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LIC’s Jeevan Rakshak Plan

What is the Plan all About?

LIC’s Jeevan Rakshak is a non-linked, participating plan that offers protection along with savings. This plan provides the maturity amount, in case of your survival. You can also ensure financial security for the family, even in your absence.


What are the Key Features?

  • Maturity benefits
  • Life cover available
  • Get loyalty addition
  • Choose rider to enhance coverage
  • Rebate on choosing sum assured of Rs 1.5 Lacs & above
  • Get rebate on opting annually or semi annually payment mode
  • Avail tax exemption

What are the Plan Benefits?

Death Benefit

    In the event of death of the life assured before the date of maturity, the Sum Assured on Death, is payable, provided the policy is in-force. Sum Assured on Death is higher of Basic Sum Assured or 105% of all the premiums paid or 10 times of annualized premium. The loyalty addition is also payable, if death occurs after the completion of 5th policy year.

Maturity Benefit

    In case of survival of the life assured till the end of the policy term, the Basic Sum Assured along with loyalty addition is payable, provided the policy is in-force.


    Loyalty Addition is payable, depending on the corporation’s experience provided the policy is in-force. The loyalty addition is payable to the policyholder on maturity or on death after completion of the 5th policy year.

Loan Benefit

    Loan amount can be availed, provided all the premiums have been paid for at least 3 policy years.

Surrender Value

    Under this policy, the surrender value can be acquired at any time, provided all the due premiums have been paid for at least 3 full policy years. The guaranteed surrender value is a percentage of the total premium paid. The Special Surrender Value is payable, when it is favorable to the policyholder. The Special Surrender Value is the discounted value of the Paid-up Sum Assured.

Tax Benefit

    Tax benefits are applicable as specified under the Income Tax Act, 1961.

Who can Buy the Plan?

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

Is any Rider Available with this Plan?

LIC’s Accident Benefit Rider can be opted under this plan, on payment of additional rider premium.

How the Plan Works?

Let’s understand the plan with the help of below illustration.

Mr. Raman at 35 years, wants to buy a plan that provides both savings and protection. He opts to buy LIC’s Jeevan Rakshak with the policy term of 20 years, pays the annual premium of Rs 3,587 with the basic sum assured of Rs 1 Lac.

Scenario A: Raman Survives through the Policy Term

If Mr. Raman survives till the end of the policy term, Rs 1 Lac plus with loyalty addition is payable. The maturity benefit can be used to achieve your long term financial goals.

Scenario B: Raman dies during the Policy Term

In the event of demise of Mr. Raman during any policy year, Rs 1 Lac along with loyalty addition (if death occurs after the 5th policy year) is payable. This death benefit ensures the financial security for his family.

Benefit Illustration

LIC’s Jeevan Rakshak

Note: The non-guaranteed benefits as mentioned in the above illustration are calculated at Projected Investment Rate of Return of 4% per annum (Scenario 1) and 8% p.a. (Scenario 2) respectively.