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Jeevan Rakshak (Plan 827)

This is a regular premium paying Non-linked, With-Profits, Endowment Assurance plan. This plan shall be available to standard lives only without any medical examination and the total Sum Assured under all the policies issued to an Individual under this plan shall not exceed Rs. 2 lakhs.

Premium payment be made Monthly (by ECS), Quarterly, Hallf yearly and Yearly as suits you better.

Term: Minimum 10 and maximum 20 years.

Entry Age: Minimum 8 years and maximum 55 years.

Minimum Sum can be Assured Rs.75,000/-

Maximum Sum can be Assured Rs.2,00,000/-

A person can take only one policy in his/her name.

Accidental Death & Disability Benefit Rider available.
Policy Benefits :

On Death :

On death of the Life Assured during the policy term " Sum Assured on Death " shall be payable, which is the highest of

• Basic Sum Assured; or

• 10 times of annualized premium; or

• 105% of all the premiums paid as on date of death.

The premium mentioned above excludes taxes, extra premium and rider premiums, if any.In addition to the above, Loyalty Addition, if any, shall also be payable if death occurs after completion of 5th policy year.

On Survival :

On survival to the end of the policy term Basic Sum Assured along with Loyalty Addition, if any,shall be payable.

Surrendered Value :

The policy can be surrendered at any time during the policy term provided at least three full years premiums have been paid.Guaranteed Surrender Value:

The Guaranteed Surrender Value shall be a percentage of total premiums paid (net of taxes) excluding any extra premiums and premiums for riders, if opted for. This percentage will depend on the policy term and policy year in which the policy is surrendered

Loan :

Loan facility is available under this plan,after payment of premiums for at least 3 full years subject to following conditions :

(a) The maximum loan as a percentage of surrender value shall be 70% in case of in-force policy and       60% in case of paid-up policies.

(b) The rate of interest to be charged for the loan amount would be determined from time to time by         the Corporation.

Income Tax Benefit :

• Premium paid under this plan is eligible for deduction under section 80C of Income Tax Act, 1961.

• Maturity under this plan is free under section 10(10D) of Income Tax Act, 1961.