Jeevan Pragati (838)
Product Description:
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.Minimum Basic Sum Assured:
Rs. 1,50,000/-
Maximum Basic Sum Assured:
No Limit (Multiple of Rs. 10,000/- only)
Minimum Policy Term:
12 years
Maximum Policy Term:
20 years
Minimum Entry Age:
12 years (completed)
Maximum Entry Age:
45 years (nearer birthday)
Maximum Age at Maturity for Life Assured:
65 years
Mode of Premium Payment:
Yearly, half-yearly, quarterly & monthly
• Accidental Death & Disability Benefit Rider is available on payment of additional premium.
• Minimum entry age for the rider is 18 years.
• Minimum Accident Benefit Sum Assured is Rs 10,000
• Maximum Accident Benefit Sum Assured is an amount equal to the Basic Sum Assured subject to the maximum of Rs 1 Cr.
• Accidental Death & Disability Benefit Rider is available on payment of additional premium.
• Minimum entry age for the rider is 18 years.
• Minimum Accident Benefit Sum Assured is Rs 10,000
• Maximum Accident Benefit Sum Assured is an amount equal to the Basic Sum Assured subject to the maximum of Rs 1 Cr.
LIC's Jeevan Pragati Benefit Details
On Death:
"Sum Assured + Vested Bonus + FAB if any."
• Where 'S.A. on Death' is defined as the higher of
i. 10 times of Anualized Premium, OR
ii. Absolute amount assured to be paid on death, which is as under:
• During first five policy years: 100% of the Basic S.A. • During 6th to 10th policy years: 125% of the Basic S.A. • During 11th to 15th policy years: 150% of the Basic S.A. • During 16th to 20th policy years: 200% of the Basic S.A.
• This Death Benefit shall not be less than 105% of all Premiums paid as on death.
• Where 'S.A. on Death' is defined as the higher of
i. 10 times of Anualized Premium, OR
ii. Absolute amount assured to be paid on death, which is as under:
• During first five policy years: 100% of the Basic S.A. • During 6th to 10th policy years: 125% of the Basic S.A. • During 11th to 15th policy years: 150% of the Basic S.A. • During 16th to 20th policy years: 200% of the Basic S.A.
• This Death Benefit shall not be less than 105% of all Premiums paid as on death.
On Survival :
On survival Basic Sum Assured + Vested Bonus + FAB if any.
Surrendered Value:
The Policy can be surrendered at any time during the policy term provided atleast 3 full years premiums have been paid.
Loan :
Loan Facillity is available under this plan, after payment of premiums for at least 3 full years.
Income Tax Benefit:
Premium paid under this plan is eligible for TAX rebate under section 80c.
Maturity under this plan is free under sec 10(10D).
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