LIC’s Jeevan Rakshak (Plan No.827)-Whose Rakshak is this?

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• I buy jeevant rakshak policy on my daughter pay premium 3 years her age 13 and I want surrender this policy who's neft form require myself or my daughter

  • Dear Nilesh,
    As you are a proposer, your NEFT details required.

• I want to buy policy for my wife. She is 32 yrs. Please let me know which is fine so that she can good return end of the maturity

  • Arindam-First decide yourself of whether you need investment or insurance. If your idea is insurance, then buy term insurance. If idea is of investment, then stay away from such insurance+investment products.

• Basavaraj sir i am afraid about my invest in lic jeevan rachak 827 plan .kidly suggest me is it fine.

  • Mr. Pankaj don't worry because any insurance policy is give us "Insurance" not return , when you get your money at end of policy , this will be a increased money that you have paid ,

    Think- if any one paid premium for three year Rs. 4000/year (total paid 12000) & he is not live due to accident , Now LIC company will give to his/her nominee Rs. 400000 ( 4 Lac) . Now what % is return of this policy . ( S.A. 2 Lac Only )

    You should happy that you are live & also get your paid money with good Bonus.

  • Pankaj-It is fine only if you feel 5% to 6% is BEST return for you.

• Good job sir. What what about LIC new jeevan Anand. I have take this plan.
  S.A 1 lac
  Terms 35 years
  Quarterly premium 843
  . agent told me that I received about 4 lacs.

  • RK-You already bought it believing that agent's claim of Rs.4 Lakh is true. Whether you cross checked his claim? Let me know how your agent arrived at this value of maturity amount.

    • Hi,

      I assume his age is around 25 or less and he has taken New Jeevan Anand with Profit 815 policy, where he will be paying around 900 quarterly and calculation should be like below,

      Sum Assured - 1 Lakhs
      Bonus on maturity - 171500 (49/1000 SA, hence 4900 / year and for 35 years it turns around 171500 for 1 Lakh)
      Final Additional Bonus - 185000 (1850/1000 SA - Hence 185000 for 1 Lakh)
      Total - 456500

      Correct me If I'm wrong,

      Thanks
      Abdul

      • Abdul-Your calculation is correct. But investing around Rs.1 lakh and getting Rs.4 lakh seems attractive right? But at what cost? You are getting this amount after 35 years. Do you know how much return you get? It is around 6%. Nowadays even a savings account provides you around 5% to 6% return then why should you have to invest in such illiquid product? Also, what will be the value of Rs.4,56,500 after 35 years? It may be your few days household expenses.

• Dear Sir,

  My Friend which is a LIC Agent forcely giving me LIC Jeevan Rakshak Plan. As I am from a Rural area of Marathwada Region of Maharashtra State. I know nothing about Insurance. I am from a poor family. I have two sons 3 and 1 year old.

  I just get Jeevan Rakshak
  TERM 15 Years, Yearly Premium Rs. 10061 + Service Tax Rs. 302 and SA is 200000/-
  and my friend says after 15 years I will get Rs. 4,50,000 to 5,00,000 is it true.
  reading the articles on different sites I am afraid that it is not true.
  Verry sorry for my english.
  Hoping for reply.
  I hope you will be understand my situation.

  Thank You

  Please, mail me, I am eagerly waiting

  ramppolkewar@yahoo.in

  • Ram-Even if you get Rs.4,50,000 after 15 years then you feel a great return or great investment? Think yourself.

• hello basu sir,

  can you please elaborate on Loyalty Addition as i am confused on it.

  Is this LA is done only once in the whole insurance policy in the year in which we purchase this.

  one more thing which i would like to ask is my sister has taken this jeewan rakshak policy for 20 years and her basic sum assured is Rs. 75,000. she has opted for quarterly premium payments. her instalment premium for basic plan is Rs. 666.63 and rider instalment premium is Rs. 9.37 which makes it to Rs. 676.00.
  she has tution income of Rs.1500/month.

  so my question is how much amount she will get on 25/08/2034 as premium is payable till 25/05/2034.

  • Anant-LA will be payable at end of policy either at maturity or claim, but not at beginning of a year. Return from your sister's policy will be around 5% to 6%.

• Well I really fail to understand why Financial planners fail to differentiate between category of the products and their intended benefits. All they focus is on ROI( Return on Investment). Dear , I would like to make it very clear that Insurance is a separate domain of financial planning. Its prime objective is risk coverage and to minimise the financial loss in the event of untimely and unfortunate loss of the bread earner. If your just view all the products by the prism of ROI , a justified conclusion can not be reached upon. There are many people in the society for whom 2 lakhs is a big sum. LIC being a business as well as social organisation, its aim is to reach to every strata of the society.
  Yes, I am an officer of LIC and not an agent. There are various products in LIC catering to the need of people of varying financial capacity( in terms on Insurance). There are pure term insurance products which offer nothing after survival.But they offer huge sum assured at very less premium the case of death.If you reject these plans purely because the ROI is zero at maturity then you seriously need to think about your understanding of the financial planning.
  Compare the products after viewing what category they fall into and then make an analysis to what extent they serve their intended purpose.If you have everything as ROI, then please insurance is not your thing. Concentrate on other financial instruments with no element of insurance. And moreover, not all people are experts in FP, they sometimes look for easier products to safeguard their interests. LIC just provides an option and if you see the premium and the quantum of risk coverage, Jeevan Rakshan is a nice product to go for. Ad if possible show me some other Insurance products that covergood amount risk and offer huge over 9% return as well.

