LIC's Jeevan Pragati Plan is a 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.
Jeevan Pragati endowment plan provides an attractive
fusion of protection and saving features. LIC of India recently introduced a
new endowment plan Jeevan Pragati with effect from 3rd February 2016. New
Endowment Plan Jeevan Pragati provides the automatic increase in risk cover
after every 5 years during the term of the Insurance policy. Also, this new LIC
Plan also takes care of liquidity needs through loan facility. The new UIN
(Unique Identification Number) for LIC’s New Jeevan Pragati plan is 512N306V01.
Jeevan Pragati Endowment Plan offers financial support for the family in case
of unfortunate death of the insured any time before the maturity and a lump sum
amount at the time of maturity for the surviving Insured.
Features
LIC New endowment plan-Jeevan Pragati can be suitable for an
individual who is looking for saving as well as adequate risk cover as
protection for their family. This New LIC plan helps you to do the things what
you always have been doing. LIC of India offers various Endowment plans for
individuals, Family, etc. Let us have the glance at the key features provided
by the LIC Jeevan Pragati Plan (838) in the following section.
- LIC Jeevan Pragati is non-linked, with – profits endowment plan.
- New LIC Endowment Plan Jeevan Pragati is a combination of Protection and savings need.
- The Accidental Death & Disability Benefit Rider (UIN: 512B209V01) offered by LIC India is available under this plan as an optional rider.
- The life assured will receive a lump sum Amount on Maturity of the Policy.
- LIC Jeevan Pragathi endowment plan is the ‘sum assured on death’ automatically increases after every five years during the term of the policy.
- Death Benefit: Sum Assured on Death” is higher of 10 times of annualized premium.
Eligibility
Conditions
LIC Jeevan Pragati endowment plan offers customized policies
that can surround almost any Saving need that insured might have. Check the
eligibility conditions for the Jeevan Pragati Endowment plan in the following
section.
S.no
|
Conditions
|
Details
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1
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Entry age Allowed
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Minimum 12 years completed.
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Maximum 45 years (Nearest Birthday).
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||
2
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Basic Sum Assured
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Minimum Rs. 1,50,000/-
|
Maximum No Limit.
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||
3
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Policy Term
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Minimum 12 years.
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Maximum 20 years.
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||
4
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Premium Paying Frequency
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Yearly.
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Half-Yearly.
|
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Quarterly.
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Monthly.
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||
5
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Premium Paying Term
|
Equals to Policy Term.
|
6
|
Maturity Age
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Maximum 65 Years (Nearest Birthday).
|
7
|
Accident Benefit Rider
|
Available on payment of additional premium.
|
Benefits
LIC Jeevan Pragati endowment plan provides a reliable tool
for increasing funds and offers a life cover to the life assures. Here we are
presenting the essential benefits of endowment (New LIC Plan 838). Let’s have a
look at the benefits offered by the LIC endowment plan in the following
section.
Death Benefit: On decease of the Insured during the policy
term, a Death Benefit which is Sum Assured on Death + Final Additional Bonus +
Vested Simple Reversionary Bonuses, if any, shall be payable to the
beneficiary.
- The Sum assured on death automatically rises every five years. Where “Sum Assured on Death” is defined as the higher of the following.
- 10 times of annualized premium.
- Absolute amount assured to be paid on death, which is as follows.
- During the first five policy year: 100% of the Basic Sum Assured.
- During 6th to 10th policy year: 125% of the Basic Sum Assured.
- During 11th to 15th policy year: 150% of the Basic Sum Assured.
- During 16th to 20th policy year: 200% of the Basic Sum Assured.
Free Look Period: If the policyholder is not satisfied with
the “Terms Conditions” of the LIC Jeevan
Pragati plan, she/he may return the insurance policy to the Corporation within
15 days from the date of receipt of the policy.
Maturity Benefit: If life insured survives till the end of
the policy term, “Sum Assured on Maturity” which is equal to the Basic Sum
Assured + Simple vested Simple Reversionary Bonuses + Final Additional bonus
will be Payable as Maturity Benefit.
Participation in Profits: By taking this Policy, the Life
assured will receive Share in Profits of the Corporation as Simple Reversionary
Bonuses declared as per the experience of the Corporation.
Policy Revival: LIC’s Jeevan Pragati Plan can be revived
before two years from the date of First Unpaid Premium (FUP).
Grace Period: A grace period not less than 30 days will be
allowed for payment of yearly, half-yearly or quarterly premiums and 15 days
for the monthly mode of premium payment.
Loan: Loan facility
is available under this plan after the Successful Payment of Premiums for at
least Three Years.
Riders
The Jeevan Pragati endowment plan present your financial
security so that when your professional income starts to decrease gradually,
you can still live with pride on your living standards without compromising.
Under LIC Jeevan Pragati endowment plan an optional Accidental Death &
Disability Benefit Rider (UIN: 512B209V01) is available. Get an idea about LIC
Accident Benefit Rider in the following section.
LIC Accident Death & Disability Benefit Rider: Under LIC
Jeevan Pragati Accident Benefit Rider is available as an optional rider by
payment of additional premium. In the case of accidental death, the Accident
Benefit Sum Assured will be payable as lump sum along with the death benefit
under the basic plan. This benefit Rider sum assured cannot overreach the Basic
Sum Assured.
Claim
Procedure
The life assured can claim the Jeevan Pragati Endowment plan
838 offered by LIC, India after the completion of the policy period. In the
case of eventual death of the policyholder, the nominee can claim instead of
the Life assured. Let us have a glance at the documents required for Claim the
LIC Jeevan Pragati Endowment Plan here.
- Original Policy Document / Bond.
- NEFT Form.
- Discharge form.
- Proof of title.
- Proof of Death ( If in the case of the eventual death of the life insured).
- Proof of Accident and Disability.
- School/College/employer’s certificate
- Cancel check or Bank Passbook xerox.
Additional Information
Surrender Value:
LIC Jeevan Pragati Policy can be Surrendered at any time
during the Policy Term after Successful Payment of Premium for Three Successful
years. The Policyholder will receive Guaranteed Surrender Value and Special
Surrender Value on Surrendering of the Policy.
Guaranteed Surrender Value:
Special Surrender Value: The Special Surrender Value of
Maturity Paid-up Sum Assured plus Vested Simple Reversionary Bonuses if any
will be payable.
Paid-up Value: If the Policy Holder has paid Premiums for at
least Two years or Three Full years depends on the Premium Paying Term and any
Subsequent Premiums be not paid, all the Benefits under this policy will be
ceased after Grace Period has completed.
Death Paid-up Sum Assured Value
Maturity Paid-up Sum Assured Value
Taxes: Taxes including Service Tax and any Other Taxes on
premiums including extra premiums shall be Payable by the Policyholder as per
the Tax Laws and the rate of Tax shall be as applicable from time to time.
Suicidal Exclusion:
If the Life Assured commits suicide at any time Within 12
Months from Date of Revival, the Corporation will pay 80% of the Premiums paid
till the Date of Death.
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