Jeevan Pragati, this is the name of the New life insurance plan of Life Insurance Corporation of India, Table No. 838. It is going to be launched on 03/02/2016. Jeevan Pragati is a non linked, with profit endowment assurance plan, where death sum assured automatically increases after every five years during the term of the policy. Unique Identification number of Jeevan Pragati Plan is 512N306V01.
Death Benefit in Jeevan Pragati Plan
On the death of the Life assured during the policy term, death benefit equals to “Sum Assured on Death” along with vested simple reversionary bonus and Final Additional Bonus (FAB) if any will be payable.
Here “Sum Assured on Death” is defined as the higher of
- 10 times of annualized premium or
- Absolute amount assured to be paid on death, which is
- During the first five policy years: 100% of Basic Sum Assured (BSA)
- During 6th to 10th policy years: 125% of Basic Sum Assured (BSA)
- During 11th to 15th policy years: 150% of Basic Sum Assured (BSA)
- During 16th to 20th policy years: 200% of Basic Sum Assured (BSA)
Death benefit mentioned here will not be less than the 105% of total premium paid up to the death of life assured.
Premium mentioned here will not include any taxes, extra amount in the policy due to underwriting decisions and rider premium if any.
Benefits payable on Maturity in Jeevan Pragati Plan
On survival to the end of the policy term, “Sum Assured in Maturity” along with vested simple reversionary bonus and Final Additional Bonus, if any, will be payable. “Sum Assured in Maturity” mentioned here is equal to Basic sum assured in the policy.
Optional Benefits available in Jeevan Pragati Plan
- LIC’s Accidental Death and Disability Rider UIN (512B209V01): If this benefit has opted for an additional amount equal to the Accidental Benefit Sum Assured is payable on death due to an accident, provided the rider is in full force at the time of the accident.
Other features of Jeevan Pragati
- Loan facility available after payment of full 3 years of premium.
- Policy can be surrendered after payment of full 3 years of premium.
- Policy can be revived with 2 years of FUP.
- Taxes are applicable as per prevailing rates
- Policy can be dated back in the same financial year
- Assignment and nomination can be made in this policy
- Free look period of 15 days available from date of receipt of the policy bond.