive.

LIC New Jeevan Rakshak Plan - Key Features

• Unlike term insurance, this is a traditional endowment plan which is participating in nature which means it allows the insurance taker to leverage the company's profit if declared by LIC.

• The policyholder must pay the premium for the complete policy tenure.

• This plan offers a low coverage facility wherein you can only take a maximum sum of Rs 2 lakhs per life.

• The policyholders who wish to avail additional coverage need to pay extra premiums.

Eligibility Criteria of LIC’s New Jeevan Rakshak Plan

What are the Benefits of LIC New Jeevan Rakshak Plan

• Financial Security: Offers financial protection to your family if you suddenly pass away.

• Saving opportunity: Provides a saving corpus with bonuses and maturity amount.

• No Medical Examination: Provided without medical examinations for standard lives under the non-medical limit.

• Rebates Available: Discounts on premiums are available if paid yearly or half-yearly.

• Loan Facility: Provides assistance to the urgent financial needs by making loans available after 3 years.

• Add On Benefit: LIC's Accidental Death Benefit Rider is an optional benefit that you can add to your policy as it provides extra policy coverage through a higher premium. In case of your accidental death sum assured amount will be payable in lump sum along with the death benefit under this plan.

• Tax Advantage: Premium paid under LIC Jeevan Rakshak Plan is deductible from the taxable income under Section 80C of the Income Tax Act and the death benefit/Maturity benefit is usually tax-free under Section 10(10D) of the Income Tax Act.

Summing Up

To summarise, LIC New Janaraksha Maturity Calculator is a good tool that helps the policyholders in understanding the maturity benefits of their policy. It helps customers to make informed decisions about their financial future and ensures that their investment in a LIC policy will yield the maximum benefits.

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