LIC Jeevan Rakshak Plan 827 is a regular premium paying Non-linked, Endowment Assurance plan with profits. It was introduced on 19th August 2014 with the UIN (Unique Identification Number) of 512N289V01. LIC Jeevan Rakshak 827 shall be available only to the standard lives under the non-medical limit. Under this Jeevan Rakshak Plan, the total SA (Sum Assured) under all the policies issued to an Individual shall not exceed Rs. 2,00,000. To know the benefits, eligibility, features and other details read the complete article.
LIC Jeevan Rakshak Policy Features and Benefits
Benefits
Death Benefit:
On death of the Policyholder during the policy term,
Death Benefit = “Sum Assured on Death”, which is the highest of B.S.A (Basic Sum Assured) or 105% of all the premiums paid as on date of death or 10 times of annualized premium.
Where all these premiums exclude extra premium, service tax and rider premiums, if any.
If a death of the policyholder occurs after completion of the 5th policy year, then in addition to the above, Loyalty Addition, if any, shall also be payable as Death Benefit. In short, Death Benefit = Sum Assured on Death + Loyalty Addition, if any.
Maturity Benefit:
If the policyholder survives till the end of the policy term, then the Maturity Benefit mentioned below shall be payable.
Maturity Benefit = Basic Sum Assured + Loyalty Addition (if any)
Features
- LIC Jeevan Rakshak 827 shall be available only to the standard lives under the non-medical limit.
- The total SA (Sum Assured) under all the policies issued to an Individual under this Jeevan Rakshak Plan shall not exceed Rs. 2,00,000.
- It provides optional benefit namely LIC Accidental Benefit Rider.
- The Modes of premium payment are Yearly, Half-Yearly, Quarterly, and Monthly (ECS only or through Salary Deductions).
- Grace Period:
- For premium payment of yearly or half-yearly or quarterly the Grace Period is allowed for one calendar month but not less than 30 days.
- For premium payment of monthly mode, the Grace Period is allowed for 15 days.
- Surrender Value: You can surrender the Jeevan Rakshak LIC Policy 827 at any time during the policy period, provided all the 3 years premiums have been paid.
- Rebate is available on large basic sum assured.
- Loan: After paying the premium for 3 full years, a policyholder can avail the Loan Facility under this plan.
LIC Jeevan Rakshak Policy (Plan 815) Eligibility Conditions
The eligibility conditions for a basic plan is as follows.
| Minimum Entry Age for a Policyholder | 8 Years (Completed) |
| Maximum Entry Age for a Policyholder | 55 Years (nearest birthday) |
| Maximum Maturity Age for a Policyholder | 70 Years (nearest birthday) |
| Minimum Policy Term | 10 Years |
| Maximum Policy Term | 20 Years |
| Minimum Basic Sum Assured | Rs. 75,000/- |
| Maximum Basic Sum Assured | Rs. 200,000/- |
Note: The Basic SA (Sum Assured) shall be in multiples of Rs. 5,000/-. The Entry Age for the policyholder is to be taken as age nearest birthday except for the minimum entry age (8 years).
Lic Jeevan Rakshak Policy (Plan 815) Riders – Optional Benefit
- With the payment of additional premium, you can get the optional rider under LIC New Jeevan Anand Policy namely LIC Accidental Death and Disability Benefit Rider.
- If there are more than one policy and if the accident benefit exceeds total Rs. 50 Lakhs, then the benefits shall apply to the first 50 Lakhs Sum Assured.
- If Life Insured is involved in an accident, leading to death of Life Insured and such incident shall occur within 180 days from the date of accident, then an additional amount equal to Accident Benefit Sum assured is payable along with the death benefit, provided the rider (optional benefit) is in force at the time of the accident.
Note: Other than LIC Accident Benefit Rider, no other riders (i.e. Accidental Death & Disability Benefit) is allowed to be attached with this plan.
Eligibility Conditions of Accident Benefit Rider
| Minimum Age of Entry for a Policy Holder | 18 Years (Completed) |
| Maximum Age of Entry for a Policy Holder | This policy cover can be opted for at New Business stage or at any policy anniversary during the policy period. |
| Maximum Cover Ceasing Age | Same as basic plan. |
| Minimum Accident Benefit Sum Assured | Rs. 75,000/- |
| Maximum Accident Benefit Sum Assured | An amount equal to the Basic Sum Assured under the Basic Plan subject to the maximum of Rs. 50 lakh Accident Benefit Sum Assured taking all existing policies. |
LIC Jeevan Rakshak Premium Calculator
With the help of LIC Jeevan Rakshak Premium Calculator, you can easily calculate the Premium amount, Maturity Benefit, Death Benefit, Rider, Loan and other factors of LIC Jeevan Rakshak Plan 827. To calculate the premium amount, maturity, etc. you need to enter some values such as Policy period, Age and Sum assured in the LIC Premium Calculator.
