1. A computer program product comprising a non-transitory computer usable medium having a computer readable program code embodied therein for developing a rule-based named entity extraction system, the computer program product comprising program instructions configured to implement: a heuristics modeler configured to: present a user with a plurality of predefined template rule parameters, wherein one or more of the predefined template rule parameters are defined based on domain specific language patterns; receive user input selecting at least one rule parameter from among the predefined template rule parameters; define at least one linguistic rule based on based on the at least rule parameter selected by the received user input, wherein the at least one linguistic rule enables automated extraction of named entities from unstructured text data; a testing framework configured to enable automated regression testing of the named entity extraction system; a project settings module configured to perform project management activities for implementing the named entity extraction system; and a deployment module configured to facilitate deployment of the rule-based named entity extraction system using software components.