LIC Rakshak Plan


LIC Jeevan Rakshak Policy is a regular premium paying an endowment plan which is non-linked profitable LIC policy. Under this policy, the full amount assured shall not go beyond 2 lakhs. LIC Jeevan Rakshak Policy is the only insurance policy which provides less than one lakh rupees as Sum Assured. This is an excellent policy by LIC, targeted on the lower income bracket people.

The policy offers great flexibility; you can apply for this insurance for your 8 years old child as well. In this policy, one has to pay on regular basis according to the terms and conditions of the policy. When you complete the maturity age the policy offers you the Basic Sum Assured with loyalty additions if applicable. In the case of demise of an insured person, during the term of the policy, the nominee is entitled to the sum assured along with the loyalty additions.

Key features of LIC Jeevan Rakshak

  • As this is a participating plan of LIC, this conventional endowment plan always permits the insurance holder to leverage the revenue of the company.
  • You will get a low coverage facility with this policy and you can take the maximum sum of 2 lakhs rupees per head
  • In this policy, you have to pay the premium for the complete policy term.
  • If you want to opt for further premium then you have to go for additional coverage and for that, you can contact any representative of LIC.
  • Maturity benefit is paid if the policy owner is able to survive the term of the policy and on the termination of the policy.
  • In case, the policyholder dies during the term of the policy then the nominee will get all the death benefits.
  • As per this policy, you can get double accidental reimbursement but it’s only with the additional premiums.

Benefits of LIC Jeevan Rakshak-

According to the terms and condition of this policy, it performs under the bonuses of the company so it always accumulates the loyalty addition. You can get this policy without any medical test. You have to declare good health which makes it very simple to associate with this policy.

Maturity Benefit:
If the insured person completes the maturity period according to the terms and conditions of this policy, he/she will get the basic sum assured with loyalty additions as per the maturity benefits.

Death Benefits:
After completing 5 years of the policy if the policy owner dies during the term of this policy, the company is liable to pay all the sum assured and additional loyalty to the nominee.

The sum assured on any accidental death is normally higher as per the basic sum assured, this is solely at the company’s discretion.

Surrender benefit:
You can get the benefit of surrendering the policy or termination benefit but there are some rules and regulations on it. For this, the policy should obtain a surrender worth and should have completed 3 years of the policy term. You can also take loans by showing your policy. Policyholder always gets fifteen days of time to cross check their decision and go through the policy terms and conditions properly before making the appropriate decision.

LIC Jeevan Rakshak-Product Specification-

55 years8 yearsEntry Age
70 yearsMaturity Age
20 years10 yearsPolicy Term in years
Equal to policy termPremium Paying Term in years
Annual, half-yearly and monthlyPremium paying frequency
Rs 2,00,000Rs 75,000Sum Assured per life