LIC Jeevan Pragati Policy Plan (Table No: 838) is a non-linked (Not reliant on share market) endowment assurance plan in which Risk Cover keeps on increasing every 5 year. The escalating risk cover is an important feature which provides adequate risk cover against inflation as the years pass. In addition, this plan also takes care of liquidity needs through loan facility.
|Image Source – The LIC India|
Eligibility Criteria of LIC Jeevan Pragati Policy Plan:
- Age At Entry : Entry age of Jeevan Pragati LIC Plan is Minimum 12 Years Should be completed
- Maximum Age at Entry : The Maximum Entry age is 45 nearest Birthday
- Maximum Maturity Age : Maximum Maturity age of Jeevan Pragati Policy plan is 65 nearest birthday
- Premium Payment Mode : You can opt Yearly , Half Yearly , Quarterly and Monthly(ECS Only)
- Policy Term : The Policy Term of Jeevan Pragati is 12 to 20 Years.
- Sum Assured : The Minimum Sum Assured is Rs 1,50,000 and above (or in multiple of Rs 10,000)
- Premium Payment Mode rebate : 2% yearly, 1% Half Yearly, Nil on Quarterly & Monthly
- Rebate on High Sum Assured(Per 1000 of Sum Assured): 0% till to 2,90,000 , 1.50% In between 3,00,000 to 4,90,000 , 2.00% in between 5,00,000 to 9,90,000 , 2.25% in between 10,00,000 and above.
- Loan on your LIC Jeevan Pragati Plan : After 3 years
- Surrender of the Plan : On completion of 3 year of full premium paid
- Increasing Life Cover & Protection
- Suitable plan to counter inflation
- Premium paid is eligible for rebate under 80(C)
- Maturity amount will be tax free under 10(10D)
- Final Additional Bonus shall not be payable under paid-up policies..
- Bonuses are declared on the Basic SA.
- The date of commencement of risk under Jeevan Pragati plan will be right away from the date of issuance of policy.
Death Benefit : In case of death during policy term, Death Sum Assured + Bonus up to year of death plus FAB will be paid as Death claim to Policy holder’s nominee. Death Sum Assured depends up on year of death, following table explains death claim.
|Year of Death||Death Claim Amount||Remarks|
|During 0-5 Years of Policy Term||100% of Sum Assured + Accumulated Bonus at the time of Death||FAB is not applicable before 15 Years|
|During 6-10 Years of Policy Term||125% of Sum Assured + Accumulated Bonus at the time of Death||FAB is not applicable before 15 Years|
|During 11-15 Years of Policy Term||150% of Sum Assured + Accumulated Bonus at the time of Death||FAB is not applicable before 15 Years|
|During 16-20 Years of Policy Term||200% of Sum Assured + Accumulated Bonus at the time of Death||FAB is Applicable|
Policy Commences of LIC Jeevan Pragati Policy
5th Year : In Case of Unfortunate event during policy term, the death benefit is
- Sum assured on death +
- Accrued bonuses
- Final additional bonus (if any)
- Sum Assured +
- Accrued Bonuses +
- Final Additional Bonus (if any)
Sum Assured on death will be higher of below:
- 10 times of annualized premium paid.(or)
- Total amount to be payable i.e. 105% of total premiums paid. The sum assured on death increases every five years.
- LIC Jeevan Pragati Plan offers a grace period of one calendar month and not less than 30 days will be allowable for Quarterly, Half Yearly and annual premium paid & fifteen days for monthly mode of payment.
- If the death of the insured occurs within the grace period but before the premium due, the policy will be treated like in-force and the settlement will be paid deduction of the said premium which was due and also the unpaid premiums which falling due before next policy birthday.
- If premium is not paid before the ending of the days of grace, the policy lapses.
- If the Policy has not failed and the claim is admitted in case of death under, where the premium payment mode is other than yearly, not paid premium(s).
- The said grace period will also apply to rider premium as is to be along with the premium of the base plan