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Jeevan Rakshak


Policy Document attached file is in PDF Document Format

LIC’s Jeevan Rakshak Plan is a participating non-linked plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.

1. Benefits:

Death benefit: 
In case of death of the policyholder during the policy term provided all due premiums have been paid, “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 premiums defined above exclude service tax, extra premium and Accident Benefit rider premium, if any.

In addition to the above, Loyalty Addition, if any shall also be payable if death occurs after completion of 5th policy year.

Maturity Benefit: Basic Sum Assured, along with Loyalty Addition, if any, shall be payable in lump sum on Survival to the end of the policy term provided all due premiums have been paid.

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.

2.Optional Benefit:

LIC’s Accident Benefit Rider: Accident Benefit Rider is available as an optional rider by payment of additional premium. In case of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan

Benefit Illustration

Statutory warning:
“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business. If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including future investment performance.”


  1. This illustration is applicable to a standard (from medical, life style and occupation point of view) life.
  2. The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent with the Projected Investment Rate of Return assumption of 4% p.a. (Scenario 1) and 8% p.a. (Scenario 2) respectively. In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI will be able to earn throughout the term of the policy will be 4% p.a. or 8% p.a., as the case may be. The Projected Investment Rate of Return is not guaranteed.
  3. The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification.


The provision of Section 45 of the Insurance Act, 1938 shall be applicable as amended from time to time. The simplified version of this provision is as under:

Provisions regarding policy not being called into question in terms of Section 45 of the Insurance Act, 1938 as amended by Insurance Laws (Amendment) Act, 2015 are as follows:

1. No Policy of Life Insurance shall be called in question on any ground whatsoever after expiry of 3 yrs from
a. the date of issuance of policy or
b. the date of commencement of risk or
c. the date of revival of policy or
d. the date of rider to the policy
whichever is later.

2. On the ground of fraud, a policy of Life Insurance may be called in question within 3 years from
a. the date of issuance of policy or
b. the date of commencement of risk or
c. the date of revival of policy or
d. the date of rider to the policy
whichever is later.

For this, the insurer should communicate in writing to the insured or legal representative or nominee or assignees of insured, as applicable, mentioning the ground and materials on which such decision is based.

3. Fraud means any of the following acts committed by insured or by his agent, with the intent to deceive the insurer or to induce the insurer to issue a life insurance policy:
a. The suggestion, as a fact of that which is not true and which the insured does not believe to be true;
b. The active concealment of a fact by the insured having knowledge or belief of the fact;
c. Any other act fitted to deceive; and
d. Any such act or omission as the law specifically declares to be fraudulent.

4. Mere silence is not fraud unless, depending on circumstances of the case, it is the duty of the   insured or his agent keeping silence to speak or silence is in itself equivalent to speak.

5. No Insurer shall repudiate a life insurance Policy on the ground of Fraud, if the Insured /  beneficiary can prove that the misstatement was true to the best of his knowledge and there was no deliberate intention to suppress the fact or that such mis-statement of or suppression of material fact are within the knowledge of the insurer. Onus of disproving is upon the policyholder, if alive, or beneficiaries.

6. Life insurance Policy can be called in question within 3 years on the ground that any statement of or suppression of a fact material to expectancy of life of the insured was incorrectly made in the proposal or other document basis which policy was issued or revived or rider issued. For this, the insurer should communicate in writing to the insured or legal representative or nominee or assignees of insured, as applicable, mentioning the ground and materials on which decision to repudiate the policy of life insurance is based.

7. In case repudiation is on ground of mis-statement and not on fraud, the premium collected on policy till the date of repudiation shall be paid to the insured or legal representative or nominee or assignees of insured, within a period of 90 days from the date of repudiation.

8. Fact shall not be considered material unless it has a direct bearing on the risk undertaken by the insurer. The onus is on insurer to show that if the insurer had been aware of the said fact, no life insurance policy would have been issued to the insured.

9. The insurer can call for proof of age at any time if he is entitled to do so and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof of age of life insured. So, this Section will not be applicable for questioning age or adjustment based on proof of age submitted subsequently.

[Disclaimer: This is not a comprehensive list of Section 45 of the Insurance Act, 1938 as amended by Insurance Laws (Amendment) Act, 2015 and only a simplified version prepared for general information. Policy Holders are advised to refer to the Insurance Laws (Amendment) Act, 2015, for complete and accurate details.]


1)      No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer:   provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.

