LIC Jeevan Rakshak Plan 827 is a combination of insurance and saving in a participation non-linked plan. This plan is of endowment nature. LIC plan 827 was launched in August 2014. The life corporation of India is a government-owned insurance and investment company.
The plan provides both maturity and death benefits. In case the policyholder has to face an unfortunate death, a lump sum amount will be provided to the nominee. On successful completion of the policy term life insured will be paid Sum Assured along with Loyalty Addition.
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Key features
- Receive profits as it is a participating policy
- Maturity benefits on the completion of the policy term
- Death benefits to the nominee on the unfortunate demise
- Exempted from tax under Section 80C and 10 (10D) of Income Tax Act, 1961.
- Premium paid until the completion of the policy term.
- 15 days Free-look Period
- Loan availability after completion of 3 years of the policy term
Eligibility
| Entry Age | Minimum- 8 years (last birthday) Maximum- 55 years (last birthday) |
| Sum Assured | Minimum- Rs.75,000 Maximum- Rs. 2,00,000 |
| Maturity Age | 70 years (last birthday) |
| Policy Term Period | Minimum- 10 years Maximum- 20 years |
| Mode of Premium payment | Yearly Half-yearly Quarterly Monthly |
Benefits
- Death benefits:
In case of the unfortunate demise of the policyholder during the policy term, the following will be paid to the nominee in terms of the highest:
Basic Sum Assured
10 times the Annualized Premium
105% off all premiums paid till the date of demise
If the death occurs after 5 years in the course of the policy term, Loyalty Addition will also be paid along with the death benefits.
- Maturity benefits:
Basic Sum Assured along with the Loyalty Addition will be paid to the life insured in case the individual survives the entire policy term. Proper payment of all the premiums also must be paid to avail of the maturity benefits.
- Tax benefits:
The amount received on death or maturity claim and premiums is exempted from tax under Section 80C and 10 (10D) of the Income Tax Act, 1961.
- Profits from participation:
The policy might be eligible for the Loyalty Addition based on the discretion of the Corporation. The rates will be fixed by the company and also paid on the successful completion of the 5th year or on the maturity and death of the life insured.
Exclusion
80% premiums paid excluding any extra premiums paid and taxes will be returned to the nominee subject to the policy is in force, in case of policyholder commits suicide during the 12 months from the initiation of the policy term.
Final words
LIC Jeevan Rakshak plan 827 is a life insurance plan which also provides benefit on maturity. The plan focuses more on the low-income group individuals with a combination of financial protection and savings.
The loan facility is also available under LIC Jeevan Rakshak plan 827 along with tax benefits. LIC has a very good reputation among the insurance and savings industry, also it is a government-owned company so there is no brainer in terms of trust, security and other problems. For more information regarding LIC Jeevan Rakshak Plan 827 visit your nearest LIC office branch.
For more information, you can contact the LIC Customer Care Number by dialing the number.
I’m Shiv Kumar, a graduate with a passion for finance, marketing, and technology. My journey into finance started with a desire to understand money management and investing.
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