The LIC’s Jeevan Rakshak Plan is a profit sharing endowment policy.
1.LIC’s Jeevan Rakshak Plan offers a great combination of protection and saving features. It is a nice combination of insurance and investment.
2.This is a non-medical fixed benefit plan.
3.You can add Accident Benefit rider with the plan for additional benefits.
4.This plan offers a bonus in the form of loyalty additions after the completion of 5 years of the plan. It is also eligible for Final Addition bonus declared by LIC.
5.Discount is given for yearly and half-yearly mode of premium payment.
6.Discount is also given for Sum Assured of Rs. 1,50,000 and higher.
7.The age eligibility is 8 to 55 years. The policy term is from 10 to 20 years with sum assured of Rs. 75,000 to Rs. 2,00,000.
8.The Death Benefit for this policy within the policy tenure is sum assured + bonus.
9.It offers Maturity Benefit is Sum Assured + accrued bonus.
10.The insured can avail tax benefits under section 80C for the premium paid. The maturity amount is also tax-free under section 10(10)D.