The suspected terrorists are still on the run.
According to initial reports, the incident took in the morning when the BJP leader was at his home in Chandoa of Budgam district. Chadoora is around 17 km from state capital Srinagar.
The suspected terrorists overpowered the security guard, snatched a rifle from him and ran away.
An alert has been sounded across the area and all entry and exit points leading to the village have been sealed.
A search operation has been launched to nab the suspected terrorists.
Earlier in the day, a terrorist was killed by security forces in Kupwara district.
Last week, as many as eight Central Reserve Police Force (CRPF) personnel were martyred and 24 others injured in a major ambush by two terrorists who were neutralised in the encounter at Pampore.
Arms and ammunition including 2 AK-47 Rifles, 11 hand grenades were also recovered from the killed terrorists.