LIC's Jeevan Pragati
LIC's Jeevan Pragati Plan is a non-linked, with - profits plan which offers a combination of protection and savings. This plan provides for automatic increase in risk cover after every five years during the term of the policy. In addition, this plan also takes care of liquidity needs through loan facility.
Benefits
Death Benefit
In case of death during the policy term, provided all due premiums have been paid, Death benefit, defined as sum of "Sum Assured on Death ", vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where "Sum Assured on Death" is defined as the higher of 10 times of annualized premium or Absolute amount assured to be paid on death i.e. 100% of the Basic Sum Assured during first 5 policy years, 125% of the Basic Sum Assured during 6th to 10th policy years, 150% of the Basic Sum Assured during 11th to 15 th policy years and thereafter 200% of the Basic Sum Assured.
This death benefit shall not be less than 105% of all the premiums paid as on date of death.
Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium, if any.
| 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 | FAB is applicable for 15th year |
| During 16-20 years of Policy Term | 200 % of Sum Assured + Accumulated Bonus at the time of Death+ FAB | FAB is applicable |
Maturity Benefit
"Sum Assured on Maturity" equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.
Participation in Profits
The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in force. The Bonuses shall be declared on the Basic Sum Assured.
Final Additional Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity.
Optional Rider
The policyholder has an option of availing LIC's Accidental Death and Disability Benefit Rider (UIN: 512B209V01). Rider sum assured cannot exceed the Basic Sum Assured.
Eligibility conditions and other restrictions in LIC Jeevan Pragati Plan
- Sum Assured 1,50,000 and above (in multiple of 10,000)
- Policy Term Minimum 12 years & Maximum 20 years.
- Minimum age of policy holder will be 12 years & Maximum 45 Years
- Maturity age will be 65 Years
- Payment modes will be Yearly , half-yearly , quarterly and monthly.
- Grace Period will 30 Days in yearly mode and 15 days in half-yearly,quarterly & monthly mode.
- Loan Facility available in this plan.
