LIC Jeevan Rakshak

LIC Jeevan Rakshak | Details | Features | Example | Benefits

LIC Jeevan Rakshak (LIC Table NO 827) is a Regular premium paying and Endowment Insurance plan released by LIC. This plan is available without any medical requirements.

LIC Jeevan Rakshak 827
LIC Jeevan Rakshak 827

Maximum Sum Assured under this is 2 Lacs. Minimum Sum assured is Rs. 75,000.This 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 plan is suitable for all lower income people. LIC of India provides this plan without any Medical requirements.

LIC Jeevan Rakshak 827 Plan Eligibility

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 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.


LIC Bima plan 827 provides two types of rebates is mention below.

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./- SA

LIC Jeevan Rakshak plan Example

If someone taken the 2 lacs policy for 20 years if he dies within 5 years then Nominee will get 2 lakhs only. If death happens after 5 years Loyalty additions also paid along with 2 lacs . If he survive till the policy Period Policy Holder will get 2 Lakh Plus Loyalty additions if any.

LIC Jeevan Rakshak Additional Information

Risk Coverage: – Risk Coverage throughout 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 : Policy Holder 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 Deduction:  Available under Section 80C and Section 10 (10D) for Maturity returns.

Loan: Loan benefits are available.

Loan Amount:  Maximum 70% of surrender value.

Riders available:  Rider benefits are available under this policy.

Policy Revival: Policy can be revived before 2 years from date of First Unpaid Premium (FUP).

Suicide Clause: if insured commit suicide before 1 years 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.

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.

Backdating interest: The policies can be dated back within the same financial year.

Also read this : LIC life time policy with 8% returns per year

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