LIC Jeevan Pargati Plan – The LIC Jeevan Pragati Plan is an endowment assurance plan that is not linked to the stock market and has risk coverage that grows every five years. An important feature that ensures adequate risk protection against inflation over time is the increasing risk cover. The Jeevan Pragati plan might be right for someone who wants to protect their family from LIC’s risks while also saving money. To make this plan better, you can add an accidental benefit rider.
LIC Jeevan Pargati 2024 is a comprehensive insurance plan that will cover all your needs. From home, car, health, and accidental death & dismemberment to life insurance, this plan has it all. And if you’re a small business owner, there are additional benefits available for you, such as business insurance and global coverage. So what are you waiting for? Get in touch with LIC today to learn more about this plan and how it can benefit you!
LIC Jeevan Pargati Plan 2024
Life Insurance Corporation of India is referred to as LIC. This has been one of the most widely recognized names in the insurance industry for more than six decades. Millions of Indians associate LIC with reliable and secure life insurance policies. LIC is of the opinion that every person has unique requirements and requirements. Because what may be important to one person may not be important to another. As a result, the nature of LIC policies is diverse, and each one provides distinct solutions to distinct requirements. The common man can better plan for the future with the transparent insurance plans.
In 2016, the seasoned LIC introduced a few plans, one of which is the Jeevan Pragati Policy. The Jeevan Pragati Policy, which went live on February 3, 2016, is an endowment policy that is not linked to profits. It gives customers the opportunity to save money and get help. The risk cover is automatically increased every five years after purchase. By offering the option of a loan, this policy also meets the policyholder’s need for liquidity.
LIC Jeevan Pargati Plan 2024 Overview
| Name Of Article | LIC Jeevan Pargati Plan |
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| Category | Insurance |
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Eligibility Criteria for LIC’s Jeevan Pragati Policy
If you’re looking to apply for a LIC’s Jeevan Pragati policy, there are a few eligibility criteria that you need to meet. In this article, we’ll outline these criteria and give you a guide on how to apply. Ready to go ahead and get started? We think so!
| Minimum | Maximum | |
|---|---|---|
| Age of Entry | 12 Years | 45 Years |
| Sum Assured | INR 1.5 lakhs | No Limit (In multiples of Rs 10,000) |
| Policy Term | 12 Years | 20 Years |
| Maturity Age | 65 Years |
Key Features of LIC’s Jeevan Pragati Policy
Looking to start your own business and protect yourself and your employees? LIC’s Jeevan Pragati policy is the perfect solution for you. This policy guarantees insurance for your business in the event of an accident, and includes coverage for employee injuries. Jeevan Pragati also includes business interruption insurance, which can help you in the event that your business is forced to close down due to a natural disaster or other unforeseen event. Learn more about LIC’s Jeevan Pragati policy and see if it’s right for your business.
The vital highlights of the approach are given underneath:
- In LIC’s Jeevan Pragati, the minimum amount that can be insured is INR 1.5 lakhs, but there is no maximum.
- Like clockwork the gamble cover is expanded consequently.
- Because it takes into account plans for the long term, this policy also aids in retirement planning.
- To increase coverage, the policyholder can add the Accidental Death and Disability Benefit rider to the basic policy.
- The policyholder is eligible for both the final additional bonus and a reversionary bonus under the plan.
- The policyholder has the option of choosing a premium payment frequency—monthly, quarterly, biannually, or annually and the policy term can be anywhere from 12 to 20 years.
Who ought to purchase LIC Jeevan Pragati Insurance?
Because the Jeevan Pragati Policy aids in an individual’s long-term plans, the LIC Jeevan Pragati Plan is thought to be ideal for individuals between the ages of 12 and 45 who are looking for insurance. With an expanded cover staying aware of monetary necessities at various phases of life, it becomes reasonable for the policyholder. Benefits of the New Jeevan Pragati Policy from LIC Let’s take a look at the advantages of the New Jeevan Pragati Policy from LIC, which make it a popular endowment plan. Sum Assured on Death, accumulated Simple Reversionary Bonus, and any Final Additional Bonus (if any) are paid to the beneficiary in the event of the policyholder’s death during the policy’s term.
| Year Of Death | Sum Assured | Final Additional Bonus |
|---|---|---|
| During Initial 5 Years | 100% of the Sum Assured would be payable to the nominee | As applicable |
| Between 6-10 Years | 125% of the Sum Assured would be payable to the nominee | As applicable |
| Between 11-15 Years | 150% of the Sum Assured would be payable to the nominee | As applicable |
| Between 16-20 Years | 200% of the Sum Assured would be payable to the nominee | As applicable |
Maturity Benefit
The policyholder of LIC’s Jeevan Pragati receives a maturity benefit at the conclusion of the policy’s term. The maturity benefit is available to the policyholder who has paid all premiums on time and outlives the policy. The lump sum is equal to the basic sum assured, the reversionary bonus, and the final additional bonus.
