LIC Jeevan Pragati Policy Features and Benefits Plan 838
The LIC Jeevan Pragati is one of the major non-linked assurance plans that have been prepared to offer adequate risk coverage for a huge number of individuals. The scheme is completely independent on share market and the risk coverage keeps on increasing every year. One of the major benefits of this assurance plan is it offers coverage for inflation prevention as the year passes. This scheme is extremely suitable for those individuals who are looking for savings along with adequate risk protection for family. To make it even better you can opt for the accidental benefit rider.
Even though the scheme is completely independent on share markets but it comes along certain profits, like the “sum assured on death”. It continuously increases every five years. This is a new life insurance coverage plan has been launched on 3rd February 2016. In this article we are going to focus on the major features and aspects of this LIC Jeevan Pragati scheme which is definitely going to bring about a change in the overall procedures of LIC.
The benefits of LIC Jeevan Pragati Scheme are as follows:
The death benefit under LIC Jeevan Pragati:
Under this feature, any individuals shall be paid with the amount of death benefit if the death takes place within the policy terms. This comprises of a sum assured + the vested amount which is the simple revisionary bonuses along with the final additional bonuses. The final bonuses are subject to consideration, because it depends whether this bonus us payable to the nominee or not. This sum assured on death increases every 5 years. This sum is 10 times greater than annualized premium or the absolute amount which shall be paid on death.
Now, the amount varies according to the length of policy created by nominee. For instance, in the first five year policy, any nominee shall receive 100% of total basic sum that has been assured, in case of 6th to 10th policy years, you shall receive 125% of total basic sum assured. While in case of 11th to 15th year 150% of basic sum shall be refunded and if the policy term is for 16-20 years, you shall have 200% of basic sum assured.
Maturity benefit payable within LIC Jeevan Pragati
If the individual survives till the end of this policy, the maturity amount shall be offered to nominee that comprises of “overall amount on maturity along with revisionary bonuses and additional bonuses (if applicable). The sum that is provided on maturity is similar to the sum that is basic sum assured. If the policies are paid up, then final additional bonuses are not offered. Bonuses are declared on basic sum that has been assured. The commencement date of risk within Jeevan Pragati shall be immediately from insurance policy date.
Premium Payment Mode in LIC Jeevan Pragati
The premium payment mode that is allowable is monthly, quarterly, half yearly and annually. The grace period is offered for one calendar month and you can rest assured that not less than 30 days shall be offered for quarterly, half-yearly and annually. In case the death takes place within grace period but that is before the premium, then that policy shall be treated as in-force and overall benefits shall be paid in full. Also the nominee shall have all the unpaid premiums falling due prior to next policy anniversary. One factor that will take place in this scenario is the benefits shall be paid deducing unpaid premiums.
The policy shall lapse if premiums are not paid within expiry date of grace. The grace period is also applicable for rider premiums along with premiums of base plan.
You can also read about LIC Jeevan Lakshya Plan
The different rebates or base plan
There are various rebates that are offered within this scheme, these are as follows;
If you opt for the yearly mode then, you shall have a rebate of 2% of the tabular premium. For the half yearly mode, you can attain 15 rebates on tabular premium. But on quarterly and monthly mode of payment, there are no rebates available.
On the other hand, there are certain amounts that offers rebate. If you are in the policy range of 150000-290000, then you won’t have any rebates. On an amount of 300000-490000, you shall have a rebate of 1.50% on basic sum assured. From 500000-990000, 2% rebate is allowed on basic sum, and finally on an amount of 1000000, you can have a rebate of 2.25% on basic sum.
You can also read about LIC Labh Plan
Accidental death and disability rider:
If you opt for this benefit then an additional amount needs to be deposited equal to the amount of benefit sum assured. That will be payable on death along with all the benefits and additional features, but the condition is the rider needs to be in full force during accident time.
You can have loan facility after complete 3 years payment.
You can surrender the policy after 3 years full premium payment.
The policy is liable to be revived within 2 years of FUP. And also tax benefits can be applied according to prevailing rates.
Policy can be of the date of same financial year.
Nomination and assignment can be made within this policy.
From the date you receive the policy bond, you shall have a 15 days period of free look.
|SL NO||Features||LIC Jeevan Pragati details|
|1||Death benefit||Amount availed is, sum assured+ simple revisionary bonuses+ additional bonus (if applicable).
For five years- 100% basic sum
For 6-10 years- 125% basic sum
For 11 to 15th year-150% of basic sum
For 16 to 20th year- 2005 of basic sum.
|2||Maturity benefit||Additional bonuses are not applicable within paid up policies.
Bonuses are declared on BSA
Date of risk commencement shall be immediately from date of issuance policy.
|3||Mode of payment||Annually, half yearly, quarterly and monthly
|4||Grace period for premium||One calendar month, but not less than 30 days for half yearly and quarterly.
15 days grace period for monthly payment.
Policy lapses if premium is not paid within expiry date.
Grace period is applicable for rider premium along with base plan.
|5||Rebates||Yearly mode- 2% of tabular premium
Half yearly mode- 1% of tabular premium
Quarterly and monthly mode- nil
300000-490000: 1.50% BSA
500000-990000: 2% BSA
1000000 and above: 2.25%
|5||Calculator||You will get a return of around 7% in LIC Jeevan Pragati Plan. (As per my calculation and assumptions)|
- Team Lease IPO Review and Recommendation
- National Payment Scheme (NPS) Tax Benefits
- e Challan Hyd
- Apply Aadhar Card Online
Latest posts by Pavan (see all)
- Bihar Student Credit Card Loan Scheme | How to Apply | Application Form - October 7, 2016
- Top 5 Places to Avoid Using or Swiping Your Debit Card - October 3, 2016
- Akbar the Great TV Old Doordarshan Serial - September 24, 2016