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LIC Jeevan Rakshak

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LIC Jeevan Rakshak Plan

LIC Jeevan Rakshak Plan is a participating Endowment Plan. It is a Traditional Plan with Bonus facility which gives you the dual benefit of protection and savings.

How it works – In this plan, premium is to be regularly for the entire term. On maturity, the policyholder gets the basic Sum Assured and the Loyalty Additions. If the policyholder dies during the term of the policy then the Sum Assured on death and the Loyalty Additions (if any) is paid to the nominee. LIC’s Accident Benefit rider makes the plan comprehensive.


Key Features of LIC Jeevan Rakshak Plan

  • It is a participating Endowment Plan for savings and protection needs.
  • Bonus is given in the form of Loyalty Additions after the completion of 5 policy years.
  • Rebate is given for yearly and half-yearly mode of premium payment the rebate being 2% and 1% of the Tabular Premium respectively.
  • Rebate is also given for choosing a Sum Assured of 1,50,000 and higher @ 1.5% of the Sum Assured
  • This is a non-medical fixed benefit plan

LIC Jeevan Rakshak Leaflet



Benefits you get from LIC Jeevan Rakshak Plan

Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets:

  • Sum Assured on Death +
  • Loyalty Additions (if any) if death occurs after 5 completed policy years.

Sum Assured on Death is defined as the higher of:

  • Basic Sum Assured
  • 10* Annual Premium
  • 105% of all premiums paid till death

Maturity Benefit – On survival till the end of the policy tenure, the policyholder gets the Basic Sum Assured and the corresponding Loyalty Additions

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.


Compare Endowment Plans

 Eligibility conditions and other restrictions in LIC Jeevan Rakshak Plan




Sum Assured (in Rs.)



Policy Term (in years)



Premium Payment Term (in years)

Equal to policy term

Entry Age of Life Insured (in years)



Age at Maturity (in years)



Premium (in Rs.)

Depends on age, term and Sum Assured chosen

Payment modes

Yearly, half-yearly, quarterly, monthly.


Sample illustration of LIC Jeevan Rakshak Plan

The below illustration is for a healthy male:

Term – 15 years

Sum Assured – 100,000

PPT – 15 years



Additional Features and Benefits of LIC Jeevan Rakshak Plan

Riders – LIC’s Accident Benefit Rider is available under the plan


What happens if?

You stop paying the premium - If the policy holder stops paying the premium, the policy lapses and all benefits cease to exist. If however, at least 3 full years’ premiums have been paid then the policy becomes paid-up and continues on this reduced value. The Paid-up Value is payable to the policyholder on maturity or earlier death.

Paid-up Value = Basic Sum Assured * (Number of Premiums Paid/ Total Number of Premiums Payable)

You want to surrender the policy – The policy acquires a Surrender Value if at least 3 full years’ premium has been paid. The Surrender Value payable will be the higher of:

  • Guaranteed Surrender Value expressed as a percentage of total premiums paid, or
  • Special Surrender Value which may be declared from time to time

You want a loan against your policy – Loan facility is available under the plan as per terms and conditions mentioned by the company.


Other Endowment Insurance Plans from LIC

LIC Single Premium Endowment Plan
LIC New Jeevan Anand Plan
LIC New Endowment Plan


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Reliance Life Super Endwoment Plan
Met Endowment Savings Plan
Sahara Shrestha Nivesh Jeevan Bima
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