What Are 7 Benefits of LIC Jeevan Pragati Plan?
LIC of India is a leading company that provides insurance services since many years. It launches new insurance plans every year with additional features and advantages in it. LIC has launched LIC Jeevan Pragati Plan today on 3rd February 2016 (you can buy from now). It is a non-linked with profit endowment assurance plan. Here are the eligibility conditions to apply.
Eligibility for Jeevan Pragati:
1. The minimum age at entry for life assured is 12 years completed.
2. The maximum age at entry for life assured is 45 years nearer birthday.
3. The maximum age at maturity of life assured is 65 years.
4. The minimum policy term is 12 years and maximum policy term is 20 years.
5. The minimum basic sum assured is 150000 and there is no limit for maximum basic sum assured.
6. There are options available for mode of premium payment such as yearly, half yearly, quarterly, and monthly.
Death Benefit in LIC Jeevan Pragati:
If death of life assured occurs during the policy term, the death benefit equals to “Sum assured to death” with conferred simple reversionary bonus and FAB (Final Additional Bonus) if any, will be payable.
“Sum assured on death” is mentioned as the higher of
1. Ten times of annualized premium or
2. Total amount assured to be paid on death, which is
⦁ During the 1st five policy years – 100% of basic sum assured
⦁ During 6th to 10thpolicy years – 125% of basic sum assured
⦁ During 11th to 15thpolicy years –150% of basic sum assured
⦁ During 16th to 20th policy years –200% of basic sum assured
The death benefit stated here will not be less than the 105% of absolute premium paid up to the death of life assured.
Benefits of LIC Jeevan Pragati Plan:
Should We Buy LIC Jeevan Pragati?
So, as per this return, we should better invest in ELSS Mutual Funds or even PPF (Public Provident Fund) account will give you more return. We have already listed tax saving options (in case if you are buying LIC just for tax saving purpose). Better to avoid LIC Jeevan Pragati.
Other LIC policy announced this year
In the year 2016, LIC come up with many more LIC policy like LIC Jeevan Shikhar and LIC Jeevan Labh (which are also targeting last time tax savers).