Jeevan Rakshak – Benefits-jeevan-rakshak-plan

Bonus: The policy also performs in the bonuses of the company and thus it accrues Loyalty Addition. This policy is offered without any medical test and is offered only on declaration of good health. Maturity Benefit: If the policyholder survives till the maturity period of the policy, then he gets to receive Basic Sum Assured along with Loyalty Additions as the Maturity Benefits, and this terminates the policy. Death Benefit: If the Policyholder dies during the term of the policy, but after completing 5 years of the policy, then the Sum Assured plus Loyalty addition would be payable to the nominee. Sum Assured on the demise is defined as higher of: Basic Sum Assured decided before taking up the policy 10 times of annual premium Subject to a minimum of 105% of the total premiums paid as on date of death If the life insured dies within the first 5 policy years, only the amount assured is paid to the nominee as a Death benefit and then after the policy gets terminated. Extra Rider: LICs Accidental Death Benefit Rider. This allows the leverage when it comes to the mode (half-yearly and yearly) of paying the premium for the higher assured sum. Section 80C defines the income tax benefits on the premiums paid and on the claims received as per Section 10(10D) defined under the Income Tax Act.