Know about LIC Jeevan Pragati | Fusion - WeRIndia

Know about LIC Jeevan Pragati

Know about LIC Jeevan Pragati

Life Insurance Corporation’s (LIC) new insurance plan is Jeevan Pragati (table No 838). It is non-linked, with profits plan that gives protection and savings. Know more about the policy here.

The Minimum Basic Sum Assured is Rs. 1, 50,000 and the Maximum Basic Sum Assured has no limit

The policy term of the plan is 12-20 years

A person must be 12 years of age to take this plan and must not be more than 45 years.

The maximum maturity age for the plan is 65 years.

Policy holders have the option of paying the premiums yearly, half-yearly, quarterly or monthly with ECS or through salary deductions.

The policy will lapse if the customer does not pay the premium within in the grace period. The lapsed policy can be revived within 2 consecutive years from the date of first unpaid premium but before the date of maturity.

In case, three full years premium have been paid and subsequent premiums are not duly paid, then the policy is not wholly void. It will continue as a paid-up policy.

The Sum Assured on Death under a paid-up policy is reduced to Death Paid-up Sum Assured.

It is equal to {Sum Assured on Death * (no. of premiums paid / Total no. of premiums payable)}.

One can surrender the policy if at least three full years’ premiums have been paid.

In that case, the Guaranteed Surrender value is a percentage of total premiums paid.

If in case of suicide of the ‘Life Assured’ (whether sane or insane) at any time within 12 months from the date of commencement of risk, then the Corporation won’t allow any claim except for 80% of the premiums paid if the policy is in force.

At that the same time, if suicide is committed within 12 months from date of revival, then the higher of 80% of the premiums paid till the date of death or the surrender value will be payable. No other claims will be entertained.

Image Credit: Ershadit / CC BY-SA 4.0

Image Reference:

Leave a Reply

Your email address will not be published.