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LIC’s Jeevan Raksha is a non-participating, non-linked individual pure-risk life insurance plan, Plan 894 (UIN 512N368V01), available for sale from September 2026. It is designed to provide financial protection to the family if the life assured dies during the policy term while the policy is in force. The Basic Sum Assured ranges from ₹5 lakh to ₹24 lakh per life, subject to LIC’s underwriting rules. Entry age is 18 to 45 years, and the cover must end by age 60. Policy terms range from 15 to 42 years, with a minimum 20-year term for the 15-year Limited Premium option. Premium-payment choices include Regular Premium, Limited Premium for 10 or 15 years, and Single Premium. The plan offers different rates for women and for smokers and non-smokers, as well as a high-sum-assured rebate and an online-purchase rebate where eligible. There is no maturity benefit if the insured survives the term. LIC’s Accident Benefit Rider can be selected for additional protection under eligible Regular and Limited Premium policies.
Pure-risk protection with Regular, Limited or Single Premium options and an optional Accident Benefit Rider on eligible policies.
Jeevan Raksha may suit buyers who need a straightforward term-insurance policy with a smaller cover amount and several premium-payment choices. Its ₹5 lakh to ₹24 lakh cover range makes it different from LIC plans designed for substantially higher life cover. Under Regular and Limited Premium policies, the Sum Assured on Death is the higher of seven times the annualised premium or the Basic Sum Assured, and the death benefit cannot be less than 105% of total premiums paid, subject to the policy wording. For Single Premium policies, the Sum Assured on Death is the higher of 125% of the single premium or the Basic Sum Assured. The optional Accident Benefit Rider can provide an additional benefit but is not available with Single Premium policies and has separate age and remaining-term conditions. Buyers should check the actual premium quote, policy term and eligibility before applying. This is pure-risk insurance, so no maturity payout is made on survival.
LIC
Key Insights
Founded
1956
LIC was established 70 years ago and has built strong credibility over time, backed by its long-standing presence in the market.
Claims Experience
95.8% CSR, calculated as a 3-year average
LIC settles 95.8% of all claims it receives, demonstrating strong credibility.
Contact Details
022-6827 6827
Headquarters: Jeevan Bima Marg, Nariman Point, P.O. Box No. 19953, Mumbai, Maharashtra 400021, India
The Basic Sum Assured ranges from ₹5 lakh to ₹24 lakh per life under this plan.
₹5 lakh to below ₹7 lakh is available in multiples of ₹50,000; above ₹7 lakh, multiples of ₹1 lakh apply. Aggregate cover is subject to LIC’s underwriting rules.
The entry-age range is 18 to 45 years. The policy term must end by the maximum maturity age of 60 years.
The maximum term available to an individual depends on their age at entry and the selected premium-payment option.
The plan allows policy terms from 15 to 42 years under the permitted options.
The minimum term for Limited Premium payment over 15 years is 20 years; the maximum maturity age remains 60.
Premiums are paid throughout the selected policy term under the Regular Premium option.
Yearly and half-yearly payment modes are available under Regular and Limited Premium policies.
The plan offers Limited Premium payment for 10 or 15 years.
The policy term must satisfy the minimum-term requirements for the selected premium-paying term.
An optional rider available for additional premium under eligible Regular and Limited Premium policies. The rider provides an additional accident-related benefit according to the rider terms when the covered event occurs and the rider is in force.
Not available under Single Premium policies. It may be opted for during the base policy premium-paying term, provided at least five years of premium-paying term remain for both the base policy and rider, and before the policy anniversary on which the life assured’s age nearest birthday is 55 years. Rider cover is available during the base policy premium-paying term. The rider-specific endorsement and issued policy wording determine the covered event, benefit amount and exclusions.
Conditions or treatments that the policy clearly says it will not cover.
Insurer
LIC plans and claim process
LIC’s Jeevan Raksha is Plan 894 (UIN 512N368V01), a non-linked, non-participating individual pure-risk life insurance plan.
The minimum Basic Sum Assured is ₹5 lakh.
The maximum Basic Sum Assured is ₹24 lakh per life under the plan, subject to LIC’s underwriting rules.
Disclaimer: Premium amounts are indicative and may vary based on age, health, and plan selected. Claim settlement ratios are from IRDAI Annual Reports. Finzony is not an insurance broker or agent. Verify all details on the official LIC website before purchasing.
Official Website
licindia.in
Visit the official LIC website for plan brochures, premium quotes and policy services.
The aforementioned ratios have been averaged over three years (FY24-FY26)
The entry-age range is 18 to 45 years, measured at the last birthday.
The maximum age at maturity is 60 years. The available policy term depends on age at entry and the chosen premium-payment option.
The policy term ranges from 15 to 42 years. The minimum term is 20 years for the 15-year Limited Premium option, subject to the maturity-age limit.
The plan offers Regular Premium, Limited Premium for 10 or 15 years, and Single Premium.
The Sum Assured on Death is the higher of seven times the annualised premium or the Basic Sum Assured, and it cannot be less than 105% of total premiums paid up to death, subject to the policy terms.
The Sum Assured on Death is the higher of 125% of the single premium or the Basic Sum Assured, subject to the policy terms.
No. This is a pure-risk term plan and no maturity benefit is payable if the life assured survives until the end of the policy term.
Yes. LIC’s Accident Benefit Rider is available for additional premium under eligible Regular and Limited Premium policies. It is not available under Single Premium policies.
It may be opted for during the base policy premium-paying term, provided at least five years of premium-paying term remain for both the base policy and rider, and the rider is opted for before the policy anniversary on which the life assured’s age nearest birthday is 55 years.
No. Jeevan Raksha provides life insurance protection and does not pay ordinary hospitalisation or medical-treatment expenses.
The premium depends on age, cover, policy term, payment option, smoking status, gender and underwriting. Obtain an individual quotation from LIC for the applicable premium.