  • Sumeet-Thanks for coming into picture :) I fully agree with your views on importance of insurance. I have few questions for you. Being a family member of India's top insurance company, please try to answer for the benefits of all.
    1) Do you consider this product as insurance or investment?
    2) If insurance then do you feel your agent force will actually sell this product to those people who only need of insurance is Rs.2 lakh?
    3) If you consider as investment then do you feel it is worst to get negative real return??
    4) I considered ROI because I felt this product as investment rather than insurance. Because even in small village, for how many years one's family member survive with the insurance claim amount of Rs.2 lakh?
    5) 90% return????? Can you elaborate more about the method you adopted for calculation? I am more eager to know about this 9% method of calculation. In fact more eager to invest myself :)

    • Dear Basu
      Lets start with your point No.5. I would have liked it more had you read that carefully. I was talking about 9% , not 90% and moreover, I was asking you to suggest me the insurance plan which provides more than 9% return as you were being sceptic about Jeevan Rakshak.
      1. This product is Insurance which provides for decent returns even if you call it 6% return.:)
      2.This product has been designed keeping in vi the emium would be affordable to a large mass. Ofcourse our Agents will sell this product to those whose insurance need is more than 2 lakhs. A liitle sense is required to understand there are other products as well. Since this product is not clubbed with other plans for the purpose of calculation of SUC, this provides for additional cover. If you can afford Mercedes, having an Alto 800 is no sin:)
      3 &4. This is absolutely ridiculous to even say that. Since writing blogs is easier , you need to understand the value of 2 lakhs. I have seen tears of happiness and relief when poor people get even Rs. 50000/- cheque in hand.2 lakhs is really a big deal for them. Who asks you to be covered for 2 lakhs only. Go for higher cover if you can pay for that.There are other plans for that.
      Have you ever seen the premium rates? Compared it with other insurance products? If you say insurance is bad then I can agree with your concept. Else, you should appreciate the fact that with this product LIC has tried to accommodate maximum people in the ambit of insurance.
      I hope you too must be having some plan from LIC( with lower ROI though..:P)
      I welcome your further comments over this and I am quite interested to know to what extent do you undermine the value of insurance.:)

      • Sumeet-Let me know which insurance plan will give me even 9% of return too. I will ready to invest. Please share details for benefits of all with your calculation method. 6% decent return? How about investing the same in savings accounts which few banks offers around 5%-6% return? Ha ha...good example of Mercedez to Alto. But do your agents fraternity of the so called LIC officials understand this logic? When nothing is there then even Rs.50,000 seems to bigger for families. But you being in insurance industry providing the right support with just Rs.50,000 or to say Rs.2,00,000 suffice for how many days? Especially considering the inflation rate (not urban but rural also). Wow.....each product LIC designs will come up with the logic that to accommodate maximum people in ambit of insurance. But sadly neither agents nor the so called officials understand the value of insurance. LIC ki jai ho....:) I too having LIC plan? I challenge you to check your LIC database with my name :) I CHALLENGING you, because you claimed to be LIC's official. If you come up with plan issued in my name then let me know please...not for continue but to surrender. For your information, I am not undermining the value of insurance. But totally undermining the concept which sells product in the name of insurance which gives return of savings account.

        • Ahh I missed another point here. You keep on saying how long will 50000 suffice or 2 lakhs suffice. I have really come across such a foolish question after long time. HAHAHA. Do you know the concept of HLV(Human Life value)? Or you want LIC to provides someone with yearly income of 2 lakhs paying yearly premium of Rs. 7000 a life cover of say 5 crores ?? Lolz hope then it will suffice for a long time and then only LIC will win some good words from you. you are a CFP and you miss this gross point again and again that this is not the only thing LIC offers. If you go to purchase a shirt do you cry foul there that how long will this shirt give me the cover. I want the entire shop in the price of one shirt.Lolz. I have made my point and readers of your blog would have got some idea after reading our conversation. Let them decide what's best for them . LIC ki jai ho. And I have other things to do rather than searching a fool's name in LIC data base.LOL. I was literally laughing by your confident way of CHALLENGING me to find your name in the database.:D Goodluck friend!

