Jeevan Pragati - Life Insurance Policy
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LIC's Jeevan
Pragati Plan is a non-linked, with - profits plan which 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.1. Benefits:
Death benefit : 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
15 th policy
years and thereafter 200% of the Basic Sum Assured.
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This death benefit shall not be less than 105% of all the
premiums paid as on date of death.
Premiums referred above shall not include any taxes, extra
amount chargeable under the policy due to underwriting decision
and rider premium, if any.
Maturity Benefit: "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.
Participation in Profits : The
policy shall participate in profits of the Corporation and shall
be entitled to receive Simple Reversionary Bonuses declared as
per the experience of the Corporation, provided the policy is in
force. The Bonuses shall be declared on the Basic Sum Assured.
Final Additional Bonus may also be declared under the policy in
the year when the policy results into a claim either by death or
maturity.
2. Optional Rider:
The policyholder has an option of availing LIC's Accidental
Death and Disability Benefit Rider (UIN: 512B209V01). Rider sum
assured cannot exceed the Basic Sum Assured.
For more details on the above riders, refer to the rider
brochure or contact LIC's nearest Branch Office.
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