LIC Jeevan Pragati Plan: Right Combination of Protection & Money Growth
Life Insurances 171 views
Once you start working the first thing which comes to your mind and which everyone suggest to you is start saving your money. Rahul Sinha, working with a tech company, in Mumbai, he is earning Rs. 40,000 per month. Now, he wants to save some money for his future. His friends suggested him to invest his money in mutual funds, but he is not very keen to take the risk as mutula funds are linked with market risk. Though they provide you higher returns on the investments as compared to any other saving plans, but they are always at risk. In this kind of situation the best option for Rahul to save his money is he can save in FD or he can buy a life insurance policy. Life insurance policy is a long-term plan. The longer duration plans will fetch you more money as compared to shorter duration plans. Life insurance is the best option to save your moeny and secure your future.
You can buy a life insurance policy according to your future financial goals. You can choose a premium of the policy as per your desired maturity amount. The longest term policy will fetch you higher returns as compared to shorter term policies. LIC's Jeevan Pragati Plan is a non-linked, with-profits plan which offers a combination of protection and savings. This plan provides for automatic increase in risk cover after every five years during the term of the policy. This plan also provides you loan facility.
Advantages and benefits
Death benefit: The policy provides the death benefit to the insured during the policy term. Death benefit, defined as sum assured on death along with simple reversionary bonuses and final addition bonus if any will be given to insured. The sum assured is defined as the higher of 10 times of annualised premium or absolute amount assured to be paid on death. You will receive 100% of the basic sum assured during the first 5 years of policy, 125% between the 6th to 10th years of the policy and you will get 200% of the basic sum assured after completion of the 15 years. This death benefits shall not be less than 105% of all the premiums paid as on the date of death.
Maturity benefits: On the maturity of the policy you will receive the sum assured on maturity equal to basic sum assured along with vested simple reversionary bonuses and final additional bonus if any. It will be paid to insured at the end of the policy term provided all due premiums have been paid.
Participation in profits: You will receive the participation profit of the corporation or simple reversionary bonuses declared as per the experience of the corporation, provided the policy is in force. The bonus will be given on the basis of assured sum.
Eligibility and conditions related to policy
- You are required to assure minimum basic sum not less than Rs. 1,50,000.
- There is no limit for maximum basic sum assured in the policy.
- The minimum tenure of the policy is 12 years and maximum tenure of the policy is 20 years.
- The minimum age to buy or start your policy is 12 years and maximum age is 45 years at the time of first premium paid toward policy.
- The maximum age is 65 years at the time of maturity of the policy.
- The risk cover will commence immediately from the date of acceptance of the risk including minor lives.
- You can choose a payment mode as per your convenience. You can choose from the monthly, quarterly, half-yearly or yearly premium plan.