LIC Bangalore PDF

LIC Rakshak Plan

LIc Rakshak plan - a savings & protection plan for flexible payments.

LIC Jeevan Rakshak Plan is another excellent endowment plan from LIC for the masses. LIC Jeevan Rakshak Policy is a participating plan where the policy holder enjoys the profit share along with protection. LIC Jeevan Rakshak Policy takes care of the family whether you are there or not.

LIC Jeevan Rakshak Plan features-

  • Entry age for LIC Jeevan Rakshak Policy is between 8 to 55 years.
  • Premium to be paid for the entire policy tenure of LIC Jeevan Rakshak Plan.
  • Maximum Sum Assured under LIC Jeevan Rakshak Policy is only of Rs. 2,00,000 while the minimum is Rs. 75,000.
  • The LIC Jeevan Rakshak Policy is offered without medical tests simply on the declaration of good health.
  • The policy term is between 10 to 20 years.

Benefits of LIC Jeevan Rakshak

LIC Jeevan Rakshak benefits include life coverage benefits during or after survival. Some of the major advantages of the LIC Jeevan Policy are as listed below:

1. Death Benefit:

An equal of sum assured plus loyalty addition bonus is paid to the beneficiary in case the insured life dies during the tenure of the policy but after completing five years of the policy.
The higher of the following are paid:

  • Basic Sum Assured
  • 10 times of annual premium
  • Subject to 105% of the total premiums paid till the date of death of the insured
    In the event where the policy holder dies before completing 5 years, only the assured amount is paid as death benefit.

2. Maturity Benefit:

If the policy holder survives through the term of the policy, maturity benefit that includes Basic Sum Assured and Bonus Loyalty Additions is paid at maturity.

3. Profit Participation:

The policy holder can participate and own a share of the profit made by the company.
The LIC Jeevan Rakshak benefits also includes:

  • 30 days of grace period.
  • 15 days free look period to opt out of the policy.
  • Surrender option is available only after completing 3 years.
  • Accidental Death and Benefit Rider is optional under LIC Jeevan Rakshak Plan and paid as lumpsum along with death benefit.

The LIC agent explains LIC Jeevan Rakshak Plan details, features and benefits clearly and also assist you in enrolling for the plan.

LIC Jeevan Rakshak-Product Specification-

55 years8 yearsEntry Age
70 yearsMaturity Age
20 years10 yearsPolicy Term in years
Equal to policy termPremium Paying Term in years
Annual, half-yearly and monthlyPremium paying frequency
Rs 2,00,000Rs 75,000Sum Assured per life

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