no relation to share market
The amount of Sum Assured you take in this policy progresses and by the end of the policy the Sum Assured goes up to almost two times. This is a non linked policy. Because of this, this policy has nothing to do with the share market. By investing in this plan in a short period, the policyholder gets many benefits. This is an endowment plan, which provides you with protection and savings at the same time.
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The risk cover in the policy increases every five years. The sum insured remains the same for the first five years. After this, from the sixth to the 10th year, it increases from 25% to 125%.
Similarly, it becomes 150% of Sum Insured from 11th year to 15th year and Sum Insured for 16th year to 20th year becomes 200% of Basic Sum Insured.
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That is, if you take a policy of 2 lakh sum insured, then coverage for death benefit is 2 lakh in the first five years, 2.50 lakh for 6 to 10 years, 3 lakh for 11 to 15 years and coverage for 16 to 20 years 4 lakh will be Rs.
That is, the sum insured becomes double. Accidental Death and Disability rider is available under this, but for this an additional premium will have to be paid.
Under this plan, you will be able to get a fund of about Rs 28 lakh after 20 years on the sum assured of 15 lakhs and Rs 200 per day investment.
It can have more or less. It can be understood in this way that if a person starts paying premium in LIC Jeevan Pragati plan at the age of 30, then a premium of about Rs 73,898 will have to be paid annually, which works out to Rs 202 per day.
In the 50th year, the amount of premium you have paid, including loyalty bonus and additional bonus, makes this amount around Rs 28 lakh.
Here is the qualification:
– Minimum age: 12
– Maximum age: 45
– Maximum Maturity Age: 65
– Premium Pay Mode: Yearly, Half Yearly, Quarterly, Monthly
Grace period is available for 15 to 30 days
– Policy Term: 12 to 20 years
– Minimum Sum Assured: 1,50,000
– No limit on Maximum Sum Assured
– Loan facility: After three years
The policy can be surrendered after three years
The policy can be revived by paying the outstanding premiums within two years of lapse.