Life Insurance Corporation of India (LIC) launched the Jeevan Pragati Policy on 3rd February, 2016. It is one of the non -linked endowment policies , where the sum assured on death increases every five years, during the term of the policy.
This is the third plan that has been launched by LIC in 2016, following Jeevan Shikhar and Jivan Labh. The Jeevan Pragati policy is available for insurance seekers in the age group of 12 to 45 years. The minimum term is 12 years and the maximum term is 20 years. When you opt for this policy, you have the liberty to pay the premium yearly, half-yearly, quarterly or monthly.
This policy is ideal for those who want to build a corpus for retirement and are on the lookout for an insurance cover against accident (available as a rider with the policy) and death. This policy offers a combination of savings and financial protection.
The increasing risk cover is an important feature of the plan that provides adequate risk cover against inflation.
Let’s take a look at the benefits of the plan:
1. Death Benefit: In the event of death of the policy holder, during the term of the policy, provided all premiums are paid, the death benefit or the sum assured on death together with final additional bonus and simple reversionary bonus is paid out to the nominee. The death benefit is higher of 10 times the annualized premium or the absolute amount paid on death calculated as follows:
|
Year of Death |
Sum Assured on Death |
Final Additional Bonus |
|
During first 5 years |
100% of basic sum assured |
Not applicable before 15 years |
|
6th to 10th policy years |
125% of basic sum assured |
Not applicable before 15 years |
|
11th to 15th policy years |
150% of basic sum assured |
Not applicable before 15 years |
|
16th-20th policy years |
200% of basic sum assured |
Applicable |
2. Maturity Benefit: The sum assured on maturity equals the basic sum assured along with Final Additional Bonus and Reversionary Bonus. It is paid in lump sum when the policy holder survives till the end of the policy term and has paid all the premiums.
3. Optional Rider: Accidental death and disability rider is available with the plan. It is important to note that the rider sum assured cannot exceed the basic sum assured. For additional information on the rider, you can get in touch with LIC’s nearest branch office.
Let’s now take a look at the key features of the plan:
Additionally, rebate is offered on the sum assured:
|
Rebate which is offered on high sum assured at per 1000 of the 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 |
For policy buyers, Jeevan Pragati is both a great saving and insurance cover. Some premium services that are offered to the policy holder include claim history, online payment of premium and premium history. The policy acts as a good hedge against inflation. However, this plan is not the ideal choice, if you are looking for a high rate of return.
Regardless to mention that this is certainly a great one from LIC Policies to which one can avail. So why not share it with your friends and family and help them leverage the benefits of this amazing policy.
Share the post on ‘Facebook’, ‘LinkedIn’ , ‘Google+’ & 'Tweet' . Let everyone know the benefits of this plan.
Want to know more about this amazing plan? Leave us a comment below and let us know. We’ll love to hear from you.
