LIC Jeevan Pragati
LIC Jeevan Pragati Plan is one of the best plan for increasing age and risk. Jeevan Pragati plan is aa 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.
Features of LIC Jeevan Pragati policy
This plan provides increase in Life insurance cover every 5 years till maturity of the policy.
- During 1st to 5th policy years : 100% of the Basic Sum Assured.
- During 6th to 10th policy years : 125% of the Basic Sum Assured.
- During 11th to 15th policy years : 150% of the Basic Sum Assured.
- During 16th to 20th policy years : 200% of the Basic Sum Assured.
The date of commencement of risk under Jeevan Pragati plan will be immediately from the date of issuance of policy.
MODE OF PREMIUM PAYMENT: The modes of premium payment allowable are Yearly. Half Yearly. Quarterly, SSS and Monthly deductions by NACH facility
- Maturity Benefit:
- Under Jeevan Pragati plan “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.
- Death benefit :
- In case of death during Jeevan Pragati policy term, provided policy is active, 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.
All LIC Premiums referred shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium, if any.