LIC Jeevan Rakshak 827 Policy Review

By | April 19, 2016

lic_jeevan_rakshakLIC Jeevan Rakshak 827 Policy


Being a participating Endowment Plan & Regular Premium paying plan, the LIC Jeevan Rakshak 827 Policy is a Traditional Plan with a provision for Bonus which provides you with the dual advantage of protection & savings.

LIC Jeevan Rakshak 827 Policy is quite suitable for every one falling in the category of lower – income group. Here, the Policy Bonus is provided in the form of Loyalty Additions after the conclusion of five years policy term. Jeevan Rakshak LIC Policy offers this plan without any medical requirements.

At the stage of maturity in the LIC Jeevan Rakshak 827 Policy, the policy holder gets the basic Sum Assured & the additional loyalty. If the policy holder expires at some stage in the policy tenure then the Sum Assured on death & the additional loyalty (if any) is payable to the nominee. Significant information about LIC Jeevan Rakshak premium chart, policy details, advantages, conditions, etc are mentioned below. Also, you can calculate the premiums & advantages using Jeevan Rakshak Maturity Calculator & Premium Calculator.

Terms & Eligibility Conditions of LIC Jeevan Rakshak 827 Policy :

Entry Age ·         Minimum age – 8 years (Completed)


·         Maximum age – 55 years (Nearest Birthday)

Policy tenure ·         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)
Grace Period ·         If the Premium is not paid within the time then a delay of 30 days for Yearly, Half-Yearly & Quarterly modes & 15 days for monthly mode is extended to pay the premium amount which is grace period.

LIC Policy Jeevan Rakshak 827 Rebates :

Sum Assured Rebate :

Sum Assured Rebate
Rs.75,00,000 to 1,45,000 NIL
Rs.1,50,000 to 2,00,000 For every Rs.1000 sum assured, Rebate is Rs.1.50

Mode of the Rebate :

Mode %
Yearly    Table premium 2 percent
Half – yearly Table Premium 1 percent

LIC Plan Jeevan Rakshak Advantages :

Death Advantage :

In case of demise of the Life Insured in the policy tenure, the nominee gets ‘ Sum assured on death ’ plus the Loyalty Additions, if any.

If demise occurs after completion of five years policy tenure, then nominee gets the ‘Sum assured on death ’ means basic Sum Assured or 10 times of annualized premium or 105 percent of all premium paid on date of death.

Maturity Advantage :

On survival of policy holder till the end of the policy tenure, the policy holder gets the Basic sum assured & additional loyalty, if any.

Income tax Advantage :

Life Insurance premiums paid up to Rs. 1, 50, 000 are accepted as a deduction from the taxable income each year under section 80 C & the Maturity Proceeds are tax – free under section 10 (10) D subject to fulfilment of all the terms & conditions.

LIC Accidental Advantage Rider : Accidental advantage rider is obtainable as an voluntary rider by payment of additional premium.

In case of accidental demise, the Accident Advantage Sum Assured will be payable as lump sum amount together with the demise advantage under the basic plan.

LIC Jeevan Rakshak policy Buying Process :

Here is a list of Documents needed to purchase  fresh policy of  LIC Jeevan Rakshak  827 :

  • Application form / Proposal form along with photo
  • Address Proof
  • Age Proof
  • Medical reports (if required)

LIC Jeevan Rakshak Claim Process :

The documents obligatory for claim process under LIC Jeevan Rakshak  827 Policy are mentioned below :

  • NEFT form
  • Discharge form
  • Cancel check or Bank Pass book Xerox
  • Policy bond
  • Death certificate

LIC Jeevan Rakshak Premium Calculator :

The necessary data required for calculating the premium rates in LIC Jeevan Rakshak  827 Policy using LIC Jeevan Rakshak Maturity calculator are mentioned as under :

  • Name :
  • E-mail id :
  • Mobile number :
  • Age :
  • Tenure :
  • Sum assured :

