LIC Jeevan Pragati Table 838 will be the next launch from LIC of India. LIC Jeevan Pragati is non-linked, with profit, endowment insurance plan. LIC Jeevan Pragati will be the third launch by LIC in the year 2016, prior to this LIC has already launched LIC Jeevan Labh and LIC Jeevan Sikhar in 2016. The Key attraction of Jeevan Pragati plan is sum assured on death increases automatically after 5 years during the term of the policy. Key features and benefits details of LIC Jeevan Pragati Plan Table 838 is given below.
Key Features of LIC Jeevan Pragati Table 838
• 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 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.
• Minimum entry age for the rider is 18 years.
LIC Jeevan Pragati Benefit Details
Maturity Benefit LIC Jeevan Pragati – Maturity benefit on survival at the end of policy term will be “Sum Assured on Maturity + Simple Reversionary Bonus + Final Additional Bonus (if any)”. The Sum Assured on Maturity is basic sum assured.
The risk commencement under this plan will begin immediately from the date of issue of policy.
Sum Assured on Death is defined as the higher of 1) 10 times of annualized premium or (2) Absolute amount assured to be paid on death, which will be.
1) During the first five policy Years – 100% of the Basic Sum Assured.
2) During 6th to 10th policy Years – 125% of the Basic Sum Assured.
3) During 11th to 15th policy Years -150% of the Basic Sum Assured.
4) During 16th to 20th policy Years – 200% of the Basic Sum Assured.
A Launch date of LIC Jeevan Pragati Plan is yet not known. Premium detail of LIC Jeevan Pragati is not available. Information given above is collected from draft circular and other information available on the internet. Above information is subject to change anytime. I shall update this content as soon as information are available.