LIC's
Jeevan Rakshak Plan is a participating non-linked plan which offers a
combination of protection and savings. This plan provides financial support for
the family in case of unfortunate death of the policyholder any time before
maturity and a lump sum amount at the time of maturity for the surviving
policyholder. This plan also takes care of liquidity needs through its loan
facility.
Eligibility Conditions and Other
Restrictions:
Minimum
Basic Sum Assured per life*
: Rs. 75,000
Maximum
Basic Sum Assured per life*
: Rs. 200,000
(The Basic
Sum Assured shall be in multiples of Rs. 5000/-)
Minimum
Age at
entry
: 8 years (completed)
Maximum
Age at
entry
: 55 years (nearest birthday)
Minimum
Policy
Term
: 10 years
Maximum
Policy
Term
: 20 years
Maximum
Age at
Maturity
: 70 years (nearest birthday)
Premium
paying modes: Yearly, Half-yearly, Quarterly and
Monthly mode.
* The total Basic Sum Assured under
all policies issued to an individual under this plan shall not exceed Rs. 2
lakh.
Policy Benefits:
On Death:
In case of death of the policyholder during the policy term
provided all due premiums have been paid, “Sum Assured on Death” shall
be payable, which is the highest of
- Basic Sum Assured or
- 10 times of annualized premium or
- 105% of all the premiums paid as on date of death.
The premiums defined above exclude service tax, extra
premium and Accident Benefit rider premium, if any.
In addition to the above, Loyalty Addition, if any shall
also be payable if death occurs after completion of 5th policy year.
Maturity Benefit:
Basic Sum Assured, along with Loyalty Addition, if any,
shall be payable in lump sum on Survival to the end of the policy term provided
all due premiums have been paid.
Optional Benefit:
LIC’s Accident Benefit Rider: Accident Benefit Rider is
available as an optional rider by payment of additional premium. In case of
accidental death, the Accident Benefit Sum Assured will be payable as lumpsum
along with the death benefit under the basic plan.
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