Jeevan Pragati
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. This policy is ideal for those who want to build a corpus for retirement and are on the lookout for an insurance cover against accident (available as a rider with the policy) and death. This policy offers a combination of savings and financial protection.
A plan that counter inflation
Build a corpus for retirement
Minimum Age
Policy Holder’s Minimum Entry Age
Maximum Age
Policy Holder’s Maximum Entry Age
Maturity Age
Policy Holder’s Age at Policy Maturity
Minimum Years
Policy Term is minimum 15 years
Maximum Years
Policy Term is Maximum 35 years
Minimum Sum Assured
Minimum Insurance Amount To Start Policy
No Limit
Maximum Sum Assured
Minimum Insurance Amount To Start Policy
Premium Payment Mode
Pay Premium As Per Your Convinience
LIC's
Jeevan Pragati
Jeevan Pragati 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.
- Policy Coverage
- Death Benefit
- Maturity Benefit
- Participation In Profit
- Simple Reversionary Bonus
- Final (Additional) Bonus (if any)
- Accidental Death and Disability Rider
02.
Maturity Benefit
02.
Maturity Benefit
On completion of policy term, Sum assured + Bonus + Final Addition Bonus (FAB) will be paid as maturity.
03.
Optional Benefit
03.
Optional Benefit
LIC Accidental Death and Disability Benefit Rider is an optional rider benefit that you will get on paying the extra premium.
04.
Loan Benefit
04.
Loan Benefit
As the three years of the policy gets completed, the policy becomes eligible to acquiring the loan against the policy.
05.
Tax Benefit
05.
Tax Benefit
Available under Section 80C and Section 10 (10 D) of the Income Tax Act
Explain With Example
Suppose Mr. Shubham buys this plan with the following details:
Shubhams’ Age | Basic Sum Assured | Policy Term | Annualy | Half Yearly | Quarterly | Monthly |
|---|---|---|---|---|---|---|
25 Years | Up To ₹ 10,00,000/- | 20 Years | For ₹ 46,750/- | For ₹ 7,791/- | For ₹ 15,583/- | For ₹ 3,895/- |
- Death Benefit
In case of Subham’s death, his nominee will be paid the get “Sum Assured on Death” + “Simple Reversionary Bonus” (which have been received till date) + “Final Additional Bonus”. Let us assume that Subham’s unfortunate death was after 12 years. Based on this the calculation would be as follows:
01. Sum Assured on Death = 150% of Basic Sum Assured = 150% of Rs. 10,00,000 = Rs. 15,00,500
02. Simple Reversionary Bonus = Rs. 40,000 x 12 years = Rs. 4,80,000
Here we have consider LIC Bonus Rate of year 2018-19 that a Bonus of Rs. 40 per 1000 Sum Assured has been declared every year. So the bonus every year would be 40 x 10,00,000/1,000 = Rs. 40,000
03. Final Additional Bonus = Since Final Additional Bonus is generally paid only if one has paid 15 years of premium, there will be no payout under this head. His nominee would have received an amount under this head in case the death had happened after 15 years.
So in case Shubham dies after paying 10 premiums, the Death Benefit payable to his nominee would be = Sum Assured on Death + Simple Reversionary Bonus + Final Additional Bonus = Rs. Rs. 15,00,000 + Rs. 4,80,000 + Rs. 0 = Rs. 19,80,000
Death Benefit in LIC Jeevan Pragati in this example = Rs. 19,80,000
- Maturity Benefit
At the end of the policy term, Shubham will be paid the “Basic Sum Assured” + “Simple Reversionary Bonus” (which have been received till date) + “Final Additional Bonus”. Based on this the calculation would be as follows:
01. Basic Sum Assured = Rs. 10,00,000
02. Simple Reversionary Bonus = Rs. 40,000 x 20 years = Rs. 8,00,000
Here we have consider LIC Bonus Rate of year 2018-19 that a Bonus of Rs. 40 per 1000 Sum Assured has been declared every year. So the bonus every year would be 40 x 10,00,000/1,000 = Rs. 40,000
03. Final Additional Bonus = Rs. 50,000
Here we have assumed a Final Addtional Bonus rate of Rs. 50 per 1000 Sum Assured = 50 x 10,00,000/1,000 = Rs. 50,000
So Shubham will get the following amount as Maturity Value = Sum Assured on Death + Simple Reversionary Bonus + Final Additional Bonus = Rs. Rs. 10,00,000 + Rs. 8,00,000 + Rs. 50,000= Rs. 18,50,500
Maturity Benefit in LIC Jeevan Pragati in this example = Rs. 18,50,500
* Disclaimer : Premium shown above is Indicative not Exact, Actual Premium may very according to underwriting rules applicable.
