Lic's Jeevan Rakshak

Please contact Kunal Bhatia (me): 9860002486, I'm on Whatsapp also.

Jeevan Rakshak Policy also know as "Aam Aadami Policy" is an Endowment Plan, meaning benefit is paid either on maturity or on death whichever comes early.

To understand this policy better listen to the below audio

Features of this policy are:

• Double Accident Benefit – Allowed with Additional Premium
• NO Medical Check up Required 
• Loan – Allowed after payment of premiums for at least 3 years.
• Suicide Clause – If life insurance policy holder commits suicide at any time within 12 months from date of commencement of risk LIC will not entertain any claim under this policy.
• Free Look Period – If policy holder is not satisfied with “Terms and Condition” of policy he/she may return policy to LIC stating reason within 15 days from date of receipt of policy.

Now, see below an example:

Age at entry: 25 years

Premium paying term: 20 years

Sum Assured: Rs.2,00,000/-

1st Year with TAX 3.09 % 

Yearly: 6997     [6787 + 210]

Half-Yearly: 3535     [3429 + 106]

Quarterly: 1786     [1733 + 54]

Monthly: 595     [578 + 18]

From the 2nd Year with TAX 1.545 % 

Yearly:  6892     [6787 + 105]

Half-Yearly: 3482     [3429 + 53]

Quarterly: 1759     [1733 + 27]

Monthly: 586     [578 + 9]

You've invested (6997 X 1) + (6892 X 19) = 137945/- in 20 years, Calculation done on Yearly premium.

So your approximate Maturity Calculation will be:

Total Maturity: 300000/-