About Jeevan Rakshak

Jeevan Rakshak (Plan No. 827) 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 lakhs.

Eligibility and Features

Min. Sum AssuredRs. 75,000
Max. Sum AssuredRs. 2,00,000/- (in multiple of Rs. 5,000 )
Min. age at entry8 years (completed)
Max. age at entry55 years (Near Birthday)
Max. age at maturity70 years (Near Birthday)
Min. Term10 years
Max. Term20 years
Modes AllowedYly, Hly, Qly, Mly (ECS), SSS
Policy Loan availableYes
Premium paid under the policy is exempted under section 80C of income tax.
Proposal Form No. 300 and 340 as the case may be used under this plan, which is subject to change.
Policy can be dated back within the same financial year.

Benefits

DEATH BENEFIT:
First 5 years of Policy: Sum Assured on death.
6th year onwards: Sum Assured on Death + Loyalty additions if any.
Sum Assured on Death= Higher of Basic SA or 10 times of annualized Premium or  105% of total premiums paid as on date of death. The premiums exclude taxes,  extra premium and rider premiums.

MATURITY BENEFIT:   
Basic Sum Assured + Loyalty Additions if any. 

 OPTIONAL BENEFIT – Accidental Death Benefit Rider –
ADB 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 Insure and 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.