Product Summary:
·
LIC's Jeevan Pragati (838) is a non-linked, with
profits Endowment Assurance Plan wherein the risks cover automatically
increases after every five years during the term of the policy.
Premium Payment Mode: Yearly, Half Yearly, Quarterly,
Monthly (ECS)
Term: 12 to 20 years
Minimum Entry Age:
12 Year Completed
Maximum Entry Age: 45 Year (Nearest
Birthday)
Maximum Maturity Age: 65 Year
Minimum Sum Assured: Rs. 1,50,000
Maximum Sum Assured: NO LIMIT (Depending upon
Income)
Maximum Accidental Death and
Disability Benefit Rider up to age 65.
Policy Benefits:
·
On Death:
o
Sum Assured + Vested Bonus + FAB if any.
o
Where 'S.A. on Death' is defined as the higher
of
§
10 times of Annualized Premium, OR
§
Absolute amount assured to be paid on death,
which is as under:
o
During first five policy years: 100% of the
Basic S.A.
o
During 6th to 10th policy years: 125% of the
Basic S.A.
o
During 11th to 15th policy years: 150% of the
Basic S.A.
o
During 16th to 20th policy years: 200% of the
Basic S.A.
o
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 at least 3 full years premiums have been paid.
Loan:
• Loan Facility 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).
Proposal Form: 300/340/360 shall be used under this plan.
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