Profit from Participation
If the policy is eligible—which indicates that it is currently in effect—it has the potential to generate a profit for LIC. It is eligible for a Simple Reversionary Bonus and a Final Additional Bonus, both of which are based on the sum assured.
Benefits from the Tax Code
The premiums paid for LIC’s Jeevan Pragati are exempt from taxation in accordance with Section 80C, and the Death Benefit and Maturity Benefit are also exempt from taxation in accordance with Section 10 (10D).
The Accidental Death and Disability Benefit rider
can be added to the standard policy for an additional premium to increase coverage. With this rider, the policyholder would receive an additional benefit in the event of death or disability.
Additional Advantages of the LIC Jeevan Pragati Policy
Introducing LIC Jeevan Pragati – the latest insurance policy to offer additional benefits to its customers. LIC Jeevan Pragati offers a range of coverages that go beyond the traditional benefits that are offered by other insurance policies. With LIC Jeevan Pragati, you can be sure that you’re getting the maximum benefit from your insurance policy, and that you’re taking advantage of all the available options.
Free-Look Period
If the policyholder wishes to cancel the policy for any reason, they can do so within 15 days of purchasing it. This multi day time frame is known as the “Free-Look” period. The policyholder must indicate their objection there. After all of the formalities have been completed, the money is returned.
surrender value
As a result, if he is unable to continue the plan or pay the premiums, he may also choose to surrender it. However, he cannot cancel his plan before he has paid a premium for three years from the date of the policy’s inception.
The policy’s Guaranteed Surrender Value
is determined by the surrender year and policy tenure. On giving up the arrangement, the acquiescence worth of the vested rewards, assuming that relevant is likewise payable alongside the Dependable Acquiescence Worth.
Flexibility in Premium Payment A policyholder can choose from one of four premium payment frequencies—monthly, quarterly, semiannually, or annually—based on his or her personal experience.
period
The grace is the time allowed by the insurer to make the payment without penalizing the policyholder from the due date. If annual, biannual, or quarterly premium payments are made, LIC gives its clients a 30-day grace period. If the frequency is monthly, there will be a 15-day grace period. On the off chance that the policyholder doesn’t clear his contribution during this time, the arrangement will come up short or slip by.
Revival Period
In the event that the premium has not been paid, the policy can be revived; however, this must be done within two years of the initial unpaid premium and before the policy’s term ends.
Loan Possibility After three years on the policy, the policyholder has the option to borrow against the policy. He must have paid his premiums on time, which is crucial.
Exclusions in Jeevan Pragati Policy
The insured person’s LIC Jeevan Pragati policy would be null and void if: If the person dies by suicide within a year of purchasing or renewing the policy, LIC will not pay more than 80% of the premiums paid, if the policy is still in effect.
The following circumstances prevent the accidental death claim from being paid out:
Participation in a war, riot, civil commotion, terrorism activity, etc. Death caused by self-destruction or injury, attempted suicide, under the influence of drugs, intoxication or alcohol, narcotics, etc.
Death that occurs more than 180 days after the accident Death that is the result of a criminal act or conspiracy
Claiming Jeevan Rakshak Policy
Jeevan Rakshak or Swatchjees are a popular policy in India that allow people to claim a dead relative as their own. This policy has been in place for centuries, and is currently being used to give widows and minor children inheritance rights. It’s a surprisingly common practice, with over 20 million claims being made every year. In this article, we discuss the benefits of claiming jeevan rakshak, as well as the legalities and procedures involved.
Death Claim
To make a demise guarantee the candidate who is the inquirer ought to initially stop the case. He must then comply:
- The claim forms that have been filled out completely and signed by the nominee;
- evidence of the nominee’s
- beneficiary’s identity and address;
- the death certificate of the life insured;
- the original policy documents;
- the NEFT mandate for direct credit;
- medical care received before death.
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Maturity Claim and Surrender Claim
If the policyholder needs to file a maturity or surrender claim, he or she must provide:
- The original policy document,
- signed by the policyholder;
- the discharge form;
- the NEFT mandate from the claimant;
- the bank details; and,
- if the applicant’s age has not been provided previously,
- a proof of that age.
Claim for Accidental Death:
- In the event of a report,
- newspaper clippings about the accident
- a copy of the FIR at the police station.
- A copy of the police report.
- Hospital records.
Reviews
This is a straightforward and straightforward endowment plan. With more coverage to cover the policyholder’s loved ones’ life stage needs, the plan provides savings and financial protection. The inclusion of a useful accident and disability rider at a low cost can further enhance the protection. It is a low-cost plan from LIC of India for saving money and protecting one’s finances.
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