LIC’s Jeevan Raksha is a Non-Linked, Non-Participating, Individual Pure Risk Life Assurance Plan designed to provide financial protection to the family in the event of the unfortunate death of the Life Assured during the policy term.
Unlike a savings or endowment policy, Jeevan Raksha is a pure term insurance plan. If the Life Assured survives the entire policy term, there is no maturity benefit.
Provides financial protection to your family through a Death Benefit during the policy term.
Choose Single Premium, Regular Premium, or Limited Premium payment options of 10 or 15 years.
Basic Sum Assured from ₹5 lakh to ₹24 lakh, with no maturity benefit on survival.
The basic eligibility conditions are:
The minimum Basic Sum Assured is:
₹5,00,000
The maximum Basic Sum Assured is:
₹24,00,000 per life
The total Basic Sum Assured under all Jeevan Raksha policies issued to an individual cannot exceed ₹24 lakh, subject to LIC's underwriting policy.
For Basic Sum Assured:
LIC’s Jeevan Raksha offers three premium payment options.
The entire premium is paid once at the beginning of the policy.
The maximum term is subject to the maximum maturity age of 60 years.
Premiums are payable for 10 years.
Premiums are payable for 15 years.
Premiums are payable throughout the Policy Term.
If the Life Assured dies during the policy term, after commencement of risk and while the policy is in force, the Death Benefit is payable as the Sum Assured on Death.
For Regular Premium and Limited Premium policies, the Sum Assured on Death is the higher of:
The Death Benefit will not be less than 105% of Total Premiums Paid up to the date of death.
For Single Premium policies, the Sum Assured on Death is the higher of:
The exact Death Benefit is determined according to the policy terms and applicable conditions.
Jeevan Raksha is a pure term assurance plan.
If the Life Assured survives until the end of the Policy Term:
No maturity benefit is payable.
This is an important difference between Jeevan Raksha and LIC savings/endowment plans.
The premium primarily provides life insurance protection during the selected policy term.
The Death Benefit can be received in instalments instead of as a single lump-sum payment, subject to the policy conditions.
The available instalment periods are:
The instalments may be paid:
Minimum instalment amounts specified by LIC apply for each payment mode.
Under Regular Premium and Limited Premium payment options, the policyholder may opt for LIC’s Accident Benefit Rider, subject to eligibility and applicable conditions.
If the rider is opted for and an eligible accidental death occurs, the Accident Benefit Rider Sum Assured is payable in addition to the Death Benefit under the base policy.
The rider requires an additional premium.
The premium depends on factors including:
LIC provides separate rates for smokers and non-smokers and special rates for women.
For a Basic Sum Assured of ₹5 lakh, LIC's sales brochure gives the following sample annual premiums for a standard male non-smoker:
| Age | Policy Term | Regular Annual Premium | Limited 15-Year Annual Premium | Limited 10-Year Annual Premium | Single Premium |
|---|---|---|---|---|---|
| 20 | 20 years | ₹2,290 | ₹2,555 | ₹3,150 | ₹19,035 |
| 30 | 20 years | ₹2,730 | ₹3,070 | ₹3,825 | ₹23,805 |
| 40 | 20 years | ₹4,435 | ₹5,035 | ₹6,390 | ₹41,770 |
The above illustrative premiums are before applicable taxes and are for the specific assumptions stated in LIC's brochure. Actual premium may vary depending on the applicant's details and underwriting.
Jeevan Raksha provides a High Sum Assured Rebate based on the Basic Sum Assured and age band.
For example, under Regular/Limited Premium payment, the brochure specifies rebates ranging from 3% to 18% of tabular annual premium for qualifying Basic Sum Assured levels, depending on age.
Single Premium policies have separate rebate rates.
For eligible policies purchased directly through LIC's online sales process without assistance from an agent/intermediary, the brochure specifies:
Applicable terms and eligibility conditions should be checked at the time of purchase.
For Regular Premium and Limited Premium policies, a 30-day grace period is available for payment of yearly or half-yearly premiums.
During the grace period, the policy continues with risk cover according to the policy conditions.
If the premium is not paid within the grace period, the policy lapses.
A lapsed Regular or Limited Premium policy can generally be revived within 5 consecutive complete years from the date of the First Unpaid Premium, subject to LIC's revival requirements and underwriting conditions.
Applicable interest and other requirements may apply.
There is no paid-up value under this plan.
Jeevan Raksha does not provide a conventional surrender value.
However, an Unexpired Risk Premium Value, if applicable, may become payable in specified circumstances.
The applicable conditions differ according to whether the policy is Regular Premium, Limited Premium or Single Premium.
No policy loan is available under LIC Jeevan Raksha.
For Regular and Limited Premium policies, if death occurs due to suicide within 12 months from commencement of risk or revival, the applicable benefit is as specified in the policy terms.
For Single Premium policies, the applicable suicide exclusion provisions also apply.
Tax treatment of premiums and benefits depends on the prevailing provisions of the Income-tax Act and other applicable laws.
Policyholders should consult a qualified tax advisor for advice based on their individual circumstances.
Jeevan Raksha is designed for individuals who primarily require life insurance protection for a specified period rather than a maturity or savings benefit.
The policy can be structured using Single Premium, Limited Premium or Regular Premium payment options, depending on the policyholder's requirements and eligibility.
LIC’s Jeevan Raksha is a pure risk term assurance plan.
There is:
The principal benefit is the Death Benefit payable if the Life Assured dies during the policy term, subject to the policy terms and conditions.
The official LIC policy document will prevail in case of any discrepancy between this summary and the policy terms.
PLANET CONSULTING, Mahendra Patel Associates, A/203 Arihant Shopping Complex, Arihant Nagar, Dhamankar Naka,
Bhiwandi, Mumbai - 421305,
Maharashtra, India.
