LIC Jeevan Rakshak is a Regular premium paying and Endowment Insurance plan released by Life Insurance Corporation of India. LIC Jeevan Rakshak Plan 827 is available under Non Medical Scheme. Maximum Sum assured under this LIC Jeevan Rakshak Policy is 2 lakhs. Minimum Sum assured is Rs. 75,000. LIC jeevan rakshak 827 plan is the first plan providing Insurance Coverage for less than 1,00,000 Rs/- also out of all regular premium paying policies where remaining LIC Policies Minimum Insurance Coverage is Rs. 1,00,000. This Lic’s Jeevan rakshak suits for all lower income people. LIC provides Jeevan rakshak plan without any Medical requirements.
Jeevan Rakshak LIC 827 Plan Conditions
| Age | · Minimum age: 8 years.
· Maximum age: 55 years. |
| Policy Term | · Minimum Term: 10 years.
· Maximum Term: 20 years. |
| Sum Assured | · Minimum SUM ASSURED: Rs. 75,000.
· Maximum SUM ASSURED: Rs. 2,00,000. |
| Premium Paying Mode | · Monthly (SSS, ECS), Quarterly, Half yearly, Yearly. |
LIC Jeevan Rakshak 827 Benefits
LIC Jeevan Rakshak Policy provides Benefits such as Death and Maturity benefits. LIC jeevan rakshak benefits are given below.
- Maturity Benefit: Sum Assured + Loyalty Addition.
- Death Benefit: Sum Assured on Death + Loyalty Addition( if death occurs after 5 years then only loyalty addition is paid).
Sum Assured on Death means Basic sum assured (or) 10 times of annual premium (or) 105% of total Premium paid till date of death.
LIC Jeevan Rakshak Example
If some one taken the 1 lakh policy for 20 years if he dies with in 5 years then Nominee will get 1 lakh only. If death occurs after 5 years Loyalty Bonus also paid along with 1 Lakh. If He survive till the policy Period Policy Holder will get 1 Lakh Plus Loyalty Bonus.
Additional Information
Risk Coverage: Risk Coverage through out Policy Term.
Date of Commencement of Risk: From First day of taking the policy.
Locking period: 3 years.
Loan Facility: Available.
More Policies can we take: Policyholder can take more than one Lic Jeevan Rakshak Plan for him but Maximum sum assured is 2,00,000 from all the policies of this plan. we can take other plans with no Limit.
Grace Period for payment of Premium: For yearly and half-yearly Premium one month grace period is there. So, we can pay late for 1 month. For Quarterly and monthly we have 15 days grace period.
Income Tax Reduction: Available under Section 80C for premiums paid and Section 10 (10D) for Maturity returns. For information about Tax on Insurance Policies refer www.taxqueries.in.
Housing Loan Surety: House Loan Surety benefits are available under this LIC of India jeevan rakshak.
Loan Amount: Maximum 70% of surrender value.
Riders available: Rider benefits are available under Lic plan jeevan rakshak.
Policy Revival: Policy can be revived before 2 years from date of First Unpaid Premium (FUP).
Suicide Clause: If insured commit suicide before 12 months he will be returned back 80% of premium what he paid.
Proposal Forms: Proposal Form no. 300 or 340 will be used under this plan.
GST TAX: 1ST Year 4.5% GST, after 1st year 2.25% GST tax is applicable under this Jeevan Rakshak
Cooling-off Period: If a policyholder is not satisfied with the policy, he/she may return the policy within 15 days from the date of receipt of the policy.
Back-dating interest: The policies can be dated back within the same financial year.
Assignments/Nominations: Assignment and nominations is possible under this plan.