        • Sumeet-Thanks for your wonderful comment about my question :) Again and again lecturing on importance of insurance....but selling a product which neither suffice insurance nor return :) Great logic LIC official. keep it up :)

        • Thanks dear Friend!! I know where LIC stands, You know where LIC stands and people like you have been trying hard unsuccessfully to tarnish the image of LIC. May be you are some kind of undercover agent hired to do this.HahahaScribbling will not help. And I know my logic.Happy earning and blogging Certified Financial Planner..:P lolz

        • What a discussion. When I finished I felt like that was the article of this post. Anyway I am not a finance person, rather a common salaried man who learned by my mistakes and blogs like this. And off-course using my own brain after reading everything.

          So, from a common man point of view I can say that we have better options in market to get more benefits considering all insurance + investment knowledge. Why too much promotion of LIC? I am not against LIC. But their approach to swipe people's mind with sentimental discussion is not at all good. I know it very closely as one of my close relative is a LIC agent.

          Every company is launching so many products, they can only explain us how it can be beneficial us. But can't force us to think that there is no other options beside this.

          I am not taking any one's part here. But just want to add my view as a common man after knowing many facts about about these financial products.

          Here I want to through a simple question to all the reader and insurance agent of LIC :
          Why don't you tell about the e-term plan to public rather than this ULIP plans? I think buying e-term is far better than buying any other lic policy. At least one quota of responsibility will 100% complete for that guy.

        • Santanu-Thanks for your views and ideas :) I really appreciate the way you commented.

        • Sumeet-Thanks for giving me that tag called "Undercover agent hired to do this" :) But to your surprise I am LIC agent :)

        • Lolz...You definitely seem to have the habit of overlooking the finer points. Your stress a lot on not so necessary things. I was just hoping you would be having an Insurance plan with LIC which you dont have and congratulations to you for this.:P
          My dear blogger, I am not suggesting you any plan rather asking have you come across any other Insurance plan which gives more than 9% return.Forget LIC for the moment. Name me any plan from any company which gives returns more than the inflation. So do you mean to say the Insurance is an useless product if it cant give you more than 9% returns. Hahaha.
          As far as I know, I havent come across any Insurance plan which apart from covering risk gives you returns like Mutual Funds or equity. My dear knowledgeable blogger, do you suggest that Insurance is a useless thing??
          Hahah good to see you saying LIC ki jai ho. Truly LIC ki jai ho.Dear friend, widen your horizon and dont make your financial planning compartmental. Insurance is the need of everyone's life even if it give you less returns. Your Bank's saving account wont give you the the coverage in the event of some mishappening. Give proper room to the need of insurance and combine it with other investment avenues to maximise the gain. Dont compare Daal roti with pizza and burger.
          I wish you all the best. After all you need to do something for a livelihood.:)

        • Sumeet-For your information I am considering insurance only for insurance purpose. So I pay to pure insurance premium not to any product which combines insurance with investment. Hence I will not accept the return. I buy it for protection by paying the pure mortality charge and expect only life risk. Now you are dwindling between importance of insurance with return part. First mind up your mind about whether you are giving advice on insurance or investment. You including agents have habit of selling a product mentioning the importance of insurance but which is insurance+investment. Do you feel any of other traditional plans whether they are from LIC or other insurers provide return of 9%? Reason is, if one investing Rs.100 then in first year 35% to agents, 2-3 year 7.5% and from 4th year onward 5%. So if we consider this alone expenses (forget about other investment LIC need to bear regarding traditional plans). Then do you know how much return LIC must generate to at least give 9% return to investors??

          As I said 100 times, I never under estimate the importance of insurance. But hate the product which combines insurance+investment and under insurance once life, also provides the return which even can't beat inflation. So now by reading comments from both of us let readers decide who are at right :)

• Hi BasavaRaj,
  Well, I already a posted a question regarding Jeevan Rakshak plan but im not able to trace out that in which article i have posted it, anyways here its my question.
  Well if i go for a jeevan rakshak plan of sum assured 2 lacks for 10 yrs and im 30 years old... So can u tell me roughly that how much am i going to pay as in premiums for overall 10 yrs and what is the amount I can expect after the policy gets matured...
  Thanking you in advance.

• Hi Basavaraj,
  Well im here to discuss about Jeevan Rakshak policy, lets say im planning to go for sum assured 2lacks for 10 years, so could you help here that what will be the total amount i would be getting once it gets matured???
  Thank you in advance...!

  • Sri-This being a typical traditional insurance plan, you can expect returns of around 6%.

• Thanks All for sharing so much of Insight.... I need a simple help......Need to Buy LIC policy for age 30 to work as retirement plan or lumpsum money. I am putting money in PPF which is not an issue. Which on should I buy. I can even look at the combination of plan which normally people talks about. Can you please help mein buying one, I know there are many options but I want it to be with LIC as private sector is too risky. Look forward for a detail reply as you did in above points.

  • Ricky-Sadly no such retirement building plans available in LIC.