LIC Jeevan Rakshak 827 Policy

LIC Jeevan Rakshak 827 Policy Introduction

LIC Jeevan Rakshak 827 Policy is a participating Endowment Plan and Regular Premium paying plan. LIC Jeevan Rakshak  827 Policy is a Traditional Plan with Bonus facility which gives you the dual benefit of protection and savings. LIC Jeevan Rakshak  827 Policy suits for all lower-income people. In LIC Jeevan Rakshak 827 Policy Bonus is given in the form of Loyalty Additions after the completion of 5 years policy. LIC Jeevan Rakshak 827 Policy provides this plan without any medical requirements. In LIC Jeevan Rakshak 827 Policy at the stage of maturity, the policyholder gets the basic Sum Assured and the additional loyalty. If the policyholder dies during the policy term then the Sum Assured on death and the additional loyalty (if any) is paid to the nominee.

Terms and Eligibility Conditions of LIC Jeevan Rakshak 827 Policy

Entry Age	Minimum age – 8 years (Completed) Maximum age – 55 years (Nearest Birthday)
Policy term	Minimum – 10 years Maximum – 20 years
Sum Assured	Minimum Sum assured – Rs. 75,000 Maximum Sum assured – Rs. 2,00,000
Premium Paying modes	Monthly (SSS, ECS), Quarterly, Half yearly, Yearly
Maximum Maturity age	70 years(Nearest Birthday)
Maximum Cover Ceasing age	75 years(Nearest Birthday)
Grace Period	If the Premium is not paid within the time then a delay of 30 days for Yearly, Half-Yearly and Quarterly modes and 15 days for monthly mode is extended to pay the premium amount which is grace period.

LIC Jeevan Rakshak 827 Policy Rebates

Sum Assured Rebate:

Sum Assured	Rebate
Rs.75,00,000 to 1,45,000	NIL
Rs.1,50,000 to 2,00,000	For every Rs.1000 sum assured, Rebate is Rs.1.50

Mode Rebate:

Mode	Percentage
Yearly	Table premium 2%
Half yearly	Table Premium 1%

Benefits of LIC Jeevan Rakshak 827 Policy

Death Benefit: In case of death of the Life Insured within the policy term, then the nominee gets ‘Sum assured on death’ and Loyalty Additions(if any) if death occurs after completion of 5 years policy term.

‘Sum assured on death’ means basic Sum Assured or 10 times of annualized premium or 105% of all premium paid on date of death.

Maturity Benefit: On survival of policyholder till the end of the policy term, the policyholder gets Basic sum assured and additional loyalty (if any).

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 section80 C and the Maturity Proceeds are tax-free under Section 10(10D) subject to fulfilment of terms and conditions. For more information regarding Income Tax Benefits, visit www.taxqueries.in.

LIC Accidental Benefit Rider: Accidental benefit rider is available as an optional rider by payment of additional premium. In case of accident death, the Accident Benefit Sum Assured will be payable as lump sum amount along with the death benefit under basic plan.

Buying Procedure of LIC Jeevan Rakshak 827 policy

Documents required to buy fresh policy of  LIC Jeevan Rakshak  827 Policy

• Application form/Proposal form along with photo
• Address Proof
• Age Proof
• Medical reports(if required)

Claim Procedure of  LIC Jeevan Rakshak 827 policy

The documents required for claim procedure under LIC Jeevan Rakshak  827 Policy are given below

• NEFT form
• Discharge form
• Cancel check or Bank Pass book xerox
• Policy bond
• Death certificate

LIC Jeevan Rakshak 827 policy Premium Calculator

The required data for calculating the premium rates in  LIC  Jeevan Rakshak  827 Policy

• NAME :
• E-MAIL ID :
• MOBILE NUMBER :
• AGE :
• TERM :
• SUM ASSURED :

Example of LIC Jeevan Rakshak 827 policy

If Harish had decided to take the LIC Jeevan Rakshak  827 Policy then the following details are given below

Age : 18 years

Sum assured : Rs.2,00,000

Policy Term : 20 years

Now, Harish is going to pay premiums with and without tax are tabulated below

Premium	without tax	with tax
Yearly	6758	6967
Half-Yearly	3415	3520
Quarterly	1725	1778
Monthly	575	593

Additional Information of LIC Jeevan Rakshak 827 Policy

Risk Coverage:  Risk coverage will be provided till the end of term policy.

Date of Commencement of Risk: Means from first day of taking the policy.

Loan facility: Loan facilities are available after payment of premiums for at least 3 years under LIC  Jeevan Rakshak  827 Policy.

Locking Period: If you are not satisfied with this policy you may return the policy within 15 days from date of receipt of the policy. After 15 days you are not eligible for cancelling the policy upto 3 years.

Income Tax Reduction: Available for premiums paid and for Maturity returns.

House Loan Surety: House loan surety is available under this LIC  Jeevan Rakshak  827 Policy

Service Tax: 3.09% service tax is applicable.

Backdating interest: The policy can be backdated within the same financial year.

Assignments/Nominations: Assignees and nominees are possible under this LIC Jeevan Rakshak  827 Policy

Cooling Off Period: If you are not satisfied with this policy term you may return the policy within 15 days from the date of receipt of the policy.

Proposal Forms: Proposal Form no. 300 or 340 will be used under this LIC  Jeevan Rakshak  827 Policy

Policy Revival: If the premium is not paid by you within the grace period then the  policy will lapse. If you are interested to continue this policy then you can revive your policy on or before 2 years from date of first Unpaid premium.

Suicide clause: If the policy holder commits suicide for any of the reasons within 12 months of date of commencement of risk or from date of revival, then 80% of premium for what he had paid will be returned to his assignments or nominals.

Riders: Riders are available under this  LIC Jeevan Rakshak  827  policy

Paid up value: Basic Sum Assured x (number of premiums paid / number of premiums payable).

Surrender value: The policy can be surrendered at any time during the policy term provided at least three full years  premium have been paid.

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

Policy Stamping: Under LIC New Jeevan Rakshak 827 policy stamping charges will be 20 paise per thousand sum assured.

Loan Amount:  Maximum 70% of surrender value.

No medical tests are required under this LIC New Jeevan Rakshak 827 policy.

Sum assured on death means basic Sum Assured or 10 times of annualized premium or 105% of all premium paid on date of death.

Example: If Naveen taken LIC New Jeevan Rakshak 827 policy for 20 years of sum assured Rs.1,00,000 then

Case1: If Naveen dies within 5 years then Nominee will get one lakh only.

Case2: If Naveen dies after 5 years then Nominee will get one lakh and Loyalty bonus also paid.

Case3: If Naveen survive till the end of the policy term then he will get 1 Lakh Plus Loyalty Bonus is paid.

FAQ’s of  LIC Jeevan Rakshak 827 policy

Can I surrender my policy before maturity?

You can surrender your policy before maturity. A policy acquires surrender value after completion of three policy anniversaries and three annual premiums have been paid.

What is reduced paid up?

If the policyholder does not want to continue paying premiums but wants the cover to continue, then he can opt for the paid-up option whereby the sum assured is reduced and the future premiums are not payable. However, the policyholder will lose the rider benefits if he opts for the Reduced Paid-up option.

Is there any loan facility available in this policy?

Yes, loan facility is available after paying premiums for at least 3 years under LIC  Jeevan Rakshak  827 Policy.

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