LIC's Jeevan Pragati (838) is a non-linked, with profits Endowment Assurance Plan wherein the risks cover automatically increases after every five years during the term of the policy.
Key Features of LIC New Jeevan Pragati
- LIC Jeevan Anand is a Endowment plan with increasing life cover.
- The increasing risk cover is an important feature of the plan that provides adequate risk cover against inflation.
- Maturity benefit is Sum Assured + Final Additional Bonus and Revsionary bonus.
- Death Sum Assured is 100% during first 5 years.
125% of sum assured during 6th to 10th year.
150% of sum assured during 11th to 15th year.
200% of sum assured during 16th to 20th year.
- Policy holder can take a loan against the policy after paying a premium for three years.
This is an Endowment plan with increasing life cover with the option of paying a premium monthly, quarterly, biannually or annually.
Premiums paid towards New Jeevan Pragati is eligible for Tax rebate under Section 80C each year upto Rs.1,50,000. The Maturity/ Death claim paid under Jeevan Pragati is 100% Tax-free under Section 10(10d). Contact Us to buy a new LIC Policy in Bangalore.
Eligibility Conditions And Restrictions
- Minimum Age : 12 Years Completed
- Maximum Age : 45 years
- Maximum Maturity Age : 65 years
- Policy Term : 12 years to 20 years
- Minimum Sum Assured : Rs,1,50,000
- Maximum Sum Assured : No limit
- Premium Payment : Yearly/Half yearly/Quarterly/Monthly/(Through Bank)
- Loan : Eligible After 3 years
- On Maturity Sum Assured + Bonus Payable