Life Insurance Corporation of India (LIC) has introduced its Jeevan Rakshak Plan, which is a participating non-linked plan. This plan offers a combination of protection and saving features.
This is a regular premium paying Non-linked, With-Profits, Endowment Assurance plan. This plan is available to standard lives only under non-medical scheme. The total Sum Assured under all the policies issued to an Individual under this plan shall not exceed Rs 2 lakhs.
LIC Jeevan Rakshak Plan features
This is a regular premium paying Non-linked, with-profit, endowment assurance plan. This plan shall be available to standard lives only under non-medical limit and the total Sum Assured under all the policies issued to an individual under this plan shall not exceed Rs. 2 lacs. The benefits and other details of the plan are as follows.
Eligibility Conditions and Restrictions
- Age at entry : 8 to 55 Years.
- Age at Maturity : 70 Years.
- Plan Term : 10 to 20 Years.
- Premium Mode : Yearly, Half Yearly, Quaterly, Monthly(SSS or ECS).
- Basic Sum Assured minimum Per Life : 75000 and above (In multiples of 5000).
- Basic Sum Assured mmaximum Per Life : 2,00,000.
|Yearly||2% of tabular premium|
|Half-Yearly||1% of tabular premium|
|1,50,00 to 2,00,000||1.50‰ BSA|
|75,000 to 1,45,000||NIL|
LIC’s Jeevan Rakshak Plan – Loan
Loan facility is available under this plan, after payment of premiums for at least 3 full years subject to following condition :
♦ a) 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.
♦ b) The rate of interest to be chaged for the loan amount would be determined from time to time by the Corporation.
♦ c) No foreclosure action Under Inforce policies shall be taken under this plan even if there is a default in payment of loan interest. However, any loan outstanding alongwith interest shall be recovered from the claim proceeds at the time of exit.
LIC’s Jeevan Rakshak maturity benefits
♦ On survival to the end of the policy term Basic Sum Assured along with Loyalty Addition, if any, shall be payable.
LIC’s Jeevan Rakshak deth benefits
♦ 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 Loyalety Addition, if any, shall be payable if death occurs after completion of 5th policy year.
LIC’s New Jeevan Rakshak Plan – Surrender Value
The policy can be surrendered at any time during the policy term provided atleast three full years´ premium have been paid.
Guaranteed Surrender Value (GSV).
♦ The Guaranteed Surrender Value shall be a percentage of total premiums paid (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 and is enclosed as Annexure 3.
Special Surrender Value (SSV).
♦ The Corporation may, however, pay Special Surrender Value as applicable as on the date of surrender, provided the same is higher than Guaranteed Surrender Value. The Special Surrender Value will be the discounted value of Paid-up Sum Assured (as defined in Para 11 above). The discount factors shall be the surrender value factors as provided in Table-1A of Special Surrender Values booklet used Endowment Assurance plan and will depend on the policy term and duration elapsed since the commencement of the policy.
contact: P.MOHAN ,CHIEF LIFE INSURANCE ADVISOR,NAGERCOIL, CELL:94428 29310, 75988 17281