LIC's Jeevan Rakshak (827) Premium, Maturity Calculator
LIC's Jeevan Rakshak (827) Premium, Maturity Calculator - LIC's Jeevan Rakshak 827 Policy is an Endowment Plan and Regular Premium paying plan by LIC of India. LIC's Jeevan Rakshak Plan No 827 Policy is a Traditional Plan comes with Bonus facility. It gives the dual benefit of protection and savings. LIC's Jeevan Rakshak Plan No. 827 Policy suits for all lower class people. In this plan, LIC offers Bonus after completion of 5 years of policy. Customer can buy the LIC Jeevan rakshak Plan No. 827 Policy without medical requirements. At the stage of maturity, the policy holder gets the basic sum assured and the additional loyalty. If policyholder dies during the policy terms, then the Sum Assured n death and the additional loyalty is paid to the niminee.
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Terms and Eligibility of Policy (LIC's Jeevan Rakshak (827) Premium, Maturity Calculator)
Entry Age:
- Minimum age – 8 years (Completed)
- Maximum age – 55 years (Nearest Birthday)
Policy term:
- Minimum – 10 years
- Maximum – 20 years
Sum Assured:
- Minimum Sum assured – Rs. 75,000
- Maximum Sum assured – Rs. 2,00,000
Premium Paying modes: Monthly (SSS, ECS), Quarterly, Half yearly, Yearly
Maximum Maturity age: 70 years(Nearest Birthday)
Maximum Cover Ceasing age: 75 years(Nearest Birthday
Benefits of LIC Jeevan Rakshak 827 Policy (LIC's Jeevan Rakshak (827) Premium, Maturity Calculator)
Death Benefit: In case of death of the Life Insured within the policy term, then the nominee gets ‘Sum assured on death’ and Loyalty Additions(if any) if death occurs after completion of 5 years policy term.
‘Sum assured on death’ means basic Sum Assured or 10 times of annualized premium or 105% of all premium paid on date of death.
Maturity Benefit: On survival of policyholder till the end of the policy term, the policyholder gets Basic sum assured and additional loyalty (if any).
Income tax Benefit: Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section80 C and the Maturity Proceeds are tax-free under Section 10(10D) subject to fulfilment of terms and conditions. For more information regarding Income Tax Benefits, visit www.taxqueries.in.
LIC Accidental Benefit Rider: Accidental benefit rider is available as an optional rider by payment of additional premium. In case of accident death, the Accident Benefit Sum Assured will be payable as lump sum amount along with the death benefit under basic plan.
Buying Procedure of LIC Jeevan Rakshak 827 policy (LIC's Jeevan Rakshak (827) Premium, Maturity Calculator)
- Application form/Proposal form along with photo
- Address Proof
- Age Proof
- Medical reports(if required)
- Claim Procedure of LIC Jeevan Rakshak 827 policy
The documents required for claim procedure (LIC's Jeevan Rakshak (827) Premium, Maturity Calculator)
- NEFT form
- Discharge form
- Cancel check or Bank Pass book xerox
- Policy bond
- Death certificate
Additional Information (LIC's Jeevan Rakshak (827) Premium, Maturity Calculator)
Risk Coverage: Risk coverage will be provided till the end of term policy.
Date of Commencement of Risk: Means from first day of taking the policy.
Loan facility: Loan facilities are available after payment of premiums for at least 3 years under LIC Jeevan Rakshak 827 Policy.
Locking Period: If you are not satisfied with this policy you may return the policy within 15 days from date of receipt of the policy. After 15 days you are not eligible for cancelling the policy upto 3 years.
Income Tax Reduction: Available for premiums paid and for Maturity returns.
House Loan Surety: House loan surety is available under this LIC Jeevan Rakshak 827 Policy
Service Tax: 3.09% service tax is applicable.
Backdating interest: The policy can be backdated within the same financial year.
Assignments/Nominations: Assignees and nominees are possible under this LIC Jeevan Rakshak 827 Policy
Cooling Off Period: If you are not satisfied with this policy term you may return the policy within 15 days from the date of receipt of the policy.
Proposal Forms: Proposal Form no. 300 or 340 will be used under this LIC Jeevan Rakshak 827 Policy
Policy Revival: If the premium is not paid by you within the grace period then the policy will lapse. If you are interested to continue this policy then you can revive your policy on or before 2 years from date of first Unpaid premium.
Suicide clause: If the policy holder commits suicide for any of the reasons within 12 months of date of commencement of risk or from date of revival, then 80% of premium for what he had paid will be returned to his assignments or nominals.
Riders: Riders are available under this LIC Jeevan Rakshak 827 policy
Paid up value: Basic Sum Assured x (number of premiums paid / number of premiums payable).
Surrender value: The policy can be surrendered at any time during the policy term provided at least three full years premium have been paid.
- Guaranteed Surrender Value expressed as a percentage of total premiums paid, or
- Special Surrender Value which may be declared from time to time
Policy Stamping: Under LIC New Jeevan Rakshak 827 policy stamping charges will be 20 paise per thousand sum assured.
Loan Amount: Maximum 70% of surrender value.
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