LIC Jeevan Pragati Plan – Features, Benefits, Review

LIC Jeevan Pragati Plan– Features, Benefits, Review, India’s leading insurance coverage provider Life Insurance Corporation of India (LIC) has actually recently introduced a brand-new policy in 2016 by the name of Jeevan Pragati. Jeevan Pragati policy is not liked to stock exchange revenue or any endowment policy. In this policy the danger cover boost every 5 year. This offer an inflation cover. This is the third policy released by LIC in 2016.

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LIC Jeevan Pragati Plan

LIC Jeevan Pragati Plan CAknowledge

Features of LIC Jeevan Pragati Plan

The policy released is offered to kids of age 12 and grownups up to age45 The minimum term of the policy is 12 years while the optimum term is 20 years. The optimum age of policy holder at maturity should not surpass 65 years.
The insurance coverage buyer can pay the policy amount monthly, quarterly, half annual or annual.

Under the policy the minimum assured sum throughout maturity is Rs. 1.5 Lakh. The maximum amount guaranteed does not have any limitation. The assured amount on maturity remains in multiples of Rs. 10000 only. All the standard services of the policy such as policy status, benefit, and declares status fall under the preamble of IRDA.

Benefits of LIC Jeevan Pragati Plan

The policy supply an increasing life cover every 5 year.

The policy holder get tax exemption under 80( C) for the premium paid. The maturity quantity is tax totally free under 10 (10 D). The policy holder can give up the premium payment after 3 year of purchasing the policy.

Supply a great hedge against inflation. The policy can be utilized as security for loan after payment of premium as much as 3 years.

In case the policy holder die the candidate will get all the survivor benefit. The death benefits consist of ‘Assured sum on death Reversionary bonus offers Extra Perk’.

The ensured sum will be 10 times of the annual premium or the amount under death benefits. If the death occurs anytime in between first 5 years of the policy, 100 % of the basic sum guaranteed will be paid.

  • If the death occur in between 10 th to 15 th year of the policy, 150% of the standard sum guaranteed will be paid.
  • If the death take place between 15 th to 20 th year of the policy, 200% of the basic sum assured will be paid.

    In case the policy grows. In the policy holder has actually decided for unexpected benefit.

    The additional bonus is linked to the standard sum assured. In case a claim is made for death or through maturity additional reward will be stated because year. It is a great policy to supply insurance coverage against death or mishap. It is also great for building wealth for retirement and likewise offer a shield versus the inflation.

    Conclusion

    Lots of insurance coverage professionals believe that there is nothing new to the policy. A few functions have actually been added. For policy purchasers it is a great conserving as well as insurance coverage cover. The policy is likewise a great cover for hedging against inflation. Other premium services like exceptional history, online payment of premium and claim history is likewise provided to the policy holder.

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