Launch Date | Table No. | UIN | Status |
6/1/2016 | 838 | 512N306V01 | Active |
Under LIC Jeevan Pragati an individual chooses a policy term between 12 and 20 years to pay regular premium for a Basic Sum Assured. During the policy term after every 5th year, the Death Cover increases. After the policy term is over, at maturity he receives a lump sum comprising of Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable
If in-case on death of the insured, during the policy term his nominee receives the Death benefit that is a lump sum amount comprising of accrued bonus and sum assured on death, which is an amount higher among;
Note that the death sum assured paid > 105% of the premiums paid till death
Now let us have a look at the example to understand this plan better:
Consider,
Person’s age: 35 years
Sum assured: Rs. 5 lakhs
Policy term: 20 years
Premium Paying Term: 16 years
Premium: Rs 24529 per annum
A 35 year old individual pays a premium of Rs 22,601 per year 20 years of policy term. On completion of the policy paying term, he will receive a lump sum of Rs 9,45,000 as the maturity amount which is inclusive of accrued bonus (simple and reversionary).
In-case of death of the individual in the year of policy term, his nominee will receive death benefit lump sum which includes accrued bonus of Rs 1,23,000 (simple reversionary and final additional bonus) along with death sum assured on death (Rs.6,25,000). This sum assured on death is an amount of higher value chosen from:
BonusYear | RevBonus | MinPT | MaxPT | |||||||
---|---|---|---|---|---|---|---|---|---|---|
2016-17 | 3.7% | 12 | 15 | |||||||
2016-17 | 4.1% | 16 | 20 | |||||||
2015 | 3.7% | 12 | 15 | |||||||
2015 | 4% | 16 | 20 |
Bonus explained: For a sum assured of Rs. 100000/-, if the bonus declared is 4.2% or Rs 42/- per thousand, then the amount of Rs 4200/- gets accumulated into the policy for that year.
Rider available with this plan is as follows:
LIC’s Accidental Death Benefit Rider: Under this rider option, an additional lump sum benefit is paid to the nominee on the unfortunate accidental death of the policyholder.
Life Insurance Corporation is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of Rs.1560482 crore.
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