Jeevan Pragati

LIC ALL IN ONE CALC

Welcome to the blog of Jigar Gohil

Me I am a developer of LIC ALL IN ONE CALC. And I would like to share latest news, information and materials of Lic on my blog.
Me

JIGAR GOHIIL

I am a developer of LIC ALL IN ONE CALC. And I would like to share latest news, information and materials of Lic on my blog.

Jeevan Pragati

Jeevan Pragati (Plan No. 838)

by Jigar Gohil, May 1, 2016

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.

• Minimum Basic Sum Assured: Rs. 1,50,000/-

• Maximum Basic Sum Assured: No Limit (Multiple of Rs. 10,000/- only)

• Minimum Policy Term: 12 years

• Maximum Policy Term: 20 years

• Minimum Entry Age: 12 years (completed)

• Maximum Entry Age: 45 years (nearer birthday)

• Maximum Age at Maturity for Life Assured: 65 years

• Mode of Premium Payment: Yearly, half-yearly, quarterly & monthly

• Accidental Death & Disability Benefit Rider is available on payment of additional premium.

• Minimum entry age for the rider is 18 years.

• Minimum Accident Benefit Sum Assured is Rs 10,000

• Maximum Accident Benefit Sum Assured is an amount equal to the Basic Sum Assured subject to the maximum of Rs 1 Cr.

LIC's Jeevan Pragati Benefit Details

• On Death: "Sum Assured + Vested Bonus + FAB if any."

• Where 'S.A. 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 five policy years: 100% of the Basic S.A.
  • During 6th to 10th policy years: 125% of the Basic S.A.
  • During 11th to 15th policy years: 150% of the Basic S.A.
  • During 16th to 20th policy years: 200% of the Basic S.A.

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

• On Survival : On survival Basic Sum Assured + Vested Bonus + FAB if any.

• Surrendered Value: The Policy can be surrendered at any time during the policy term provided atleast 3 full years premiums have been paid.

• Loan : Loan Facillity is available under this plan, after payment of premiums for at least 3 full years.

• Income Tax Benefit: Premium paid under this plan is eligible for TAX rebate under section 80c.
 • Maturity under this plan is free under sec 10(10D).