An example of LIC Jeevan Rakshak 827 policy :

If Jagdish had decided to take the LIC Jeevan Rakshak 827 Policy then the following details are given below

Age  : 18 years

Sum assured  : Rs.2,00,000

Policy Tenure  : 20 years

Now, Jagdish is going to pay premiums with & without tax are tabulated below

Premium without tax with tax
Yearly 6758 6967
Half-Yearly 3415 3520
Quarterly 1725 1778
Annually 575 593

Extra Information of LIC Jeevan Rakshak 827 Policy :

Risk Coverage :  Risk coverage will be given till the end of the tenure policy.

Date of beginning of Risk : Means from 1st day of taking the policy.

Loan facility : Loan facilities are obtainable after payment of premiums for at least three years under LIC  Jeevan Rakshak  827 Policy.

Locking Period : If you are dissatisfied with this policy you may return the policy within fifteen days from date of receiving the policy. After fifteen days you are ineligible for cancelling the policy up to three years.

Income Tax Reduction : Obtainable for premiums paid & for Maturity returns.

House Loan Surety : House loan surety is obtainable under this LIC  Jeevan Rakshak  827 Policy

Service Tax : 3.09 percent service tax is applicable. For further Information refer to

Backdating interest : The policy can be backdated within the same financial year.

Assignments / Nominations : Assignees & nominees are possible under this LIC Jeevan Rakshak  827 Policy.

Cooling Off Period : If you are dissatisfied with the 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 brought into use 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 renew your policy on or before two years from date of first Unpaid premium.

Suicide clause : If the policy holder commits suicide for any of the reasons within twelve months of date of beginning of risk or from date of renewal, then 80 percent of premium for what he had paid will be returned to his assignments or nominal’s.

Riders : Riders are obtainable under this  LIC Jeevan Rakshak  827  policy.

Paid up value : Basic Sum Assured into the number of premiums paid / number of premiums payable

Surrender value : The policy can be surrendered at any time during the policy tenure, given that at least 3 full years  premium have been duly paid.

  • Guaranteed Surrender Valueexpressed as a percentage of total premiums paid, or
  • Special Surrender Valuewhich may be affirmed from time to time

Policy Stamping : Under LIC New Jeevan Rakshak 827 policy stamping charges will be 20 paise per thousand plus the sum assured.

Loan Amount :  Maximum 70 percent of the surrender value.

No medical tests are mandatory under this LIC New Jeevan Rakshak 827 policy.

Sum assured on death means basic Sum Assured or 10 times of annualized premium or 105 percent of all premium paid on the date of death.

An Example : If Praveen taken LIC New Jeevan Rakshak 827 policy for 20 years of sum assured Rs.1,00,000 then

Case1 : If Praveen expires within 5 years then Nominee will get 1 lakh only.

Case2 : If Praveen expires after 5 years then Nominee will get 1 lakh & Loyalty bonus also paid.

Case3 : If Praveen survives till the end of the policy tenure then he will get 1 Lakh Plus Loyalty Bonus is paid.

FAQ’s of LIC Jeevan Rakshak 827 policy :

Q1. Can I surrender my policy before maturity?

A1. You can surrender your policy before maturity. A policy obtains surrender value after completion of 3 policy anniversaries & 3 annual premiums have been duly paid.

Q2. What is reduced paid up?

A2. If the policy holder does not want to continue paying premiums but wants the cover to persist, then he can choose for the paid – up option wherein the sum assured is reduced & the future premiums are not payable. Though, the policy holder will lose the rider advantages if he chooses the Reduced Paid – up option.

Q3. Is there any loan facility available in this policy?

A3. Yes, loan facility is obtainable after paying premiums for at least 3 years under LIC  Jeevan Rakshak 827 Policy.

For further details please refer to the below mentioned official link,

Click here for Lic Jeevan Rakshak Policy


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