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