JEEVAN RAKSHAK POLICY UNDER LIC’S ENDOWMENT POLICY PLAN
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Types of LIC Plans available
LIC means Life Insurance Corporation of India is an state-owned insurance based and investment corporation which is owned by Government of India. It is established by under act of parliament known as LIC Act 1956. This company comes under financial services industry whose head quarter is located at Mumbai since 1956.
Mr. M R Kumar (Chairperson), T C Susheel Kumar (Managing Director) are some key persons in this company right now.
LIC currently is working in various sectors like
Life insurance sector: Where a contract is signed between company and a policy holder and company promises to pay benefit to the holders under different conditions include accident, injury, death, maturity etc.
There are various sectors also such as Health insurance, investment management, banking and mutual funds etc.
We are here discussing about Life insurance sector only. There are many types of policies available in the LIC’s life insurance sector
They are:
1).Endowment Plans.
2).Whole Life Plans.
3).Money Back Plans.
4).Term Insurance Plans.
5).Pension Plans.
6).ULIP Plans.
7).LIC Health Plans.
8). Withdrawn Plans.
9). LIC Merchant
10). LIC Merchant login
Here we are focussing on most effective LIC plan falls under
Endowment type called as
LIC’s New Jeevan Rakshak Plan:-
LIC’s new endowment plan is a non-linked plan (it means it is not related to share market and is low-risk plan with definite benefit.). It offers an attractive combination of savings and protection feature also which means that policy holder will get sum assured (money help) in time of accidental death or sudden death before maturity. It will also provide lump-sum (a total single payment promised during policy activating period) during the time of maturity to the surviving policy-holders. You can also take loan facility on the basis of this policy.
Benefit under death of policy holder:
Death benefit will be provided to the family nominee of the policy holder under several conditions like, the policy should be In activation period during the time of death means premium of the policy should not be due or policy should not be lapsed as it will impact sum assured income during policy settlement time or the policy should not be in cancellation period. The most important point is the cause of death as the LIC will not pay any benefit to the policy-holder’s family if the cause of death is suicide.
Benefit under Maturity of policy:
Maturity income or lump-sum amount will be paid to the surviving policy holder under several conditions which are the policy premium should be paid according to company’s plan and policy should not be in cancellation period or should not be cancelled due to non-payment of premium issues. If this is not the case then the lump sum amount will be paid to policy holder along with several raider benefit (extra security given by LIC during activation of policy like accident benefit, health benefit, injury benefit, medical benefit etc.)
Eligibility Conditions and Other Restrictions:
a) Minimum Basic Sum Assured: Rupees. 100,000
b) Maximum Basic Sum Assured: No Limit (The Basic Sum Assured shall be in multiples of Rs. 5000/-)
c) Minimum Age at entry: 8 years (completed)
d) Maximum Age at entry: 55 years (nearer birthday)
e) Maximum Maturity Age: 75 years (nearer birthday)
f) Minimum Policy Term: 12 years
g) Maximum Policy Term: 35 years
h) LIC Merchant
Riders Available:
- LIC’s Accidental Death and Disability Benefit Rider
- LIC’s Accident Benefit Rider
- LIC’s New Term Assurance Rider
- LIC’s New Critical Illness Benefit Rider
- LIC’s Premium Waiver Benefit Rider
- LIC Merchant
- LIC Merchant login
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LIC New Endowment Plan 