About Jeevan Pragati Plan
This is a fixed term policy. The premium has to be paid till the end of the term or till the death of the policy holder whichever is earlier. The Risk Cover automatically increases after every five years during the term of the policy. In case the policy holder dies before the end of the policy term, the ‘sum assured on death’ plus Bonus along with Final Additional Bonus, if any, is paid to the nominee. If the policy holder survives till the end of the term, he gets Basic Sum Assured along with Vested Bonus along with Final Additional Bonus, if any.
“Jeevan Pragati’ fulfils many of the long term financial needs of a person. The long term needs may be, to provide for education of dependent children, their marriage, or for old age provision for self or spouse. It not only makes provision for the family of the life assured in the event of his early death, but also assures a lump sum at any desired period. The short term emergency needs can be fulfilled by raising a loan on policy.
Eligibility & Features
| Minimum Sum Assured | Rs. 1,50,000 |
| Maximum Limit | NA (in multiple of Rs. 10,000) |
| Minimum age at entry | 12 years (Completed) |
| Maximum age at entry | 45 years (Near Birthday) |
| Maximum age at maturity | 65 years (Near Birthday) |
| Minimum Term | 12 years |
| Maximum Term | 20 years |
| Modes Allowed | Yly, Hly, Qly, Mly (ECS), SSS |
| Loan Availability | Policy Loan available after 3 full years of premium payments |
| Accidental & Disability Benefit Rider | In case of disability due to accident following would be payable -
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Benefits of Jeevan Pragati
- MATURITY BENEFITS:
Sum Assured on Maturity + Vested Bonus + Final Additional Bonus (if any).
Sum Assured on Maturity is equal to Basic Sum Assured. - DEATH BENEFITS:
In case of death during the policy term, provided all due premiums have been paid, Death benefit, defined as sum of “Sum Assured on Death “, vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as the higher of 10 times of annualised premium or Absolute amount assured to be paid on death i.e. 100% of the Basic Sum Assured during first 5 policy years, 125% of the Basic Sum Assured during 6th to 10th policy years, 150% of the Basic Sum Assured during 11th to 15th policy years and thereafter 200% of the Basic Sum Assured.
This death benefit shall not be less than 105% of all the premiums paid as on date of death. Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium, if any
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