LIC's New
Jeevan Anand
Key Features
- Increasing Life Cover
- Suitable plan to counter inflation
- Basic minimum sum assured amount: Rs. 1,50,000
- Maximum age at maturity: 65 years
- Basic maximum sum assured: No limit (The assured sum on maturity is in multiples of Rs. 10,000)
- Minimum entry age for the rider: 18 years
- Policy holders qualify for premium paid under section 80C.
- The maturity amount is tax free under 10(10D).
- Loan can be availed when the premium is paid for three years.
- Policy can be surrendered after premium is paid for three years.
- Insurer accepts the risk from date of commencement of policy.
- Minimum Accident benefit sum assured: Rs 10,000
- Maximum Accident Benefit sum assured: Basic sum assured which is subject to the maximum of Rs. 1 crore.
- From the date of receipt of the policy bond you will be eligible for a free look period of 15 days.
Pay for the Jeevan Aanand monthly at age : 25 yrs, Term : 20 yrs, Sum Assured : 10 Lac
₹ 10,00,000 /-
Basic Sum Assured
₹ 20,00,000 /-
Double Sum Assured
₹ 28,90,000 /-
Death Sum Assured
* Disclaimer : Premium shown above is Indicative not Exact, Actual Premium may very according to underwriting rules applicable.
Additional Benefits
- Riders
Accidental Death & Disability Benefit Rider
This LIC plan provides riders in the form of the LIC’s Accidental Death and Disability benefit. One may avail such an optional rider by paying an additional premium for it during the policy process.
The Accident benefit sum assured benefit would be paid in the case of death due to an accident occurring during the policy period. In case of a permanent disability because of the accident, an amount equivalent to the Accident benefit sum assured would be paid, but in the form of monthly installments.
- Rebates
Premium Mode Rebate
- 2% On Yearly
- 1% On Half-Yearly
High Sum Assured Rebate
Rebate | Sum Assured |
|---|---|
0% | Up To ₹ 2,90,000/- |
1.5% | For ₹ 3,00,000/- to ₹ 4,90,000/- |
2.0% | For ₹ 5,00,000/- to ₹ 9,90,000/- |
2.25% | For ₹ 10,00,000/- And Above |
What Happens If...
01.
Overdue02.
Cancellation03.
Lapsed04.
Surrender05.
Suicide06.
Exclusion07.
Missed PremiumClaim Process
Claim On Death
The entitled nominee must present the claims form and the original policy documents as given by LIC. Additionally, the nominee must be required to provide all the details and the applicable documents, such as the bank account details, the death certificate, the medical treatment details before death, etc.
Claims On Maturity
Surrender Claims
Role Of Tax
Tax Benefits in LIC Jeevan Anand Plan
ALL PREMIUMS PAID
MATURITY CLAIM
SURRENDER CLAIMS
Documents Required For Buying The LIC New Jeevan Anand Plan
- Completely filled Application form/Proposal form with accurate information
- Age Proof
- Address Proof
- Medical History
- KYC Documents Such As Adhar Card, Pan Card, Tax Details Etc.
- Medical Dignosis Reports as needed
Documents Required For Making Death Claims
To make a death claim, the nominee shall have to produce the here mentioned documents along with the claim form.
- Original Policy Documents
- Documents Pertaining To Riders
- Bank Account Details
- Death Certificate
- Treatment Records Of The Policyholder (If Any)
Freqently Ask Questions
*GST of 18% is applicable on life insurance effective from the 1st of July, 2017
Introduction
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. This policy is ideal for those who want to build a corpus for retirement and are on the lookout for an insurance cover against accident (available as a rider with the policy) and death. This policy offers a combination of savings and financial protection.
Table No.
838
Plan Type
Non-Linked, With – Profits Plan
Plan Basis
Individual
Eligiblity Criteria
Entry Age
Minimum :
12 Years (Completed)
Maximum :
45 Nearest Birthday
Maturity Age
Minimum
Write down here
Maximum
Basic Sum Assured
Maximum
1,50,000 and above
Minimum
No Limit
In Multiple of 10,000
Policy Term
12 to 20 Years
Policy Paying Term
Write down here
Premium Payment Frequency
Yearly, Half Yearly, Quarterly, Monthly (ECS Only)
Coverage
Death Benefit
Maturity Benefit
Participation in profit
Simple Reversionary Bonus
Final (Additional) Bonus (if any)
Key Features
- Increasing Life Cover
- Suitable plan to counter inflation
- Premium paid is eligible for rebate under 80(C)
- Maturity amount will be tax free under 10(10D)
- Basic minimum sum assured amount: Rs. 1,50,000
- Maximum age at maturity: 65 years
- Basic maximum sum assured: No limit (The assured sum on maturity is in multiples of Rs. 10,000)
- Minimum entry age for the rider: 18 years
- Policy holders qualify for premium paid under section 80C.
