The features more or less combine the same benefits as in the case of LIC policies earlier.
Take a look at some of the key features.
a) The sum assured ranges from Rs 75,000 to a maximum of Rs 2 lakhs.
b) The period of the policy is 10 to 20 years.
c) Maximum age limit under the policy is 75.
d) You can avail double accident benefit provided.
e) Death benefit would be 10 times the sum assured.
f) Maturity benefit is basic sum assured in addition to accumulated loyalty bonus
g) Loan can be availed after 3 years of policy.
h) No medicals are required.
i) No claims will be entertained if the policy holder commits suicide within 1 year of policy.
j) Premium rebate of 2 per cent is available for yearly payment.
Should you invest?
Clearly, the LIC Jeevan Rakshak is not the best policy around. The sum assured is restricted to as low as Rs 2 lakhs. In today's world, one cannot be sure what one would achieve with a sum of Rs 2 lakhs. The returns are once again likely to be in the range of 5-6 per cent, and anything more than that would be a bonus.
It's always a good idea to invest in a term policy as the sum assured is high. Afterall, insurance is meant to provide for the safety of your family in times of emergency. What in the world would you want to do with such a low sum assured. Today, for as little as Rs 9000 you can get a cover of Rs 1 crore, depending on your age. it's best to skip LIC Jeevan Rakshak as there are hardly any extraordinary benefits.