Lic Jeevan Shagun vs Lic Jeevan Rakshak

LIC Jeevan Shagun is a non-linked, participating, savings with protection single premium Money-Back plan. The policy provides high life cover in the event of the unfortunate demise of the policyholder, where the single premium paid depends on the maturity sum assured opted by the insured. On surviving till the end of a certain period and on the maturity date, a percentage of the Maturity Sum Assured is paid by LIC.

The plan was launched on September 1st, 2014, for a period of 90 days as it was a close-ended plan. For new buyers looking for a similar LIC one-time investment plan, you will find comparisons with other plans currently offered by LIC.

The single premium paid for the plan varies based on factors like the policy term, the insured person’s age, the sum assured chosen, etc. After purchasing the policy, tax benefits are also available.

LIC Jeevan Shagun Plan offers a range of benefits including:

• Death Benefits
• Survival Benefits
• Loyalty Additions
• Policy Revival
• Loan Facility

LIC Jeevan Rakshak Plan (Table No. 827) is a participating non-linked plan that provides a combination of insurance and savings. As the name suggests, the plan offers life insurance as well as maturity benefits.

This plan was introduced in August 2014 by the Life Insurance Corporation (LIC) of India. If the policyholder dies during the policy term before the maturity date, the plan offers financial assistance to the family of the insured. Upon maturity, a lump sum amount, along with loyalty additions (if applicable), is payable if the policyholder survives the term.

The policy is an excellent choice for those with a low income, as it is one of the few insurance policies that provides a Sum Assured of less than one lakh rupees. The plan also provides a loan facility to meet the liquidity requirements of the insured.

LIC Jeevan Rakshak Plan offers a range of benefits including: