LIC Jeevan Pragati Plan (Table No: 838) is a non-linked (Not dependent on share market) endowment assurance plan in which Risk Cover keeps on increasing every 5 year. The increasing risk cover is an important feature which provides adequate risk cover against inflation as the years passes. Jeevan Pragati plan can be suitable for a person who is looking for a saving as well as adequate risk cover as protection for his/her family with LIC. This can be opt with accidental benefit rider to make it a better plan.
- Increasing Life Cover
- Suitable plan to counter inflation
- Premium paid is eligible for rebate under 80(C)
- Maturity amount will be tax free under 10(10D)
|Age at Entry||12 Years (Completed)|
|Maximum Age at Entry||45 Nearest Birthday|
|Maximum Maturity Age||65 Nearest Birthday|
|Premium Paying Mode||Yearly, Half Yearly, Quarterly, Monthly (ECS Only)|
|Policy Term||12 to 20 Years|
|Sum Assured||1,50,000 and above (in multiple of 10,000)|
|Premium Mode Rebate||2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly|
|Rebate on High Sum Assured|
(Per 1000 of Sum Assured)
|0% up to 2,90,000|
|1.50% for 3,00,000 to 4,90,000|
|2.00% for 5,00,000 to 9,90,000|
|2.25% for 10,00,000 and above|
|Loan||After 3 years|
|Surrender||After 3 years of full premium payment|
On completion of policy term, Sum Assured + Bonus + Final Addition Bonus (FAB) will be paid as maturity.
In case of death during policy term, Death Sum Assured + Bonus up to year of death + FAB will be paid as Death claim to Policy holder’s nominee. Death Sum Assured depends up year of death, following table explains death claim.
|Year of Death||Death Claim Amount||Remarks|
|During 0-5 years of Policy Term||100 % of Sum Assured + Accumulated Bonus at the time of Death||FAB is not applicable before 15 Years|
|During 6-10 years of Policy Term||125 % of Sum Assured + Accumulated Bonus at the time of Death||FAB is Not applicable before 15 Years|
|During 11-15 years of Policy Term||150 % of Sum Assured + Accumulated Bonus at the time of Death+ FAB||FAB is applicable for 15th year|
|During 16-20 years of Policy Term||200 % of Sum Assured + Accumulated Bonus at the time of Death+ FAB||FAB is applicable|
Accidental Death and Disability Benefit Rider is available with this plan as rider which can attached with Jeevan Pragati plan (838) to make more essential plan in case of an accident or disability during the policy term.