Life Insurance Corporation (LIC) of India, the country's largest life insurance company, offers a variety of endowment plans. An endowment plans, unlike a term insurance plan which provides life cover, offers a mix of life cover and savings plan. One such endowment product provided by LIC is the Jeevan Pragati plan. LIC Jeevan Pragati plan is a non-linked, with-profits plan which offers a combination of protection and savings, according to LIC's website - www.licindia.in.
Here is all you need to know about LIC's Jeevan Pragati endowment policy:
Any individual in the age group of 12-45 years can opt to buy LIC Jeevan Pragati policy for a minimum sum assured of Rs. 1.5 lakh. There is no maximum limit for the amount of sum assured, according to the LIC website.
The policy is for a term of 12-20 years and the maximum age of an individual to buy LIC Jeevan Pragati plan is 45 years with maximum maturity age of 65 years.
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode over the term of policy.
Following are some of the sample tabular premium rates per Rs. 1,000 of the basic sum assured:
| AGE (in yrs.) | TERM (in yrs.) | ||
|---|---|---|---|
| 12 | 15 | 20 | |
| 20 | 88.10 | 69.50 | 49.70 |
| 30 | 88.45 | 70.00 | 50.75 |
| 40 | 90.05 | 72.20 | 54.40 |
| 45 | 92.00 | 74.65 | 57.85 |
Source: LIC
If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of two consecutive years from the date of first unpaid premium but before the date of maturity as the case may be, by paying all the arrears of premium together with interest.
Sum assured will be paid to the insured person on maturity along with vested bonuses and final additional bonus will be payable in lump sum on survival provided all due premiums have been paid.
In case of death of policy holder during the term of policy sum assured on death will be paid to the legal heirs/nominees provided all due premiums have been paid regularly, LIC said on its website.