Jeevan Rakshak (Plan No. 827)
Under the Pradhan Mantri Vaya Vandana Yojna scheme, LIC offers the Jeevan Rakshak Policy. This plan gives the best of both worlds: savings and protection. As with most LIC policies, this policy also provides a death benefit as well as survival benefit for the policyholder. This means in the event of the death of the insured the assured amount is paid to the family and in case of survival of the insured, then the lump sum amount is paid to the insured after maturity. This plan is mainly for individuals who require a low premium cover and some benefits in the form of additional bonuses at the time of maturity.
Now let us see the main features of Jeevan Rakshak plan
- Death benefit (Life risk cover)
- Basic sum assured or 10 times of the Annual premium (whichever is higher)
- Loyalty Bonus (Payable if the death occurs after completion of 5th policy year)
- Additional death benefit
- Basic sum assured or 10 times of the Annual premium (whichever is higher)
- The additional accidental sum assured (maximum up to Rs. 50 Lakhs)
- Loyalty Bonus (Payable if the death occurs after completion of 5th policy year)
- Maturity benefit
- Basic sum assured
- Loyalty Bonus
- This policy has low premium rates and loyalty bonus.
- Loan facility
One can avail a loan from LIC with this policy.
- Double tax benefit
The insured can avail tax benefits under section 80C for the premium paid. The maturity amount is also tax-free under section 10(10)D.
Eligibility criteria
This policy can be taken for anyone between the age group of 8 years to 65 years.
The minimum policy term is 10 years and the maximum is 20 years with a maximum age at maturity being 70 years.
The minimum sum assured is Rs. 75,000 and the maximum amount is Rs. 2,00,000.
