Jeevan Pragati Plan
Jeevan Pragati Plan is a non-linked conventional plan with profits. Every 5 years the risk cover keeps on increasing assuring an adequate risk cover against the increasing prices. This plan would be best suited for those who are looking for sufficient risk cover to financially support his/her family in case of death and a good amount of savings in case of survival of the policyholder.
|Min/Max Age at Entry||12 to 45 Years|
|Min/Max Policy Term||12 to 20 Years|
|Maximum Maturity Age||65 Years|
|Min/Max Sum Assured||1,50,000 to No Limit (Incremental Sum Assured in multiples of 10,000)|
|Tax Rebate||Yes, both premium payments & death/maturity under section 80(c) and 10(10d) of I.T Act|
|Loan Facility||Yes, after 3 years from date of policy inception|
|Premium Payment||Monthly, Quarterly, Half Yearly* & Yearly*|
*There are no rebates in these payment modes since a 1% & 2% rebate is provided in half-yearly & yearly modes respectively
Benefits of Jeevan Pragati Plan
- On Maturity – At the end of policy term if the policyholder survives he would be entitled to maturity benefits
|Includes Basic Sum Assured + Simple Reversionary Bonus (Depends on Company’s Experience) + FAB (Final Additional Bonus, if any)|
- On Death – In case of demise of the policyholder before end of the policy term the nominee would be eligible to receive death benefits
>10 times of annualized premium
>Death Sum Assured depends on year of death of the policyholder, as this plan has special provisions in which the risk cover increases every 5 years
|Year of Death||Death Claim Amount||Remarks|
|During 0-5 years of policy term||100% of Sum Assured + Accrued Bonus at time of death||Final Additional Bonus not applicable before 15 years|
|During 6-10 years of policy term||125% of Sum Assured + Accrued Bonus at time of death||Final Additional Bonus not applicable before 15 years|
|During 11-15 years of policy term||150% of Sum Assured + Accrued Bonus at time of death||Final Additional Bonus not applicable before 15 years|
|During 16-20 years of policy term||200% of Sum Assured + Accrued Bonus at time of death||Final Additional Bonus is applicable|
(Whichever is higher of the two)
Accidental Death and Disability Benefit Rider
- This is an optional benefit which can be added to the policy by the payment of additional premium.
- In case of accidental death of the policyholder an additional sum equivalent to the accident benefit amount assured is paid in addition to the death benefit which is 105% more than that of the total premiums paid by the policyholder till the date of death.
- In case of permanent disability after an accident, within the time period of 180 days from the precise date of accident, the policyholder would be paid the Accident sum assured in equal monthly instalments spread out over a period of 10 years.
- All the future premiums of the Basic and Accident Benefit Sum assured of the New Jeevan Pragati Plan would be waived off.
- You should be a minimum of 18 years completed and a maximum of 55 years to apply for this rider.
- The maximum age for accidental death cover is 65 years.
- The minimum accident benefit Sum Assured is Rupees 10,000/-
- A maximum amount of Rs. 1 Crore accident benefit Sum Assured can be made including all the plans with accidental benefits taken in the Life Insurance Corporation of India.
For monthly mode of premium payment a grace period of 15 days is given to make the payment. For Yearly, Half-yearly and Quarterly mode of payment a grace period of 30 days is allowed in at all the policyholder has not been to pay the premium on the due date.
If the premium is not paid on time and the grace period lapses as well without the payment being made, then the policy expires. However, the policy can be revived at any time during the policy term within a period of 2 years from the last premium paid & before maturity.
- Plan Application form along with a photograph
- Residential proof
- Identity proof along with age proof
- Medical reports if necessary
Disclaimer – Though we try our best but we do not guarantee correctness of information hence you are advised to be cautious & do thorough research before reaching to a conclusion. If you find any discrepancies you’re welcome to contact us.