2)      Any person making default in complying with the provisions of this section shall be liable for a penalty which may extend to ten lakh rupees.

Note: “Conditions apply” for which please refer to the Policy document or contact our nearest Branch Office.


IRDAI clarifies to public that
§    IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums.
§   IRDAI does not announce any bonus.
Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.

1. Eligibility Conditions and Other Restrictions :

For Basic plan(This plan is only available for standard healthy lives without undergoing any
medical examination)

a) Minimum Basic Sum Assured per life*: Rs. 75,000
b) Maximum Basic Sum Assured per life*
(The Basic Sum Assured shall be in multiples of Rs. 5000/-)
: Rs. 200,000
c) Minimum Age at entry: 8 years (completed)
d) Maximum Age at entry: 55 years (nearest birthday)
e) Minimum Policy Term: 10 years
f) Maximum Policy Term: 20 years
h) Maximum Age at Maturity: 70 years (nearest birthday)

* The total Basic Sum Assured under all policies issued to an individual under this plan shall not exceed Rs. 2 lakh.

For LIC’s Accident Benefit Rider
a.) Minimum Accident Benefit Sum Assured                                        : Rs. 75,000
b.) 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.
c.) Minimum Entry Age                                                                        : 18 years (completed)
d.) Maximum Entry Age                                                                       : The cover can be opted for at any policy anniversary during the policy term
e.) Maximum Cover Ceasing Age                                                        : Same as under the Basic Plan.

2. Payment of Premiums:
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS only) or through salary deductions over the term of policy.

However, a grace period of one month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.

3. Sample Premium Rates: 
Following are some of the sample tabular annual premium rates (exclusive of service tax) per Rs. 1000/- Basic Sum Assured:

























4 . Mode and High Basic Sum Assured Rebates:
Mode Rebate:
Yearly mode                                                       –  2% of Tabular Premium
Half-yearly mode                                               –  1% of Tabular premium
Quarterly, Monthly (ECS) & Salary deduction –  NIL

High Basic Sum Assured Rebate:
Basic Sum Assured            –        Rebate (Rs.)
75,000 to 1,45,000             –         Nil
1,50,000 and above            –       1.50%o SA

5 . Revival:
If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium and before the date of maturity, as the case may be by paying all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation at the time of the payment, subject to submission of satisfactory evidence of continued insurability.

Revival of Accident Benefit rider, if opted for, will be considered along with revival of the Basic Policy, and not in isolation.

6. Paid-up Value:
If at least three full years’ premiums have been paid and any subsequent premiums be not duly paid, this policy shall not be wholly void, but shall continue as a paid-up policy. The Basic Sum Assured under the policy shall be reduced to such a sum, called Paid-up Sum Assured and shall bear the same ratio to the Basic Sum Assured as the no. of premiums paid bears to the total number of premiums i.e. Basic Sum Assured *(no. of premiums paid / no. of premiums payable).

This Paid-Up Sum Assured is payable on expiry of the policy term or on Life Assured’s prior death.

Accident Benefit Rider does not acquire any paid-up value and the rider benefits cease to apply, if policy is in lapsed condition.

7. Surrender Value:
The policy can be surrendered for cash provided atleast three full years’ premiums have been paid. The Guaranteed Surrender Value shall be a percentage of total premiums paid (net of service tax) excluding extra premiums and premiums for Accident Benefit rider, if opted for. This percentage will depend on the policy term and policy year in which the policy is surrendered and specified as below:

Corporation may, however, pay Special Surrender value, if it is more favorable to the Policyholder.

8. Policy Loan:
Loan can be availed under the policy provided the policy has acquired a surrender value and subject to the terms and conditions as the Corporation may specify from time to time.

9. Taxes: 
Taxes including Service Tax, if any, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.

The amount of tax as per the prevailing rates shall be payable by the Policyholder on premiums including extra premiums, if any. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.

10. Cooling-off period:
If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 15 days from the date of receipt of the policy bond stating the reasons of objection. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for basic plan and Accident Benefit rider, if any) for the period on cover and stamp duty charges.

11. Exclusion:
Suicide: – This policy shall be void
(i)  If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of 80% of the premiums paid excluding any taxes, extra premium and Accident Benefit rider premium, if any, provided the policy is inforce.

(ii) If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the premiums paid till the date of death (excluding any taxes, extra premium and Accident Benefit rider premium, if any,) or the surrender value, shall be payable. The Corporation will not entertain any other claim under this policy.

“Insurance is the subject matter of solicitation”

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