LIC Plan Table 838 LIC NEW JEEVAN PRAGATI LAUNCHING ON 03/02/2016

LIC Plan Table 838 LIC NEW
JEEVAN PRAGATI LAUNCHING
ON 03/02/2016
HARI SOMAIYA PRODUCTION
PRESENTS
YOUTUBE/HARI SOMAIYA MO. 9909123670

INTRODUCTION
• To be introduced on 03-02-2016.
• LICs New Plan Jeevan Pragati (Table no 838),
• This is a non-linked, with-profits Endowment
Assurance plan.
• The main feature of this Jeevan Pragathi plan
is the ‘sum assured on death’ (part of death
benefit) automatically increases after every
five years during the term of the policy..

SUM ASSURED
• Min BSA 1,50,000/-
• Then in multiplication of 10,000.
• MAXI. NO LIMIT.

TERM & PREMIUM PAYING TERM
• MINIMUM TERM : 12 YEARS
• MAXIMUM TERM : 20 YEARS

MINIMUM AGE ENTRY
• 12 years (completed)

MAX. AGE ENTRY
• 45 years (nearer birthday)

MAXI. MATURITY AGE
• Max maturiry Age- 65 YEARS

MATURITY BENEFIT
• On survival to the end of the policy term, the maturity benefit
which is ‘Sum Assured on Maturity’ + Simple Reversionary
Bonuses + Final Additional bonus (FAB) if any, shall be payable
to the policy holder.
• Sum Assured on Maturity is equal to Basic Sum Assured.
• Final Additional Bonus shall not be payable under paid-up
policies..
• The Bonuses shall be declared on the Basic Sum Assured.

DEATH BENEFIT
• On death of the Life Assured during the policy term, the Death
Benefit which is ‘Sum Assured on Death’ + Vested Simple Reversionary
Bonuses + Final additional bonus, if any, shall be payable to the nominee.
• The Sum assured on death automatically increases every fiver
years. Where “Sum Assured on Death” is defined as the higher of
 a) 10 times of annualized premium (or)
 b) Absolute amount assured to be paid on death, which is as under;
 i) During the first five policy years : 100% of the Basic Sum Assured.
 ii) During 6th to 10th policy years : 125% of the Basic Sum Assured.
 iii) During 11th to 15th policy years : 150% of the Basic Sum Assured.
 iv) During 16th to 20th policy years : 200% of the Basic Sum Assured.

Commencement of Risk
• The date of commencement of risk under
Jeevan Pragati plan will be immediately from
the date of issuance of policy.

Accidental Death & Disability
Benefit Rider
• Accidental Death & Disability Benefit Rider is
available on payment of additional premium.
 Minimum Accident Benefit Sum Assured is Rs
10,000
 Maximum Accident Benefit Sum Assured is an
amount equal to the Basic Sum Assured subject to
the maximum of Rs 1 cr.
 Minimum entry age for the rider is 18 years

Modes allowed
• YEARLY
• HALF YEARLY
• QUATERLY
• MONTHLY
• ECS
• SSS

Back dating
• Back dating allowed.

Loan
• LOAN 3 YEARS

GRACE PERIOD FOR PAYMENT OF
PREMIUM
• A grace period of one calendar month but not less than 30 days will be
allowed for Quarterly, Half Yearly and Yearly premium paid and 15 days
for monthly mode of payment.
• If the death of the Life Assured occurs within the grace period but before
the premium then due, the policy will be treated as in-force and the
benefits will be paid deduction of the said unpaid premium and also the
unpaid premiums falling due before next policy anniversary
• If premium is not paid before the expiry of the days of grace, the policy
lapses.
• If the Policy has not lapsed and the claim is admitted in case of death
under the where the mode of payment of premium is other than yearly,
unpaid premium(s).
• The above grace period will also apply to rider premium as the rider
premium is to be along with the premium of the base plan.

REBATES
 The rebates for base plan are as under:
 Mode Percentage
• Yearly mode : 2% of tabular premium
• Half-yearly mode : 1% of tabular premium
• Quarterly and monthly mode : NIL
 High Basic Sum Assured Rebate:
• 1,50,000 to 2,90,000 : Nil
• 3.00,000 to 4,90,000 : 1.50 % B.S.A
• 5,00,000 to 9.90.000 : 2.00 % B.S.A
• 10.00.000 and above : 2.25 %° B.S.A
 BSA – Basic Sum Assured

PROPOSAL FORMS
• PROPOSAL FORMS 302/342 AS APPLICABLE.

COMMISSION TO AGENTS
• PPT 12 TO 14 YEAR - 20%
• PPT 15 OR MORE-
• 25%WITH 40% BONUS COMMI.

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LIC Plan Table 838 LIC NEW JEEVAN PRAGATI LAUNCHING ON 03/02/2016

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