Grace period
30 days for yearly, half-yearly and quarterly premiums; 15 days for monthly. Cover continues during this time.
LIC plans / Term Assurance Plans
Term Assurance Plans
New Plan no. 894 UIN 512N368V01
LIC’s Jeevan Raksha
Low-cost pure term plan for smaller cover of Rs. 5 lakh to Rs. 24 lakh.
18 to 45 years (last birthday)Entry age
Minimum 15 years for Single, Regular and Limited (10 and 15 year) premium payment;…Policy term
Single premium; Limited pay 10 or 15 years; Regular (equal to policy term)Premium paying term
Plan highlights
What this plan gives you
The main features in plain words. The official brochure is the final word on every figure.
- Sum assured from Rs. 5 lakh to Rs. 24 lakh
- Single, 10-year or 15-year limited, or regular premium
- Optional Accident Benefit Rider
- Death benefit as lump sum or instalments
- High Sum Assured rebate
- Online rebate of 7.5% (10 to 42 year terms) or 3% (Single) when bought without an intermediary
- Special rates for women; smoker and non-smoker rates
The benefit formula for this plan is in LIC’s official brochure. Open it with the button above, or ask me and I will explain it in plain words.
Step by step
How the plan runs
1
Start the planEntry age: 18 to 45 years (last birthday).2
Pay premiumsSingle premium; Limited pay 10 or 15 years; Regular (equal to policy term)3
Stay coveredPolicy term: Minimum 15 years for Single, Regular and Limited (10 and 15 year) premium payment; maximum for Single premium…At a glance
Eligibility and plan limits
A quick reference before you discuss a proposal. Underwriting and channel conditions apply.
| Plan detail | As per summary |
|---|---|
| Plan number | 894 |
| UIN | 512N368V01 |
| Category | Term Assurance Plans |
| Entry age | 18 to 45 years (last birthday) |
| Policy term | Minimum 15 years for Single, Regular and Limited (10 and 15 year) premium payment; maximum for Single premium 42 years; policy term is also capped so maturity age does not exceed 60 (see brochure table). |
| Premium paying term | Single premium; Limited pay 10 or 15 years; Regular (equal to policy term) |
Important details
Policy conditions that apply to most LIC plans
Know the conditions, not just the headline.
Free look
30 days from receiving the policy document to return it if you do not agree with the terms.
Revival
A lapsed policy can usually be revived within 5 years of the first unpaid premium, with arrears, interest and proof of good health.
Suicide within 12 months
If it happens within 12 months of the start of cover, the nominee receives 80% of premiums paid (policy in force).
Section 45
After three years a policy cannot be questioned except for proven fraud.
Quick answers
Questions families ask
What is the entry age?
18 to 45 years (last birthday)
What are the policy term and premium paying term?
Policy term: Minimum 15 years for Single, Regular and Limited (10 and 15 year) premium payment; maximum for Single premium 42 years; policy term is also capped so maturity age does not exceed 60 (see brochure table).. Premium paying term: Single premium; Limited pay 10 or 15 years; Regular (equal to policy term).
Will the amounts always be paid exactly as shown here?
This page is a summary. Actual benefits depend on the policy terms, premium payment status, the options chosen, underwriting and LIC’s official benefit illustration. The official brochure is the final word.
Want this explained in plain words?
Read LIC’s official brochure, compare the options, and I will help you choose what fits your family.
This page is a summary. Benefits, eligibility and premiums can change: the official LIC brochure for the plan is the final word, and I will confirm current terms for you.