LIC Jeevan Rakshak Plan (827) – जीवन रक्षक प्लान Benefits, Review

LIC Jeevan Rakshak Plan 827 – The Jeevan Rakshak Plan from LIC is a straightforward endowment plan that offers both savings and life protection. In the unfortunate event of the policyholder’s passing before maturity, this plan offers financial help to the family. When the insurance matures, the policyholder will receive a lump sum payment if they live to the end of the maturity period. Read below to get detailed information related to the LIC Jeevan Rakshak Plan like highlights, features, benefits, eligibility criteria, documents required, Premium Payments, Policy Revival, Value of Surrender, Exclusions, and much more


About LIC Jeevan Rakshak Plan 827

The Life Insurance Corporation of India has been providing the LIC Jeevan Rakshak policy since August 2014. It is a participating non-linked plan that combines protection and savings. If the policyholder passes away during the plan’s term, it provides the family with ongoing financial support, and if the policyholder survives, it pays out a lump sum at maturity. Through this policy, a loan opportunity is also offered.

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Details of LIC Jeevan Rakshak Policy

Name LIC Jeevan Rakshak Plan
Introduced by The Life Insurance Corporation of India
Beneficiaries policyholder

LIC Jeevan Rakshak Features

Some of the key features of LIC Jeevan Rakshak are as follows:

  • The minimum and maximum insured amounts under this plan are respectively 75,000 and 2,000,000. The minimum sum promised must be in multiples of 5,000 Indian rupees.
  • The policy term can range from 10 to 20 years, and one of the four premium payment schedules—monthly, quarterly, half-yearly, or yearly—can be chosen.
  • The plan’s maximum maturity age is 70 years.
  • After five years of the policy’s term, this plan is eligible for a loyalty addition.
  • The option to attach an accidental death benefit rider is provided by the plan.

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LIC Jeevan Rakshak Plan Benefits

Some of the key benefits of the LIC Jeevan Rakshak Plan are as follows:

  • The benefit of Maturity: The plan offers the benefit of maturity. The policyholder will be entitled to the maturity benefit if they have continued to make regular premium payments throughout the policy term and survive it. The total will be made up of the basic amount guaranteed at maturity plus the loyalty addition.
  • Death Benefit: The plan includes a significant death benefit as well. In the tragic event that the policyholder passes away during the policy term, the plan pays out the basic sum insured, 10 times the annualized premium, or 105% of all premiums paid up to that point. The above-described premiums do not include any applicable service taxes, additional premiums, or rider premiums. If the death occurs more than five years after the policy’s initial term, any loyalty increase will be applied to the death benefit.
  • Tax Benefits: This plan’s premium payments and death/maturity benefit amounts are income tax deductible under sections 80c and 10(D) of the Income Tax Act.
  • Profit Participation: The plan is qualified to invest to participate in corporate profits. Given that the insurance has been in effect for five years, any profit will be divided among members of the plan through a loyalty addition. At death or upon reaching maturity, the loyalty addition will be paid.
  • Optional Benefit: The LIC’s Accident Benefit Rider offers an optional benefit that can be added to the policy to make it more complete. This benefit is paid as a lump sum along with the death benefit upon the accidental death of the policyholder and requires the payment of an additional premium.

Eligibility Criteria for LIC Jeevan Rakshak Policy

The eligibility criteria for LIC Jeevan Rakshak Plan are given in the table below:

Factor Minimum Maximum
Policy Tenure 10 Years 20 Years
Sum Assured Rs 75,000 Rs 2 Lacs
Age Limit 8 Years 55 Years
Age at Maturity 70 Years
Premium Paying Term Equal To Policy Term
Premium Amount
Premium Paying Mode Monthly, Quarterly, Semi-Annually, & Annually
Grace Period 30 Days (15 Days For Monthly Mode)
Freelook Period 15 Days From The Receipt Of The Policy
Plan Type Offline

Required Documents for LIC Jeevan Rakshak Plan

Some of the important documents required LIC Jeevan Rakshak Plan are as follows:

  • Policy Application Form
  • Accurate medical history
  • Address Proof
  • KYC Documents like Aadhaar Card, Pan Card, Photo ID proof, etc

LIC Jeevan Rakshak Policy Premium Payments

The LIC Jeevan Rakshak Policy’s premiums may be paid annually, biannually, quarterly, or monthly. Only the ECS facility can be used to make the monthly payment. Rebates are available for yearly and half-yearly payment schedules at 2% and 1% of the tabular premium, respectively. For premiums totaling Rs. 1, 50,000 and more, a 1.5% rebate is also available. For annual and half-yearly premium payments, a grace period of one month (but no less than 30 days) is permitted; however, only 15 days are permitted for monthly payments.

LIC Jeevan Rakshak Policy Revival

If premiums aren’t paid by the grace period, the policy expires. If all unpaid premium arrears and the ensuing compounded interest on those arrears are paid within a window of two consecutive years, the policy may be renewed. The calculation for the two-year term starts on the date of the final unpaid premium and ends before the maturity date. If chosen for resurrection, the Accident Benefit Rider will also be taken into account alongside the base policy and not separately

Paid-up Value

The insurance remains in effect as a paid-up policy if three years’ worth of premiums has been properly paid and the premium payment is then ceased. By the calculation, the Basic Sum Assured will be of a lower value. Basic Sum Assured multiplied by the ratio of premiums paid and payable results in the Paid-Up Sum Assured. When the insurance reaches its maturity date or the policyholder passes away, whichever comes first, the Paid-up Sum Assured is provided.

LIC Jeevan Rakshak Plan Surrender Value

Only policies that have had at least three years’ worth of premiums properly paid are eligible for cash surrender. The Guaranteed Surrender Value will represent a portion of the total premiums paid (net of service tax), excluding any additional premiums and Accident Benefit Rider payments. The Corporation will determine this proportion, which is contingent on the policy term and the policy year in which the policy was surrendered. If the Corporation decides that a Special Surrender Value would be more advantageous to the policyholder, it may pay it.


If the insurance has accrued a surrender value, loans may be obtained under the policy. The Corporation shall choose the loan’s terms and conditions.


If the life assured commits suicide within 12 months of when the risk first began, the policy will be deemed invalid. If so, only 80% of the total premiums paid (before taxes, extra premium, and any applicable Accident Benefit Rider) will be paid.