LIC’s New Plan Jeevan Pragati (Plan No. 838)
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LIC’s New Plan Jeevan Pragati (Plan No.
838)
Jeevan Pragati, this is the
name of New life
insurance plan of
Life Insurance Corporation of India, Table No. 838. It is going to be launched
on 03/02/2016. Jeevan Pragati is a non linked, with profit endowment assurance
plan, where death sum assured automatically increases after every five years
during the term of the policy. Unique Identification number of Jeevan Pragati
Plan is 512N306V01.
Death
Benefit in Jeevan Pragati Plan
On death of the Life assured during
the policy term, death benefit equals to “Sum Assured on Death”along with
vested simple reversionary bonus and Final Additional Bonus (FAB) if any will
be payable.
Here “Sum Assured on Death” is defined as the higher of
- 10 times of annualized premium or
- Absolute amount assured to be paid on death, which is
- During the first five policy years: 100%
of Basic sum Assured (BSA)
- During 6th to 10th policy years: 125%
of Basic sum Assured (BSA)
- During 11th to 15th policy
years: 150% of Basic sum Assured (BSA)
- During 16th to 20th policy years: 200% of
Basic sum Assured (BSA)
Death benefit mentioned here will
not be less than the 105% of total premium paid up to the death of life
assured.
Benefits payable on Maturity in Jeevan Pragati
Plan
On
survival to the end of the policy term, “Sum Assured in Maturity” along with vested simple
reversionary bonus and Final Additional Bonus, if any, will be payable. “Sum Assured in Maturity”mentioned here is equal to
Basic sum assured in the policy.
Optional Benefits available in Jeevan Pragati
Plan
- LIC’s Accidental
Death and Disability Rider UIN (512B209V01): If this
benefit is opted for an additional amount equal to the Accidental Benefit
Sum Assured is payable on death due to accident, provided the rider is in
full force at the time of the accident.
Other features of Jeevan Pragati
- Loan facility available after
payment of full 3 years of premium.
- Policy can be surrendered after
payment of full 3 years of premium.
- Policy can be revived with 2 years
of FUP.
- Taxes are applicable as per
prevailing rates
- Policy can be dated back in same
financial year
- Assignment and nomination can be
made in this policy
- Free look period of 15 days
available from date of receipt of the policy bond.
To know about the premium
rates of Jeevan Pragati please Click Here
For ready recknor please Click Here
For more info Feel Free to connect us at 9313368533
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