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
|Premium Paying modes||
|Maximum Maturity age||
|Maximum Cover Ceasing age||
LIC Jeevan Rakshak 827 Policy Rebates
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|
|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|
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.