LIC Jeevan Rakshak Policy (827) Rebates
For the basic LIC Jeevan Rakshak Policy (plan 827), three rebates are available. They are,
- Mode Rebate
- Sum assured Rebate
- CEIS Rebate
MODE REBATE
| Mode | Percentage |
| Yearly mode | 2% of tabular premium |
| Half-yearly mode | 1% of tabular premium |
| Quarterly and Monthly Mode | NIL |
HIGH BASIC SUM ASSURED REBATE
| Basic Sum assured
|
Rebate |
| Rs. 75,000 to 1,45,000 | NIL |
| Rs. 1,50,000 to 2,00,000 | 1.50 % Basic Sum Assured |
CEIS REBATE
LIC New Endowment Policy completed under CEIS (Corporations Employee Insurance Scheme) will be eligible for this CEIS Rebate as a percentage of tabular premium of Basic Plan as well as AB (Accident Benefit) Rider Premium.
| Policy Term | % of Tabular Premium of basic plan as well as AB Rider premium |
| 10 to 14 years | 4% |
| 15 years or more | 7.5% |
Jeevan Rakshak LIC Plan 827 Buying Procedure
To buy this LIC Jeevan Rakshak Plan 827, you may visit the LIC official website or nearest LIC Branch. Buying or paying premium through online is the easier way than doing it offline. To buy a fresh policy, some documents are required to be submitted to the corporation, they are,
- Application form/Proposal form along with the photo.
- Address proof
- Age proof
- Medical reports (if required)
LIC Jeevan Rakshak Claim Process
Also, for claiming Jeevan Rakshak LIC Policy 827, you may visit LIC official website or the nearest LIC Branch. Claiming for a benefit through online is the easier way than doing it offline. In the case of the death of a policyholder within the policy period, then you can make a death claim. On survival of the policyholder till the end of the policy term, then you can make the Maturity Claim. Either through offline or online you need to submit some documents to claim LIC Jeevan Rakshak Plan 827, they are,
Death Claim:
- Claim form as prescribed by the Corporation.
- Original Policy Document.
- NEFT Mandate Form: This is for direct credit of claim amount to the bank account.
- Proof of title.
- Proof of Death.
- Proof of accident/disability.
- Medical treatment prior to the death.
- School/College/Employer’s Certificate.
- Proof of age of the life assured: This is in case age is not admitted under the policy.
Maturity Claim:
- Discharge Form
- Original Policy Document
- NEFT Mandate Form
- Proof of age of the life assured: This is in case age is not admitted under the policy.
Additional Information
- Paid-up Value: If you have paid at least 3 years premium and any subsequent premiums have not been duly paid, then this policy shall not be wholly void, but shall subsist as a Paid-up policy.
- Paid-up Value = Basic Sum assured x (No. of premiums paid/ Total no. of premiums payable)
- Revivals: If you have not paid any premiums within the grace period, then the policy will lapse. That lapsed policy may be revived during the lifetime of the policyholder, but within a period of 2 consecutive years from the date of first unpaid premium and before the maturity date.
- Suicide Clause:
- If the life insured commits suicide at any time within 12 months from the commencement of risk, then the company will not allow any claim under this LIC New Jeevan Anand 815 Plan. Instead, he/she will be returned back with 80% of premiums he paid excluding any taxes and extra premium if any.
- If the Life Insured commits suicide within 12 months from date of revival, an amount of 80% of the premiums paid till the date of death or the surrender value, whichever is higher shall be payable.
- Taxes: Taxes along with Service Tax (if any) shall be applicable as per the Tax Laws.
More Information on LIC Jeevan Rakshak Plan
- Free Look Period: If you are not satisfied with the policy conditions and terms, you may return the policy to the corporation within 15 days from the date of receipt of the policy.
- Back-Dating Interest: The policies can be dated back within the same FY (financial year). Back-dating interest as applicable at the time of policy completion will be charged for the period in excess of 1 month.
- Policy Stamping: Policy Stamping Charges = 20 paise per 1000 of Basic Sum Assured and Accident Benefit Sum Assured under this LIC Jeevan Rakshak Plan 827.
- Assignments/Nominations:
- As per section 39 of Insurance Act, 1938, a nomination is made in the policy at the proposal stage.
- As per section 38 of Insurance Act, 1938, on a subsequent assignment, the notice of assignment or change of nomination should be submitted to the corporation (where the policy is served) for registration.
- Proposal Form: Specimen proposal forms to be used under this LIC Jeevan Rakshak Plan 827.
Frequently Asked Questions (FAQs)
What is the Commission payable to the Intermediaries and Credit to Development Officers?
Commission Rates payable to Intermediaries during the policy term are as follows:
Agents and Corporate Agents:
| Policy Term | 1st Year | 2nd & 3rd Year | Subsequent Years |
| 10 to 14 years | 15% | 5.5% | 3.75% |
| 15 years & above | 18.75% | 5.5% | 3.75% |
Note: Bonus Commission = 40% of the First Year Commission.
Brokers:
| Policy Term | 1st Year | 2nd & 3rd Year | Subsequent Years |
| 10 to 14 years | 16% | 5% | 3.75% |
| 15 years & above | 19.75% | 5% | 3.75% |
Note: No bonus commission is payable to brokers.
Development Officer’s Credit: Credit payable to Development Officers is as follows:
| Policy Term | Credit (as a % of the 1st year premium net of taxes) |
| 10 to 14 years | 30% |
| 15 years & above | 60% |
What are the conditions to avail Loan Facility?
- In case of in force policies, the maximum loan as a percentage of surrender value shall be 70% and in case of paid-up policies, it is 60%.
- The interest rate to be charged for the amount of loan would be determined from time to time by the Life Insurance Corporation.