LIC’s Jeevan Rakshak (Table No. 827)

LIC’s Jeevan Rakshak (Table No. 827) implemented.
INTRODUCTION: It has been decided to introduce LIC’s Jeevan Rakshak Plan (Plan No. 827) with effect
from 19th August, 2014. The Unique Identification Number (UIN) for LIC’s Jeevan Rakshak Plan is -
512289V01. This number has to be quoted in all relevant documents furnished to the Policyholders and
other users (public, distribution channels).
BENEFITS:
The benefits payable under an inforce policy are as under:
Benefits payable on death:
On death of the Life Assured during the policy term the Death Benefit, defined as sum of “Sum
Assured on Death”, vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be
payable, where, “Sum Assured on Death” is higher of Basic Sum Assured or 10 times of annualized
premium. This Death Benefit (as defined above) shall not be less than 105% of total premiums paid as
on date of death. The premiums mentioned above exclude taxes, extra premium and rider premiums, if
any.
In addition to the above, Loyalty Addition, if any, shall also be payable if death occurs after completion
of 5th policy year.
Benefits payable on maturity:
On survival to the end of the policy term, Basic Sum Assured along with vested Simple Reversionary
bonuses and Final Additional bonus, if any, shall be payable.
Participation in Profits: Provided the policy is in full force, then depending upon the Corporation’s
experience the policies under this plan will be eligible for Loyalty Addition. The Loyalty Addition, if any,
is payable at such rate and on such terms as may be declared by the Corporation on death after
completion of 5th policy year or on Policyholder surviving to the maturity.
OPTIONAL BENEFIT:
This plan provides the following optional rider by payment of additional premium:
LIC’s Accidental Death and Disability Benefit Rider UIN ( 512B203V02): LIC’s Accidental Death and
Disability Benefit Rider is available as an optional rider by payment of additional premium during the
term of the policy. If there be more policies than one and if the total Accident Benefit exceeds Rs.50
lakhs, the benefits shall apply to the first Rs. 50 lakhs Sum Assured in order of date of policies issued.
If this benefit is opted for, an additional amount equal to the Accident Benefit Sum Assured is payable
on death due to accident, provided the rider is in force at the time of accident. In case of accidental
permanent disability (within 180 days from the date of accident), an amount equal to the Accident
Benefit Sum Assured will be paid in equal monthly installments spread over 10 years and future
premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured
which is equal to Accident Benefit Sum Assured under the policy, shall be waived. If the policy becomes
a claim before the expiry of the said period of 10 years, the disability benefit installments which have
not fallen due will be paid along with the claim amount.
The premium rate for this rider is as under;
Rs. 0.50 per thousand Accident Benefit Sum Assured irrespective of age.
Rs. 1.00 per thousand Accident Benefit Sum Assured, if the Life Assured is engaged in police duty either
in any military, naval or police organization and opts for this cover while engaged in police duty.
Accident Benefit Rider shall not acquire any paid-up value and the rider benefit will cease to apply,
if policy is in lapsed condition.
Note: Other than above mentioned LIC’s Accident Benefit rider, no other riders including LIC’s
Accidental Death and Disability Benefit Rider (UIN: 512B209V01) is allowed to be attached with this
plan.
ELIGIBILITY CONDITIONS AND RESTRICTIONS:
For Basic Plan:
1)Minimum Age at entry for Life Assured : 8 years (completed)
2)Maximum Age at entry for Life Assured : 55 years (nearest birthday)
3)Minimum Policy Term : 10 years
4)Maximum Policy Term : 20 years
5)Minimum Basic Sum Assured : Rs. 75,000/-
6)Maximum Basic Sum Assured : Rs. 2,00,000/-
7)Maximum Maturity Age for Life Assured : 70 years (nearest birthday)
The Basic Sum Assured shall be in multiples of Rs. 5000/-.
Age at entry for the Policyholder is to be taken as age nearest birthday except for the minimum age at
entry i.e. 8 years.
For Accident and Disability Benefit Rider:
1) Minimum Entry Age : 18 years (completed)
2) Maximum Entry Age : 55 years (nearest birthday)
Maximum Cover ceasing Age :The cover can be opted for at any policy
anniversary during the policy term but before the policy anniversary on which the age nearer
birthday of the Life Assured is 70 years.
3)Minimum Accident Benefit Sum Assured : Rs. 75,000/-
4)Maximum Accident Benefit Sum Assured: An amount equal to the Basic Sum Assured subject to
the maximum of Rs.50 lakh overall limit taking all existing policies of the Life Assured under
individual as well as group policies including policies within built accident benefit taken with Life
Insurance Corporation of India and the Accident Benefit Sum Assured under the new proposal
into consideration. The Accident Benefit Sum Assured shall be in multiples of Rs. 5,000/-.
MODE OF PREMIUM PAYMENT:
The modes of premium payment allowable are Yearly, Half Yearly, Quarterly, and Monthly (ECS or
through salary deductions).

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