LIC Jeevan Rakshak Table No. 827
Lic jeevan Rakshak plan is a regular premium paying Non-linked,With Profit, Endowment Assurance plan.Jeevan Rakshak plan shall be available to standard lives only without any medical examination andthe total Sum Assured under all the policies issued to an individual under jeevan rakshak plan (827) shall not exceed Rs.2 lacs.
LIC Jeevan Rakshak(827) INTRODUCTION:
Lic jeevan Rakshak Plan (827) 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.
LIC Jeevan Rakshak Plan(827) Eligibility Conditions and Restrictions :
Minimum Entry Age : 8 Years Compeleted
Maximum Entry Age : 55 Years (Nearest Birthday)
Maximum Maturity Age : 70 Years
Minimum Sum Assured : 75000
Maximum Sum Assured : 2,00,000
Premium Payment : Yearly,Halfly,Quarterly,& Monthly(ECS)
Maximum Accidental Death and Disability Benefit Rider up to age 70 years.
LIC Jeevan Rakshak(827) Policy Benefits :
On Death : On death of the life assured during the policy term 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 premium mentioned above excludes taxes,extra premium and rider premiums,if any.In addition to the above,Loyalty Addition,if any,shall also be payable if death occurs after completion of 5th policy year.
On Survival : On Survival to the end of the policy term Basic Sum Assured along with Loyalty Addition,if any,shall be payable.
Income Tax Benefit : Premium Paid under Jeevan Rakshak plan (827) is eligible for TAX rebate under section 80c.
Maturity under Jeevan Rakshak plan is free under sec 10(10D).
LIC Jeevan Rakshak(827) Rebate:
MODE = Rebates
Yearly = 2% of tabular premium
Half-yearly = 1% of tabular premium
Quaterly = Nill
Sum Assured Rebates:
Sum Assured = Rebate
1,50,000 to 2,00,000 = 1.50% BSA
75,000 to 1,45,000 = Nill
LIC Jeevan Rakshak(827) Surrendered Value : The policy can be surrendered at any time during the policy term provided atleaast three full years premiums have been paid, Guaranteed Surrender Value : The guaranteed Surrender value shall be a percentage of total premiums padid net of taxes excluding any extra premiums and premiums for riders, if opted for. This percentage will depend on the policy term and policy year in which the policy is surrendered.
LIC Jeevan Rakshak(827) Loan :Loan facility is available under Jeevan Rakshak plan, after payment of premiums for atleast Three full years subject to following condition :
* The Maximum loan as a percentage of surrender value shall be 70% in case of inforce policies and 60% in case of paid-up policies.
* The rate of interest to be charged for the loan amount would be determined from time to time by the corporation.