It has been decided to introduce LIC Jeevan Rakshak with effect from 19th August, 2014. The Unique Identification Number (UIN) for LIC Jeevan Rakshak is 512N289V01. Thisnumber has to be quoted in all relevant documents furnished to the Policyholders and other users (public, distribution channels). This is a regular premium paying Non-linked, With-Profits, Endowment Assurance plan. This plan shall be available to standard lives only under non-medical limit and the total Sum Assured under all the policies issued to an Individual under this plan shall not exceed Rs. 2 lacs. The benefits and other details of the plan are given below.

2. BENEFITS – LIC Jeevan Rakshak

The benefits payable under an inforce policy are as under:

a) Benefits payable on death: 

On death of the Life Assured during the policy term “Sum Assured on Death” shall be payable,

which is the highest of · Basic Sum Assured; or · 10 times of annualized premium; or · 105% of all the premiums paid as on date of death.

The premium mentioned above excludes 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.

b) Benefits payable on maturity:

On survival to the end of the policy term Basic Sum Assured along with Loyalty Addition, if any, shall be payable.

c) 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 5thpolicy year or on Policyholder surviving to the maturity. 

3. OPTIONAL BENEFIT – LIC Jeevan Rakshak

This plan provides the following optional rider by payment of additional premium:

LIC’s Accident Benefit Rider UIN (512B203V02): LIC’s Accident Benefit Rider is available as an optional rider by payment of additional premium during the term of the policy. If there be more than one policy with which this or any other Rider covering Accidental Deaths is attached and if the total Accident Benefit Sum Assured under all such policies exceeds Rs.50 lakhs, the benefits shall apply to the first Rs. 50 lakhs Accident Benefit Sum Assured in order of date of policies issued. If this benefit is opted for, and if Life Assured is involved in an accident, leading to death and such incident shall occur within 180 days from the date of accident then an additional amount equal to the Accident Benefit Sum Assured is payable. However, the policy shall have to be in force at the time of accident irrespective of whether or not it is in force at the time of death.

The premium rate for this rider is as under;

i. Rs. 0.50 per thousand Accident Benefit Sum Assured irrespective of age.

ii. 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.


For Basic Plan:

1) Minimum Age at entry : 8 years (completed)

2) Maximum Age at entry : 55 years (nearest birthday)

3) Minimum Policy Term : 10 years

4) Maximum Policy Term : 20 years

5) Maximum Maturity Age for Life Assured : 70 years (nearest birthday)

6) Minimum Basic Sum Assured per life : Rs. 75,000/-

7) Maximum Basic Sum Assured per life : Rs. 200,000/-

The Basic Sum Assured shall be in multiples of Rs. 5000/-.

“The total Basic Sum Assured under all policies issued to an individual under this plan shall not exceed Rs. 2 lakh”. These wordings have to appear in the First Premium Receipt (FPR) and in the policy document for every policy under this plan.

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, where it is in completed years.


For Accident Benefit Rider:


1) Minimum Entry Age : 18 years (completed)

2) Maximum Entry Age : The cover can be opted for at New Business stage or

at any policy anniversary during the policy term.

3) Maximum cover ceasing Age : Same as under the basic plan.

4) Minimum Accident Benefit Sum Assured : Rs. 75,000/-

5) 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 overall limit taking all existing policies of the Life Assured under individual as well as group schemes including policies with inbuilt 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/-.



The modes of premium payment allowable are Yearly, Half Yearly, Quarterly, and Monthly (ECS

only or through salary deductions).

6. PREMIUM RATES -LIC Jeevan Rakshak

The tabular premium rates per thousand Basic Sum Assured are enclosed as Annexure 1.

The Class – I extra premium rates per thousand Basic Sum Assured, which may be applicable at revival stage (as only standard lives shall be eligible at NB stage), are enclosed as Annexure-2.The above premium rates are exclusive of taxes.




A grace period of one calendar month but not less than 30 days will be allowed for payment of

yearly, half-yearly or quarterly premiums and 15 days for monthly mode of premium payment.

If the death of the Life Assured occurs within the grace period but before the payment of premium then due, the policy will be treated as inforce and the benefits will be paid after deduction of the said unpaid premium and also the unpaid premium/s falling due before the next policy anniversary.


If premium is not paid before the expiry of the days of grace, the Policy lapses. If the Policy has not lapsed and the claim is admitted in case of death under the policy where the mode of payment of premium is other than yearly, unpaid premium(s), if any, falling due before the next policy anniversary shall be deducted from the claim amount. The above grace period will also apply to Accident Benefit rider premiums as the rider premiums

are to be paid along with premium for the basic policy.


8. REBATES – LIC Jeevan Rakshak


The rebates for basic plan are as under:


Mode Rebate – LIC Jeevan Rakshak


Yearly mode : 2% of tabular premium

Half-yearly mode : 1% of tabular premium

Quarterly and monthly mode : NIL

High Basic Sum Assured Rebate – LIC Jeevan Rakshak

Basic Sum Assured Rebate (Rs.)

75,000 to 1,45,000 : Nil

1,50,000 to 2,00,000 : 1.50 ‰ Basic Sum Assured

3 Comments on "LIC JEEVAN RAKSHAK"

  1. Bharat brahmbhatt | March 21, 2017 at 11:11 am | Reply

    I have purchase LIC jeevan rakshak policy of Rs.1 lac. My annual premium of Rs.3676=00 per annum. After 20 years, please send benefit details of this plan.

  2. My policy number 575816536 plzs send all details

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