LIC'S JEEVAN RAKSHAK (TABLE NUMBER 827) - LOW COST POLICY
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Benefits:
LIC Jeevan Rakshak (Table Number 827) - Low cost plan is a participating policy. Which offers protection and savings both. This plan provides lump sum amount on maturity on the survival of policy holder and financial support to family in case of unfortunate death of policy holder. This plan also provide financial support during the policy terms through loans. Loan is also available in this policy.
LIC Jeevan Rakshak (Table Number 827) - Low cost plan is a participating policy. Which offers protection and savings both. This plan provides lump sum amount on maturity on the survival of policy holder and financial support to family in case of unfortunate death of policy holder. This plan also provide financial support during the policy terms through loans. Loan is also available in this policy.
- Death benefit:
- Basic Sum Assured or
- 10 times of annualized premium or
- 105% of all the premiums paid as on date of death.
- Optional Benefit:
In case of death of the policyholder during the policy term provided all due premiums have been paid, “Sum Assured on Death” shall be payable, which is the highest of
In addition to the above, Loyalty Addition, if any shall also be payable if death occurs after completion of 5th policy year.
Maturity Benefit: Basic Sum Assured, along with Loyalty Addition, if any, shall be payable in lump sum on Survival to the end of the policy term provided all due premiums have been paid.
Participation in Profits: Provided the policy is in full force, then depending upon the Corporation’s experience the policies under this plan will be eligible for Loyalty Addition. The Loyalty Addition, if any, is payable at such rate and on such terms as may be declared by the Corporation, on death after completion of 5th policy year or on Policyholder surviving to the maturity.
- Eligibility Conditions and Other Restrictions:
- For Basic plan
- Minimum Basic Sum Assured per life* : Rs. 75,000
- Maximum Basic Sum Assured per life* : Rs. 200,000
- Minimum Age at entry : 8 years (completed)
- Maximum Age at entry : 55 years (nearest birthday)
- Minimum Policy Term : 10 years
- Maximum Policy Term : 20 years
- Maximum Age at Maturity : 70 years (nearest birthday)
- Minimum Accident Benefit Sum Assured : Rs. 75,000
- Maximum Accident Benefit Sum Assured : An amount equal to the Basic Sum Assured under the Basic Plan subject to the maximum of Rs.50 lakh overall limit taking all existing policies of the Life Assured under individual as well as group schemes including policies with inbuilt accident benefit taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured under the new proposal into consideration.
- Minimum Entry Age : 18 years (completed)
- Maximum Entry Age : The cover can be opted for at any policy anniversary during the policy term
- Maximum Cover Ceasing Age : Same as under the Basic Plan.
- Revival:
- Paid-up Value:
- Surrender Value:
- Policy Loan:
- Taxes:
- Cooling-off period:
- Exclusion:
- If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of 80% of the premiums paid excluding any taxes, extra premium and Accident Benefit rider premium, if any, provided the policy is inforce.
- Benefit Illustration
(This plan is only available for standard healthy lives without undergoing any medical examination)
For LIC’s Accident Benefit Rider
However, a grace period of one month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.
- Mode and High Basic Sum Assured Rebates:Mode Rebate:
Yearly mode - 2% of Tabular Premium
Half-yearly mode - 1% of Tabular premium
Quarterly, Monthly (ECS) & Salary deduction - NIL
High Basic Sum Assured Rebate:
Basic Sum Assured Rebate (Rs.)
75,000 to 1,45,000 - Nil
1,50,000 and above - 1.50%o SA
Revival of Accident Benefit rider, if opted for, will be considered along with revival of the Basic Policy, and not in isolation.
This Paid-Up Sum Assured is payable on expiry of the policy term or on Life Assured’s prior death.
Accident Benefit Rider does not acquire any paid-up value and the rider benefits cease to apply, if policy is in lapsed condition.
The amount of tax as per the prevailing rates shall be payable by the Policyholder on premiums including extra premiums, if any. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.