LIC PLAN 894
LIC Jeevan Raksha Plan 894 – Complete Detail Guide
High Life Cover • Low Premium • Pure Term Assurance Plan
Updated: 26 September 2026 | By Mashrubhai Dhoriya
📘 Plan Kya Hai?
LIC Jeevan Raksha Plan 894 ek Pure Term Assurance Plan hai — matlab ye sirf life cover deta hai, koi maturity benefit ya bonus nahi.
Agar policyholder policy term ke dauraan guzar jaate hain, toh nominee ko Sum Assured milta hai. Agar policy term poora ho jaata hai aur insured zinda rehte hain, toh koi maturity amount nahi milta (term plan ki tarah).
Iska main maksad hai — kam premium me zyada life cover dena, especially young earners aur family breadwinners ke liye.
📋 Key Features
| Feature | Details |
|---|---|
| Plan Number | 894 |
| Plan Type | Pure Term Assurance (Non-Par) |
| Entry Age (Min) | 18 years |
| Entry Age (Max) | 50 years |
| Maturity Age (Max) | 65 years |
| Policy Term | 10 to 40 years |
| Premium Paying Term | Same as Policy Term (Regular) |
| Minimum Sum Assured | ₹50,000 (varies by channel) |
| Maximum Sum Assured | No upper limit (subject to underwriting) |
| Premium Mode | Monthly, Quarterly, Half-Yearly, Yearly |
| Tax Benefit | Section 80C & 10(10D) |
| Loan Facility | ❌ Not available |
| Surrender Value | ❌ No surrender value |
| Grace Period | 15 days (monthly), 30 days (others) |
✅ Plan Ke Fayde (Benefits)
- High Life Cover, Low Premium – Kam age me bahut kam premium me ₹20 lakh+ ka cover mil jaata hai.
- Flexible Payout Options (Nominee ke liye) – Lump Sum / Installments / Combination
- Tax Savings – Premium par Section 80C (₹1.5 lakh tak), Death benefit par Section 10(10D) tax-free
- Simple & Transparent – Koi hidden charges nahi, koi bonus confusion nahi
- Riders (Add-ons) – Optional protection enhance karne ke liye
🎁 Optional Riders
Available Add-ons:
- Accidental Death & Disability Benefit Rider
- Critical Illness Rider
- Premium Waiver Benefit Rider
💰 Premium Example (Illustration)
| Age | Sum Assured | Policy Term | Approx. Annual Premium* |
|---|---|---|---|
| 30 | ₹20,00,000 | 30 years | ₹4,500 – ₹6,000 |
| 35 | ₹20,00,000 | 25 years | ₹6,000 – ₹8,000 |
| 40 | ₹20,00,000 | 20 years | ₹9,000 – ₹12,000 |
*Actual premium age, gender, smoking habit aur medical underwriting par depend karta hai. Official LIC premium chart se confirm karein.
👤 Eligibility – Kaun Le Sakta Hai?
- Age: 18 se 50 saal (entry)
- Maturity: Maximum 65 saal tak
- Medical Test: Higher Sum Assured par zaroori
- Occupation: Kuch high-risk occupations me premium zyada
⚠️ Kya Isme Maturity Milta Hai?
• Insured zinda rahe policy term ke baad → Koi paisa nahi milega
• Insured guzar jaaye term ke dauraan → Nominee ko Sum Assured milega
Isliye ye investment plan nahi, sirf protection plan hai.
🎯 Kis Ke Liye Best Hai?
- ✅ Young earners jinke paas abhi investment budget kam hai
- ✅ Family breadwinners jinko high cover chahiye
- ✅ Log jo already investment (PPF, MF, FD) kar rahe hain, sirf protection add karna chahte hain
- ✅ Loan liya hai (home/car) — jise cover karna hai
❌ Kis Ke Liye Nahi Hai?
- Jo log maturity + bonus chahte hain — unke liye LIC ke endowment plans better hain
🚫 Important Exclusions
- Suicide within 12 months of policy → Nominee ko sirf 80% premium wapas
- Fraud/misrepresentation at proposal stage → Claim reject ho sakta hai
- Non-disclosure of health issues → Claim denial ka risk
📊 Quick Summary
| Aspect | Detail |
|---|---|
| Plan Type | Pure Term (Non-Par) |
| Best For | High cover, low premium |
| Maturity Benefit | ❌ Nahi |
| Death Benefit | ✅ Sum Assured |
| Tax | 80C + 10(10D) |
| Riders | Optional |
| Ideal Age | 18–50 |
👨💼 Confused? Let's Talk!
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