LIC Jeevan Raksha (894) — Features, Benefits & Premiums
LIC Jeevan Raksha (Plan 894, UIN 512N368V01) is a pure protection plan — it pays a lump sum to your family if you die during the policy term, at a very low premium. There is no maturity benefit; every rupee goes toward cover, which is what makes it cheap.
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What Jeevan Raksha 894 offers
- Death benefit only: a guaranteed sum to your family if you pass away during the term. On surviving to maturity, nothing is paid back — this is a protection plan, not a savings plan.
- Very low premium: because there is no savings element, cover costs a fraction of an endowment plan.
- Flexible premiums: pay regularly, for a limited number of years, or as a one-time single premium.
- Entry age: 18 years and above; minimum maturity age 33, maximum 60 (last birthday).
- Optional rider: LIC’s Accident Benefit Rider can be added for extra cover on accidental death (up to 3× the base cover).
- Non-smoker rates: non-smokers pay noticeably less — it pays to declare honestly.
Indicative yearly premiums
Non-smoker, regular-premium, for Rs 50 lakh cover (from LIC’s 894 rate card; before GST):
| Profile | Cover & term | Approx. premium/year |
|---|---|---|
| Man, age 25, non-smoker | Rs 50 L, 30 years | ~ Rs 28,100 |
| Man, age 30, non-smoker | Rs 50 L, 30 years | ~ Rs 33,550 |
| Man, age 35, non-smoker | Rs 50 L, 25 years | ~ Rs 37,950 |
| Woman, age 30, non-smoker | Rs 50 L, 30 years | ~ Rs 29,950 |
Indicative, from LIC’s official 894 rate card; your exact premium depends on your age, term, gender, smoker status and premium type, and GST is extra. Smoker and limited/single-premium rates differ.
Jeevan Raksha is LIC’s pure-protection option. Private online term plans (HDFC, Max, ICICI) are often cheaper for the same cover, and all settle 98%+ of claims. See them side by side on our term insurance comparison tool, then buy the cheapest plan with a strong claim record.
Educational information, not individual advice. Plan features and premiums are from LIC’s official Plan 894 documents (2025); confirm exact figures and eligibility with LIC or a licensed advisor before buying.