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.
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.
• 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).