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Home » Blog » Endowment plans » LIC Jeevan Rakshak Policy Review

LIC Jeevan Rakshak Policy Review

April 1, 2016 By vijay kumar

Contents

  • 1 LIC Jeevan Rakshak Plan no 827 Review
  • 2 Jeevan Rakshak LIC 827 Plan Conditions
  • 3 LIC Jeevan Rakshak  827 Benefits
    • 3.1 Rebates
  • 4 LIC Jeevan Rakshak Premium Calculator
  • 5 LIC Jeevan Rakshak Maturity Calculator
  • 6 LIC Jeevan Rakshak Example
  • 7 Additional Information
    • 7.1 Example
  • 8 Related Lic Endowment Plans

LIC Jeevan Rakshak Plan no 827 Review

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.

Lic Jeevan Rakshak Policy Features

LIC Jeevan Rakshak Plan Calculator helps you to calculate the premium and maturity amount for LIC Jeevan Rakshak Policy 827. Before buying the Jeevan Rakshak policy check the premium rates for your desired sum assured using this Lic Jeevan Rakshak Premium Calculator or Lic Jeevan Rakshak Maturity Calculator.

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.

Rebates

LIC Jeevan Rakshak policy provides discounts based on the Sum assured chosen by Policyholder. Detailed Information about rebates is tabulated below.

Mode Rebate

Mode Rebate
Yearly Table Premium 2%
Half-yearly Table Premium 1%

  Sum Assured Rebate       

Sum Assured

Rebate

From Rs. 75,000/- to Rs. 1,45,000/-

NIL

From Rs.1,50,000/- to Rs. 2,00,000/- For every  1,000 Rs./- Sum Assured  1.50 Rs/- rebate

LIC Jeevan Rakshak Premium Calculator

LIC Jeevan Rakshak Premium Chart gives you the information about Premiums based on your Sum assured, Policy term and age. LIC Jeevan Rakshak Premium Calculator is given below.

LIC Jeevan Rakshak Maturity Calculator

LIC Jeevan Rakshak Maturity Calculator provides you Maturity benefits by giving some information such as Age, Name, Policy term, Sum assured etc.

  • Lic Jeevan Rakshak Premium Calculator

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.

Service Tax: 3.09% service tax is applicable.

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.

Example

Age

30 years

 DOC

13/08/2014

 Age NBD

30 years

 P.P.Term / P.Term

20 years

 Sum_Assured

1,00,000

 Accident_Benefit

No

 Tabular_Rate

35.95%

 Service_Tax

3.09%

 

 Mode

 Premium

S_Tax

 G_Prem

 Yearly Premium

3623

112

3735

 Half Yearly Premium

1830

56

1886

 Qly Premium

924

28

952

 SSS

308

9

317

For more details please refer below given official link,

Click here for Lic Jeevan Rakshak Policy

Related Lic Endowment Plans

LIC New Jeevan Anand Policy

LIC New Endowment Plan

LIC Single Premium Endowment plan

LIC Limited Premium Endowment Policy

LIC Jeevan Sangam Policy

LIC Jeevan Lakshya Policy

Filed Under: Endowment plans Tagged With: Jeevan Rakshak, LIC Endowment plans, lic jeevan rakshak 827, LIC new plans, LIC Policy details, www licindia in

Comments

  1. p kapoor says

    September 16, 2014 at 9:09 pm

    Pl tellus aporx maturity payment 20 yrs 2 lac policy
    Thanks

    Reply
  2. p kapoor says

    September 16, 2014 at 8:10 pm

    This policy for lower income group
    Pl tell uperincome group can take
    Thanks
    P kapoor

    Reply
    • Deepak says

      September 21, 2014 at 4:29 pm

      HI ALL

      Reply
  3. RAHUL PATIL says

    September 16, 2014 at 12:40 am

    Hi Boss,

    Jeevan Rakshak is the best plan for Middle class people, it will increase our business and Income it is really Nice plan,

    Can you please circulate commission rate for same?

    Regards,
    Agent-Rahul Patil
    9960843403

    Reply
  4. Ghanshyam Pandit says

    September 10, 2014 at 5:50 pm

    I took Jeevan Rakshak plan for my mom age is 54 dt.5th september2014.
    But I paid yearly 25000(twenty five thousand rupees) per annum.the agent told me I got 8 Lac something after 20 years.
    And he needs Sugar Blood test Report and ECG Report.

    My Question is that is it possible regarding money?

    please give reply because I have only five days for surrender this policy.

    Reply
    • vijay kumar says

      September 11, 2014 at 5:13 pm

      1. In Jeevan Rakshak Maximum sum assured is 2 lakhs only.
      2. For age 54 you can get policy term of 16 years not 20 years
      3. jeevan rakshak given on non medical scheme. no medical requirement. please check what policy he given to u

      Reply
  5. Bala says

    September 10, 2014 at 1:22 pm

    Hi Vijay kumar,

    Now im planning to take 2,00,000 policy for 16 years. Now i want to know how much i will get after my maturity in year of 2030. Its more then 4Lac or Less then 4Lac….? So please reply me as soon as possible because day after tomorrow i’m going to take this policy so im asking u…. So pls guide me….

    Reply
    • vijay kumar says

      September 11, 2014 at 5:16 pm

      what is your age ?
      taking your age as 35 and term 16 and sum assured 2,00,000
      Expected Maturity is 2,80,000
      what you going to pay is 1,52,000

      Reply
      • Bala says

        September 17, 2014 at 1:19 pm

        Hi Vijay,

        My completed age:25, 26 is running… I took this policy for 200000 for 16 years….

        What is that Loyalty Addition…..? Expected Maturity is 2,80,000 its include (Sum Assured + Loyalty Addition + Bonus)…?

        This policy taken in Bangalore Branch but im in Chennai how to convert to Chennai branch because Finlay in the time of maturity period i want to go Bangalore so i want to change it to my nearest branch. So pls share me whats the procedure for that…?

        Reply
  6. Govinda Soni says

    September 8, 2014 at 11:08 am

    Dear Sir,

    My age is 24 yrs, I want to take Jevan Rakshak Plan, I want to use Sum Assured 2 Lac for 10 years,
    Please let me know what sum i will get after 10 yrs, if i choose 2 lac for 10 year.

    Please reply by mail ASAP.

    Kind Regards,
    Govinda Soni

    Reply
  7. murali says

    September 6, 2014 at 6:09 pm

    kindly help free software from premium calculater

    Reply
    • vijay kumar says

      September 6, 2014 at 6:36 pm

      go for lic ravin for android users
      our calculators are free of cost

      Reply
  8. Jayashree says

    September 2, 2014 at 11:36 am

    Hi,

    IF I TAKE 2,00,000 policy for 15 years.kindly intimate me who much amount I will get after maturity.My age is 25

    Reply
  9. sunil says

    September 1, 2014 at 12:26 pm

    pl confirm lic agent commission other incentive and gifts etc for 20 years policy term

    Reply
    • vijay kumar says

      September 1, 2014 at 5:16 pm

      will update today

      Reply
  10. sunil says

    September 1, 2014 at 12:24 pm

    pl confirm lic agent commission & other total incentive,gifts etc on the date upto 3rd september 2014

    Reply
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