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LIC's Jeevan Pragati Plan

LIC’s Jeevan Pragati Plan - Features
LIC’s Jeevan Pragati Plan – Benefits
LIC’s Jeevan Pragati Plan – Details
LIC’s Jeevan Pragati Plan - Eligibility Conditions & Other Restrictions

LIC’s Jeevan Pragati Plan - Features

LIC’s Jeevan Pragati Plan is a regular premium payment Endowment Insurance Non Linked with Profits Plan. The Biggest advantage over and above the all other available Life Insurance products in the market is Increasing Death Sum Assured after every five years during the term of the policy.This combination provides financial support for the family of the deceased policyholder any time before maturity and good lump sum amount at the time of maturity for the surviving policyholders. After the completion of Policy term the Maturity amount will be equal to The Basic Sum Assured along with vested Simple Reversionary Bonus + Final Additional Bonus as applicable and declared by LIC of India

 

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LIC’s Jeevan Pragati Plan – Benefits

  • Survival Benefit : (provided all due premiums have been paid)
    Maturity : Basic Sum Assured + Vested Simple Reversionary Bonuses + Final Additional Bonuses (as applicable and declared)
    • Death Benefit : (provided the policy is In force)
      Where 'Sum Assured on Death' is defined as the higher of 

      i. 10 times of Anualized Premium, OR

      ii. Absolute amount assured to be paid on death, which is as under:

      During first 5 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.

      This Death Benefit shall not be less than 105% of all Premiums paid as on death

 
  • Income Tax Benefit : Premium paid under this plan is eligible for TAX rebate under section 80C of Income Tax Act
    Maturity under this plan is 100% Tax free under sec 10(10D)

 

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LIC’s Jeevan Pragati Plan – Details

  • Endowment Plan with Guaranteed Returns.
  • Comparatively low premium with Auto Increasing Life Insurance cover.
  • Simple Reversionary Bonus & Final Additional Bonus as applicable is payable on Maturity or earlier death.
  • Rider Benefit - Accidental Death and Disability Benefit Rider and Term Rider.
  • Rebate on Higher Sum Assured and Mode of Payment.

 

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LIC’s Jeevan Pragati Plan - Eligibility Conditions & Other Restrictions

LICs Jeevan Pragati - Eligibility Criteria
  MIN. MAX.
Age 12 Years 45 Years
Term 12 Years 20 Years
Sum Assured 1,50,000 No Upper Limit
Modes Yearly, Half-Yearly, Quarterly and Monthly (ECS or SSS)

 

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