04/02/2016
LIC is introducing, LIC’s JEEVAN PRAGATI which is a non-linked, with - profits plan that 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.
“Sum Assured on Maturity” equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.
In case of death during the policy term, provided all due premiums have been paid, Death benefit, defined as sum of “Sum Assured on Death”, vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as the higher of 10 times of annualised premium or Absolute amount assured to be paid on death i.e. 100% of the Basic Sum Assured during first 5 policy years, 125% of the Basic Sum Assured during 6th to 10th policy years, 150% of the Basic Sum Assured during 11th to 15th policy years and thereafter 200% of the Basic Sum Assured
The Plan is available from ages 12 years to 45 years. Maximum Maturity Age will be 65 years (nearer birthday). Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS or through salary deductions) over the term of policy. Minimum Maturity Sum Assured is Rs. 150,000/- with Maximum Basic Sum Assured having no limit. Maturity Sum Assured shall be in multiple of Rs 10,000/- only. The Policy term will be for 12 to 20 years.
This is a unique plan where the risk cover increases over the term. Loan facility and optional rider for accident benefit are also available.
