Jeevan Rakshak plan is a traditional profit endowment plan which offers double benefits of life insurance and investment. It is a plan for people with low-income source. Bonus is given in the form of Loyalty Additions after 5 years of the policy term has been completed.
The policyholder acquires a maturity benefit at the end of the policy term which includes basic Sum Assured along with Loyalty Additions. In case of an unfortunate death of the policyholder the nominee receives the death benefits.
|Min/Max Age at Entry||8 to 55 Years|
|Min/Max Policy Term||10 to 20 Years|
|Maximum Maturity Age||70 Years|
|Maximum Cover Ceasing Age||70 years|
|Min/Max Sum Assured||Rs. 75,000 – Rs. 2,00,000 (Incremental Sum Assured in multiples of 5000)|
|Tax Rebate||Yes, under 80(c) and 10(10d) of I.T Act|
|Loan Facility||Yes, after 3 years from date of policy inception.|
|Premium Payment||Monthly ECS, Quarterly, Half-Yearly* & Yearly*|
|Riders||Accidental death benefit rider is available|
*There are no rebates in these payment modes since a 1% & 2% rebate is provided in half-yearly & yearly modes respectively
Benefits of Jeevan Rakshak Plan
- Maturity Benefits – If the policyholder survives until the end of the policy term then he/she will be eligible to be paid the maturity benefits.
|Includes Basic Sum Assured + Additional Loyalty (if any)|
- Death Benefits – In case of sudden demise of the policyholder the nominee will be eligible for death benefits.
|Basic Sum Assured or 10 times Annualized Premium or 105% of all premiums paid as on date of death (whichever is higher)|
Accidental Benefit Rider
- This is an optional benefit which can be added to the policy by paying additional premium.
- In case of accidental death of the policyholder double of sum assured is payable (Max Rs 50 lac).
- The minimum age to opt for accidental death cover is 18 years.
Surrender & Suicide Cases
Jeevan Rakshak plan can be surrendered at any given time within the policy term after completion of 3 full years of the term with regular premium payment. (check for penalties)
Suicide Case – If the policyholder happens to commit suicide before a year from the commencement of the policy, then 80% of the premiums would be returned with the exclusion of tax and extra premiums.
Grace period & Revival Policy
For monthly mode of premium payment a grace period of 15 days is given to make the payment. For Yearly, Half-yearly and Quarterly mode of payment a grace period of 30 days is allowed in case the policyholder has been unable to pay the premium on the due date.
If the premium is not paid on time and the grace period expires as well without the payment being made, then the policy lapses. However, the policy can be revived at any time during the policy term within a period of 2 years from the last premium paid.
- Plan Application form along with a photograph
- Residential proof
- Identity proof along with age proof
- Medical reports if necessary.
Jeevan Rakshak Plan Claim Procedure
The documents required by the nominee in order to claim the amount are:
- NEFT form
- A cancelled check or a Xerox of Bank Pass Book
- Discharge Form
- Death certificate of the policy holder
- Policy Bond papers
Disclaimer – Though we try our best but we do not guarantee correctness of information hence you are advised to be cautious & do thorough research before reaching to a conclusion. If you find any discrepancies you’re welcome to contact us.