LIC Jeevan Pragati plan (Table No.838) is a non-linked, with-profits and savings cum protection plan. This new endowment assurance plan is available for purchase from 3rd February, 2016 onwards. The main feature of this Jeevan Pragathi plan is the automatic increase of ‘sum assured on death’ feature. This death benefit increases after every five years during the term of the policy. In 2016, LIC has launched LIC Jeevan Labh (launched on 4th January) and LIC Jeevan Sikhar (launched on 11th January) prior to LIC Jeevan Pragati policy.
LIC Jeevan Pragati Plan Eligibility & Other Details
|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|
|Minimum Accident Benefit Sum Assured||Rs 10,000|
|Maximum Accident Benefit Sum Assured||an amount equal to the Basic Sum Assured subject to the maximum of Rs 1 Cr.|
|Minimum entry age for the rider||18 years|
Accidental Death & Disability Benefit Rider will be available on payment of additional premium.
LIC Jeevan Pragati Plan Benefits
Death Benefit under Jeevan Pragati Plan
In case of death of the policy holder during the policy term, the Death Benefit which implies the Sum Assured on Death + Vested Simple Reversionary Bonuses along with Final additional bonus, if any, is payable to the nominee.
As the salient feature of this policy, the Sum assured on death automatically increases every five years. Where “Sum Assured on Death” is defined as the higher of
- a) 10 times of annualized premium or
- b) Absolute amount assured to be paid on death, which is as under;
- During the first five 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.
Maturity Benefits payable in Jeevan Pragati Plan
On survival to the end of the policy term, the policyholder will receive the maturity benefit (Sum Assured in Maturity) along with vested simple reversionary bonus and Final Additional Bonus (FAB), if any. Here Sum Assured on Maturity 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.
LIC Jeevan Pragati plan Calculator: This information will be updated as soon as LIC provides it.
Other important features of Jeevan Pragati policy
- Nominee option is there under this policy
- Policy can be surrendered after payment of full 3 years of premium
- It can be revived with 2 years of FUP and can be dated back in the same financial year
- Taxes are applicable as per the prevailing rates
- Loan facility is available after payment of full 3 years of premium
- Final Additional Bonus is not payable on PAID-UP policies.
The date of commencement of risk under this policy will be immediately from the date of issuance of this Jeevan Pragati plan. You may visit the official LIC website for more information about this new LIC policy.