Term Insurance Plans
LIC's Jeevan Raksha (894)
Affordable term cover from ₹5 lakh to ₹24 lakh to protect your family up to age 60
- Entry age
- 18 years to 45 years (last birthday)
- Policy term
- 15 to 42 years (minimum 20 years for 15-year limited pay)
- Premium paying term
- Single pay; Limited pay 10 or 15 years; Regular: same as policy term
- Min. sum assured
- ₹5,00,000
Plan overview
LIC's Jeevan Raksha is a simple pure term plan that pays a lump sum (or instalments) to your family if you die during the policy term. Cover ranges from ₹5 lakh to ₹24 lakh, with single, regular or limited premium payment. It suits people aged 18 to 45 looking for modest, low-cost life cover up to age 60.
New to term insurance plans? Read our simple guide: What Is Term Insurance? Pure Protection Explained →Key benefits
- Pure term cover with Basic Sum Assured from ₹5 lakh to ₹24 lakh per life
- Pay Single, Regular or Limited premium (10 or 15 years)
- Cover up to age 60; policy term 15 to 42 years
- Low minimum instalment premium of ₹2,000
- Option to pay death benefit in instalments over 5, 10 or 15 years
- Optional Accident Benefit Rider with Regular and Limited premium
- Special rates for women, non-smoker rates and online purchase rebate
Eligibility at a glance
- Plan number
- 894
- UIN
- 512N368V01
- Plan type
- Non-Par, Non-Linked, Life, Individual, Pure Risk Plan
- Entry age
- 18 years to 45 years (last birthday)
- Maximum maturity age
- 60 years (last birthday); minimum maturity age 33 years
- Policy term
- 15 to 42 years (minimum 20 years for 15-year limited pay)
- Premium paying term
- Single pay; Limited pay 10 or 15 years; Regular: same as policy term
- Minimum sum assured
- ₹5,00,000
- Maximum sum assured
- ₹24,00,000 per life (total under all policies of this plan)
- Premium payment modes
- Single; Regular/Limited: Yearly, Half-yearly
How the plan works
LIC's Jeevan Raksha is a non-participating pure term plan. It pays only if the life assured dies during the policy term; there is no bonus and no maturity payout. It can be bought offline through agents, corporate agents, brokers and insurance marketing firms, or online at www.licindia.in.
Premium depends on age at entry, Basic Sum Assured, smoking status, gender, policy term and premium paying term. Women get special rates and there are separate non-smoker and smoker rates.
Eligibility
| Condition | Limit |
|---|---|
| Entry age | 18 to 45 years (last birthday) |
| Age at maturity | 33 to 60 years (last birthday) |
| Basic Sum Assured | ₹5,00,000 to ₹24,00,000 (total under all policies of this plan on one life) |
| Sum assured multiples | ₹50,000 (₹5 lakh to ₹7 lakh); ₹1,00,000 (above ₹7 lakh) |
| Minimum instalment premium | ₹2,000 (Regular and Limited premium) |
| Premium payment | Minimum policy term | Maximum policy term |
|---|---|---|
| Single premium | 15 years | 42 years |
| Limited 10 years | 15 years | 42 years |
| Limited 15 years | 20 years | 42 years |
| Regular (PPT = policy term) | 15 years | 42 years |
The maximum term is also limited by the maximum maturity age of 60.
Death benefit
If the life assured dies during the term while the policy is in force, the Sum Assured on Death is paid:
- Regular / Limited premium: the higher of 7 times the annualised premium or the Basic Sum Assured, and never less than 105% of total premiums paid up to death.
- Single premium: the higher of 125% of the single premium or the Basic Sum Assured.
Maturity benefit
No maturity benefit is payable if the life assured survives to the end of the policy term.
Optional riders
- LIC's Accident Benefit Rider (UIN 512B203V03) - available with Regular and Limited premium payment
The rider can be added if at least 5 years of premium paying term remain, before the policy anniversary at which age (nearer birthday) is 55. Cover runs during the base plan's premium paying term. Rider sum assured cannot exceed 3 times the Basic Sum Assured and rider premium cannot exceed 30% of the base premium.
Death benefit in instalments
The life assured can choose to have all or part of the death benefit paid to the nominee in instalments over 5, 10 or 15 years (monthly, quarterly, half-yearly or yearly). Minimum instalment: ₹5,000 monthly, ₹15,000 quarterly, ₹25,000 half-yearly, ₹50,000 yearly. If the amount is too small for the minimum instalment, it is paid as a lump sum.
Loan, surrender & revival
- Policy loan: Not available.
- Paid-up value: Not available.
- Surrender: No surrender value. On surrender, an Unexpired Risk Premium Value (if any) is paid:
- Regular premium: nothing is payable.
- Single premium: payable at any time during the term.
- Limited premium: payable only if full premiums have been paid for at least 3 consecutive years.
- Revival: A lapsed Regular or Limited premium policy can be revived within 5 consecutive complete years from the first unpaid premium (and before maturity) by paying arrears with interest, subject to continued insurability. Riders can only be revived along with the base policy.
Other key terms
- Grace period: 30 days for yearly or half-yearly premiums.
- Free-look period: 30 days from receipt of the policy document.
- Mode loading: Half-yearly premiums carry a 2% premium conversion rate over the annual equivalent; yearly has none.
- Online sale rebate: 7.50% of tabular premium for 10 to 42 years premium paying term and 3.00% for Single premium, when bought online without an agent or intermediary.
- High Sum Assured rebate (% of tabular premium; nil for ₹5 lakh to under ₹7 lakh):
| Premium type / age band (LBD) | ₹7L to < ₹10L | ₹10L to < ₹15L | ₹15L to < ₹20L | ₹20L and above |
|---|---|---|---|---|
| Regular/Limited, 18 to 30 years | 5% | 10% | 15% | 18% |
| Regular/Limited, 31 to 45 years | 3% | 6% | 10% | 14% |
| Single, 18 to 30 years | 4% | 9% | 14% | 17% |
| Single, 31 to 45 years | 2% | 5% | 8% | 11% |
- Suicide exclusion: Within 12 months of risk commencement or revival, 80% of premiums paid (or of the single premium) is payable, provided the policy is in force.
- Taxes: Applicable taxes are charged extra on premiums.
Who should buy LIC's Jeevan Raksha?
- Young earners aged 18 to 45 who want basic life cover at a low premium
- Families with modest income who need protection of ₹5 lakh to ₹24 lakh
- People who want cover only during their working years, up to age 60
- Those who want the option to add accident cover through a rider
Frequently asked questions
Who can buy LIC Jeevan Raksha (Plan 894)?
Anyone aged 18 to 45 years (last birthday) can buy it. Cover ends by age 60 at the latest, and the minimum age at maturity is 33 years.
How much cover can I take?
The Basic Sum Assured is from ₹5 lakh to ₹24 lakh. The total under all Jeevan Raksha policies on one person cannot exceed ₹24 lakh.
What does my family get on my death?
For regular or limited premium, the higher of 7 times the annualised premium or the Basic Sum Assured (at least 105% of premiums paid). For single premium, the higher of 125% of the single premium or the Basic Sum Assured.
Is any money returned at maturity?
No. This is a pure term plan, so nothing is paid if the life assured survives the policy term.
What is the minimum premium?
Under regular and limited premium payment, the minimum instalment premium is ₹2,000, excluding rider and underwriting extra premium.
Can I get a loan or surrender value?
No policy loan or surrender value is available. Only an Unexpired Risk Premium Value may be paid on surrender of single premium policies, or limited premium policies after 3 full years of premiums.