Jeevan Pragati Plan (T-838)
LIC Jeevan Pragati Plan is an Endowment Plan which provides risk cover to the policyholder which increases with the policy term. As an individual requires more life coverage with the increase in their age so in this plan life cover increases in every five years up to 200% of sum assured.
LIC Jeevan Pragati Plan – USP’s
Let’s check some unique selling points of Jeevan Pragati Plan
- One of its types of plan which provides risk cover which increases with time.
- Risk cover increases with the term up to 200% of sum assured.
- Double accidental rider option is available.
- Term rider option is also available.
- Double tax benefit of section 80C and 10(10D).
- Policyholders can avail loan facility on this plan after completing 3 years.
- On completion of policy term, Sum Assured + Bonus + Final Addition Bonus will be paid as maturity.
- Provided all due premiums have been paid, the following death benefit shall be paid:
On Death during the policy term: Death benefit, defined as sum of Sum Assured on Death and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where, Sum Assured on Death is defined as higher of 125% of Basic Sum Assured or 10 times of annualised premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death.
The premiums mentioned above exclude service tax, extra premium and rider premiums, if any.
On death of policyholder at any time after policy term: Basic Sum Assured
Death Claim Benefit:
- In case of Death during 0-5 years – 100% Sum Assured + Bonus will be paid to the nominee.
- In case of Death during 6-10 years – 125% Sum Assured + Bonus will be paid to the nominee.
- In case of Death during 11-15 years – 150% Sum Assured + Bonus + Final Addition Bonus will be paid to the nominee.
- In case of Death during 16-20 years – 100% Sum Assured + Bonus + Final Addition Bonus will be paid to the nominee.
|Minimum Age to Apply||12 Years (Completed)|
|Maximum Age to Apply||45 Years(Nearest Birthday)|
|Maximum Maturity Age||65 Years (Nearest Birthday)|
|Policy Term||12 to 20 Years|
|Premium Paying Mode||Yearly, Half Yearly, Quarterly, Monthly (NACH)|
|Sum Assured||₹1,50,000 and above (in multiple of ₹10,000)|
|Loan||After 3 years|