LIC’s Jeevan Rakshak Plan is a simple endowment plan which offers a dual benefit of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity. If the policyholder survives till the end of the maturity period, then the policyholder will get a lump sum amount at the time of maturity.
a) Death benefit –
If the policyholder dies during the policy term, then as death benefit the nominee of the policyholder will receive, “Sum Assured on Death” provided all the premiums have been paid.
Sum Assured on death which is the highest of –
In addition to the above, Loyalty Addition, if any shall also be payable if death occurs after completion of the 5th policy year.
b) Maturity Benefit –
If the policyholder survives till the end of the policy tenure, then the policyholder will get Basic Sum Assured + Loyalty Addition in lump sum provided all due premiums have been paid.
c) Rider Benefit –
LIC’s Jeevan Rakshak Policy provides Accident Benefit Rider by payment of additional premium. In case of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan.
Like other policies of LIC, this policy also has some eligibility conditions. Let’s have a look –
|Minimum and Maximum Entry Age
8 yrs and 55 yrs
|Minimum and Maximum Sum Assured
Rs 75,000 and Rs 2 Lacs
|Maximum Maturity Age
10 to 20 yrs
Can the lapsed policy be revived?
Yes, the lapsed policy can be revived within 2 consecutive years from the date of the first unpaid premium and before the date of maturity. Revival of Accident Benefit Rider, if opted for, will only be considered along with the revival of the Basic policy and not in isolation.
Can I surrender my 1 yr old active policy and get any value from that?
No, one cannot surrender a 1 yr old active policy to get the surrender value. To be eligible for the surrender value the policy has to be active with 3 full years of due premiums paid. No surrender value will be available on Accident Benefit Rider.
Can I get a loan against this policy?
Yes, Loan against this policy is available only if three full year’s premiums have been paid. The loan can be taken against this policy only if the policy reaches a surrender value which is after 3 years.
Can I return the policy if I didn’t like its terms and conditions?
Yes, If the policyholder doesn’t like the terms and conditions of the policy, then the policy can be returned within 15 days from date of receipt of the same to the Corporation stating the reason of objections. These 15 days is called the Free Look Period.
Are there any exclusions in the policy?
This policy will be considered invalid in terms of Suicide. Let’s see 2 cases –
So, by now every one of you has come to know every detail of this policy. Now it’s up to you all to decide if this policy is what you need or something else. If you have any doubt regarding this policy, they please let us know in the comment section.
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