LIC Jeevan Rakshak

LIC Jeevan Rakshak

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LIC Jeevan Rakshak Plan

LIC offers best policies for its customers and provides insurance claim without any delay. The company is renowned for having no hidden costs associated with its policies. Talking the tradition forward, LIC launched LIC Jeevan Rakshak Plan. As the name suggests the plan offers life insurance as well as maturity benefit.

If you are in the search of a low budget, good life insurance plan for your future then LIC Jeevan Rakshak plan is the best policy. The policy also offers many lucrative benefits to the insured person and the nominees, as applicable. According to the experts, this policy is very popular and most of the people consider buying this plan as it offers many benefits to the policyholder.

LIC Jeevan Rakshak Policy is a regular premium paying and endowment plan which is non-linked profitable LIC policy. Under this policy, the full amount assured shall not go beyond 2 lakhs.

LIC Jeevan Rakshak Policy is the only insurance policy which provides less than one lakh rupees as Sum Assured. This is an excellent policy by LIC, targeted on the lower income bracket people.

The policy offers great flexibility; you can apply for this insurance for your 8 years old child as well. In this policy, one has to pay on regular basis according to the terms and conditions of the policy. When you complete the maturity age the policy offers you the Basic Sum Assured with loyalty additions if applicable. In the case of demise of an insured person, during the term of the policy, the nominee is entitled to the sum assured along with the loyalty additions.

The policy is an excellent choice for those who belong to a low-income group and want to save something for your financially future.

Key features of LIC Jeevan Rakshak

As this is a participating plan of LIC, this conventional endowment plan always permits the insurance holder to leverage the revenue of the company.

You will get a low coverage facility with this policy and you can take the maximum sum of 2 lakhs rupees per head.

In this policy, you have to pay the premium for the complete policy term.

If you want to opt for further premium then you have to go for additional coverage and for that you can contact any representative of LIC.

Maturity benefit is paid if the policy owner is able to survive the term of the policy and on the termination of the policy.

In case, the policyholder dies during the term of the policy then the nominee will get all the death benefits.

As per this policy, you can get double accidental reimbursement but it’s only with the additional premiums.

Benefits of LIC Jeevan Rakshak


According to the terms and condition of this policy, it performs under the bonuses of the company so it always accumulates the loyalty addition. You can get this policy without any medical test. You have to declare good health which makes it very simple to associate with this policy.

Maturity Benefit:

If the insured person completes the maturity period according to the terms and conditions of this policy, he/she will get the basic sum assured with loyalty additions as per the maturity benefits.

Death Benefits:

After completing 5 years of the policy if the policy owner dies during the term of this policy, the company is liable to pay all the sum assured and additional loyalty to the nominee.

The sum assured on any accidental death is normally higher as per the basic sum assured, this is solely at the company’s discretion.

Basic Sum assured by the company before taking this policy:

The Company will pay ten times of annual premium .

If the insured person dies during policy term then the company is liable to pay the minimum of 105% of total premium on that date of death.

If the policyholder dies within 5 years of policy then the company will give the assured amount to the nominee, before the policy gets terminated.

LIC Jeevan Rakshak-Product Specification

Maximum Minimum
55 years 8 years Entry Age
70 years Maturity Age
20 years 10 years Policy Term in years
Equal to policy term Premium Paying Term in years
Annual, half-yearly and monthly Premium paying frequency
Rs 2,00,000 Rs 75,000 Sum Assured per life

About product specifications of LIC Jeevan Rakshak

Age Limit:

The Entry age limit for this policy is minimum 8 years and maximum up to 55 years. Maturity age limit is 70 years old.

Policy Term:

The minimum policy term of this highly in demand LIC Jeevan Rakshak policy is 10 years and the maximum you can extend it to 20 years. The premium paying term also known as PPT in years is always equal to the policy term. The premium paying frequencies are monthly, quarterly and annually.

Sum assured:

The minimum sum assured per life is 75,000 rupees and the maximum of 200000 rupees.

Details about premium:

The annual premium is mentioned in rupees for a policy Tenure of 20 years. Basic premium is mentioned below without tax included

Rs 2 Lakhs Sum Assured Rs 1 Lac sum assured Rs75,000 Sum assured Age
6746 3523 2642 30 years
7109 3704 2778 40 years
8069 4185 3138 50 years

Other details about LIC Jeevan Rakshak policy

Grace Period:

If you are the policyholder then you are given 30 days of time to pay your premium if you are not paying on time then this policy tends to lapse.

Surrender benefit:

You can get the benefit of surrendering the policy or termination benefit but there are some rules and regulations on it. For this, the policy should obtain a surrender worth and should have completed 3 years of the policy term. You can also take loans by showing your policy. Policyholder always gets fifteen days of time to cross check their decision and go through the policy terms and conditions properly before making the appropriate decision.


If the policyholder commits suicide within 12 months of commencing the policy then the company will pay 80% of the premium to the nominee but if the policyholder commits suicide within 12 months of revival then the company will pay surrender value acquired or 80% of the premiums from that policyholder already paid.

Documents required for this Policy

To buy this policy the person needs to give an application or proposal form with precise medical history and know your customer document which is commonly known as KYC document. A medical examination is not compulsory but in some cases it is required.

LIC Jeevan Rakshak is a good policy and if you have a low budget and want to get some good returns in future so you can go for it without any hesitation.

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