- The maturity amount is tax free under 10(10D).
- The loan facility can be availed when the premium is paid for three years.
- Policy can be surrendered after premium is paid for three years.
- Insurer accepts the risk from the date of commencement of the policy
- Minimum Accident benefit sum assured: Rs 10,000
- Maximum Accident Benefit sum assured: Basic sum assured which is subject to the maximum of Rs. 1 crore.
- From the date of receipt of the policy bond you will be eligible for a free look period of 15 days.
Benefit
Death Benefit
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. Death Sum Assured depends up year of death, following table explains death claim.
| Year of Death | Death Claim Amount | Remarks |
|---|---|---|
| During 0-5 years of Policy Term | 100 % of Sum Assured + Accumulated Bonus at the time of Death | FAB is not applicable before 15 Years |
| During 6-10 years of Policy Term | 125 % of Sum Assured + Accumulated Bonus at the time of Death | FAB is Not applicable before 15 Years |
| During 11-15 years of Policy Term | 150 % of Sum Assured + Accumulated Bonus at the time of Death+ FAB | FAB is applicable for 15th year |
| During 16-20 years of Policy Term | 200 % of Sum Assured + Accumulated Bonus at the time of Death+ FAB | FAB is applicable |
Maturity Benefit
On completion of policy term, Sum Assured + Bonus + Final Addition Bonus (FAB) will be paid as maturity. It is paid in lump sum when the policy holder survives till the end of the policy term and has paid all the premiums.
Rebate
Premium Mode Rebate
2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly
Rebate on High Sum Assured
(Per 1000 of Sum Assured)
- 0% up to 2,90,000
- 1.50% for 3,00,000 to 4,90,000
- 2.00% for 5,00,000 to 9,90,000
- 2.25% for 10,00,000 and above
Profit Participation
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.
Ideal Plan
It also provides the needful financial support to the family in case of the demise of the insured. People from the age group of 8-59 can take advantage of this plan.
Tax Benefits
- Premium paid is eligible for rebate under 80(C)
- Maturity amount will be tax free under 10(10D)
Loans
You can opt for loan facility after paying premiums for 3 years.
Riders
Accidental Death and Disability Rider
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.
Disability Benefit Rider
Write down here
LIC’s New Term Assurance Rider
Write down here
Surrender Value
To build the surrender value the policy needs to be active for at least three years in which full premiums have been paid. Guaranteed surrender value will be a percentage of total premiums paid excluding extra premiums and premiums for riders.
Rebates
Rebate on Premium Payment Mode
Write down here
Rebate on Sum Assured
Write down here
High Sum Assured and Mode Rebate
- If the life assured opts for a sum assured over Rs.3 lakh, he/she will receive a high sum assured premium rebate.
- On opting for the yearly or half-yearly mode of payment, the life assured will receive a 2% or 1% rebate on the tabular premium.
Other Details
Revival Period
The policy can be revived if lapsed. The revival period is 2 years since the last date of first unpaid premium but before the date of maturity.
Free Look Period
Free look period of 15 days is offered in this plan from the date of receipt of the policy bond. The policy can be returned to the corporation stating the reasons of objection. On receipt of the same, the policy will be cancelled and amount of premium paid will be returned minus the expenses incurred.
Grace Period
If you have opted for an annual, bi-annual, or quarterly mode of premium payment, you will be provided a 30-day grace period. If you have opted for the monthly mode of premium payment, you will be provided a 15-day grace period.
Paid-Up Value
If the policyholder has paid full premiums for at least 3 policy years and has missed the following premium payment, the policy will continue as a paid-up policy. The Death Sum Assured and Maturity Sum Assured will also reduce, accordingly.
Nomination
Assignment is permitted as per Section 38 of the Insurance Act, 1938.
Assignment
Nomination is allowed under Section 39 of the Insurance Act, 1938.
Exclusions
Suicide
If the policyholder commits suicide within 12 months from the date of start of policy then no death benefit amount mentioned in the policy is payable. The company will only return 80% of the premiums paid excluding any taxes, extra premium and rider premium other than Term Assurance Rider if and only if the policy is in force.
Claim Process
Death Claim
Write down here
Maturity Claim
Write down here
Surrender Claim
Write down here
Examples
Write down here
FAQs
If you stop paying the premium, you have the option of surrendering the plan and gettting the Surrender Value as a payout. Please note that the plan is eligible for a Surrender Value only if 3 years of premiums have been paid. In case you have paid premiums for 3 years, you will get nothing.