LIC's Jeevan Pragati (Table No- 838) is a non-linked, with – profits endowment plan. Jeevan Pragati endowment plan provides an attractive fusion of protection and saving features.Jeevan Pragati provides the automatic increase in risk cover after every 5 years during the term of the Insurance policy.This plan can be suitable for a person who is looking for a saving as well as adequate risk cover as protection for his/her family with LIC.
Key Features of Jeevan Pragati Plan:
- Jeevan Pragati is a combination of Protection and savings need.
- Automatically increases Life Cover after every five years during the term of the policy
- Premium paid is eligible for rebate under 80(C)
- Maturity amount will be tax free under 10(10D
On completion of policy term, Sum Assured + Bonus + Final Addition Bonus (FAB) will be paid as maturity.
In case of death during policy term, Death Sum Assured + Bonus up to year of death + FAB will be paid as Death claim to Policy holder's nominee.
- The Sum assured on death automatically rises every five years. Where “Sum Assured on Death” is defined as the higher of the following.
- 10 times of annualized premium.
- Absolute amount assured to be paid on death, which is as follows.
- During the first five policy year: 100% of the Basic Sum Assured.
- During 6th to 10th policy year: 125% of the Basic Sum Assured.
- During 11th to 15th policy year: 150% of the Basic Sum Assured.
- During 16th to 20th policy year: 200% of the Basic Sum Assured.
Accidental Death and Disability Benefit Rider is available with this plan as rider which can attached with Jeevan Pragati plan (838) to make more essential plan in case of an accident or disability during the policy term.