LIC's Jeevan Rakshak  is a profit sharing endowment plan. It provides both life cover in case of untimely demise and lump sum amount on maturity along with bonuses.

Features and benefits

• Jeevan rakshak plan can also be bought for a child as young as 8 years.
• Premium paying mode can be selected from monthly, quarterly, half yearly and yearly basis.
• The policy term can be anywhere between 10 to 20 years. Under this plan, premium paying term is equal to policy term.
• While the minimum sum assured offered is Rs 75,000, the maximum sum assured that you can avail on the plan is Rs 2,00,000. However, additional coverage can be availed at the cost of an additional premium.
• Since it is a participating plan, accrued bonuses under the name of loyalty additions will also be paid to the policyholder.
• One can also avail a loan based on this policy.

Maturity benefit

If the life insured outlives the policy period, the basic sum assured amount will be paid along with the accrued bonuses as discussed in the former point.

Death benefit

In case of untimely death of the life insured, the nominee/s will receive the death benefit which will be equal to the basic sum assured plus bonuses.

How will they calculate the sum assured in case of death before the policy tenure ends?

So the sum assured in case of death will be calculated as the higher of -

• The basic sum assured or
• Ten times the annualized premium or
• 105% of the premiums paid so far from the commencement of the policy

Eligibility

Individuals seeking Lic jeevan rakshak planMust fall within the age bracket of 8 to 55 years while the maximum age of maturity is 70 years.