LIC Jeevan Rakshak plan is a non-link participation plan, which provides savings with safety.
Before maturity of the plan, it provides financial assistance to the family at anytime of the demise of the policy holder and gives a lump sum at maturity to the surviving policy holder. This plan also takes care of liquidity requirements through loan facility.
Benefits of LIC Jeevan Rakshak
In case of the death of the policy holder between the policy term and if all the due premium has been paid, then the maximum amount of “Sum Assured on Death” will be :
Basic Sum Assured or 10 times the annualized premium or 105% of all premiums paid till the date of death.
The premium does’nt include Service Tax, Additional Premium and Accidental Benefit Rider Premium. Further, if the death occurs at the completion of the 5th year, then the participation benefit will also be available.
Maturity Benefit :
On the survival of the partnership benefit if any, the amount will be payable at the end of policy term, along with the basic insurance. Provided that all the due premiums have been paid.
Participation in benefits:
The policy is operational, based on the experience of the corporation, this plan will be eligible for participation benefits.
Participation benefit if any is payable on the death at the completion of the 5th year of the policy or surviving the policyholder’s maturity period, with possible rates and conditions which are declared by the corporation.
LIC Accidental Benefit Rider is an optional rider on payment of additional premium. In case of any accidental death, the Accident Benefit Sum Assured will be paid as a lump sum along with the Death Benefit under the Basic Plan.