LIC Jeevan Pragati: Get 28 Lakh Return Along with Additional Pension Advantages!

Life Insurance Corporation of India has been an integral part of the insurance marketplace for over 100 years. It is one of the most trusted insurance companies in India with a diversified range of policies. LIC specializes in serving insurance policies to their customers depending upon their needs and requirements. LIC Jeevan Pragati scheme is yet another investment option launched by the Life Insurance Corporation of India that offers impressive returns.

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This article will guide you through some important features, benefits, returns, additional pension advantages, and much more about the LIC Jeevan Pragati scheme.

LIC Jeevan Pragati

 LIC Jeevan Pragati is a non-linked, profit-making plan, which comes with dual benefits of protection and savings. The plan takes care of the liquidity needs through its loan facility. The main purpose of the plan is to offer a secure future to the policyholder by providing an automatic increase in its risk coverage during its tenure after every 5 years. LIC Jeevan Pragati offers savings benefits by which the policyholder can save a lump sum amount of 28 lakh rupees by the time of maturity and get an additional pension advantage of approximately Rs. 15,000.

Features of LIC Jeevan Pragati Scheme

Let us have a look at some key features of the LIC Jeevan Pragati scheme:

  • It is a non-linked profit, profit-earning scheme
  • The minimum basic sum assured is 1,50,000 rupees
  • The Maximum basic sum assured has no limit
  • Risk coverage under the scheme increases every 5 years
  • After the investment, the sum for the initial five years remains as is
  • From six to ten years, the Sum Insured (SI) increases from 25% to 125%
  • From 11 to 16 years, the SI increases to 150%
  • Not taking money till 20 years increases the SI to 150%
  • Maturity amount is tax exempted under Section 10(10D) of the Income Tax Act
  • Policy surrender option after 3 years of payment of premium
  • 10,000 rupees is the minimum accident sum assured
  • A loan facility is also available after 3 years of payment of premium
  • Amount up to 28 lakhs can be received by the beneficiary at the time of maturity
  • Offers death coverage as per IRDAI (Indian Regulatory and Development Authority of India) guidelines

Benefits Under LIC Jeevan Pragati Scheme

Let us have a look at the benefits of this endowment plan:

  1. Death Benefit

    If the policyholder dies during the policy tenure, he/she is eligible for death benefit under the LIC Jeevan Pragati scheme. Under the benefit, the beneficiary receives:

    Sum assured on death + vested Simple Reversionary Bonuses + Final Additional bonus (if any)


    Sum assured on demise is higher of:

    • 10 X Annual premium, or
    • Absolute assured amount is paid at the time of death of the policyholder

    The death benefit is calculated as follows:

    Year of Death

    Sum Assured on Death

    Final Additional Bonus

    During the first 5 years

    100% of basic sum assured

    Not applicable before 15 years

    6th to 10th policy years

    125% of basic sum assured

    Not applicable before 15 years

    11th to 15th policy years

    150% of basic sum assured

    Not applicable before 15 years

    16th-20th policy years

    200% of basic sum assured


    Premiums mentioned above shall not include taxes or any extra amount chargeable.

  2. Maturity Benefit

    Sum assured on maturity equals to:

    Basic sum assured + vested Simple Reversionary Bonuses + Final Additional bonus (if any)

    Maturity benefit is payable in a lump sum at the end of the policy tenure provided all the premiums are duly paid.

  3. Participation in Profits

    LIC Jeevan Pragati must participate in profits of the LIC and should be entitled to get Simple Reversionary Bonuses mentioned according to the experience of the company during the tenure of the policy.

  4. Optional Riders Benefit

    Optional riders include:

    • LIC's Accidental Death Rider
    • LIC’s Disability Benefit Rider

    In LIC Jeevan Pragati, sum assured cannot exceed Basic Sum Assured

Other benefits available under the LIC Jeevan Pragati scheme are as follows:

  1. Free-Look Period

    A 15 day free-look period is available at the start of the policy.

  2. Surrender Value

    Surrender benefit can be claimed only after 3 years of the premium payments are made. LIC Jeevan Pragati offers Guaranteed Surrender Value, depending upon the policy tenure and years of policy surrender.

  3. Grace Period

    30 days grace period is available in the premium paying frequency is Annual, Half-Yearly, or Quarterly. 15 days grace period is available for monthly premium payments.

Eligibility Conditions and Other Restrictions

Plan type

Traditional plan

Minimum entry age

12 years (completed)

Maximum entry age

45 years (completed)

Maximum maturity age

65 years (completed)

Basic sum assured

Minimum sum assured: Rs.1,50,000 /-

Maximum sum assured: no limit

The basic sum assured shall be in multiples of Rs.10,000/-

Policy term

12 - 20 years

Premium paying term

12 - 20 years



Mode of payment

Yearly, half-yearly, quarterly, monthly

Riders available

LIC's accidental death rider

LIC's disability benefit rider

LIC's critical illness rider

Accidental Death & Disability Benefit

Minimum Sum Assured - Rs.1,50,000 /-

Maximum Sum Assured - No Limit

(Sum Assured in multiple of Rs.10,000)

Critical Illness

Minimum Sum Assured - Rs.1 Lakh

Maximum Sum Assured - Rs.25 Lakhs

*Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product by an insurer or any other financial product.

Summing it!

LIC Jeevan Pragati is an easy and simple endowment plan with dual benefits of protection and savings. The life coverage increases automatically as with the policy years, which allows the policyholder to plan a better future for their loved ones. An affordable protection plan, LIC Jeevan Pragati can surely be considered by individuals planning to secure their future at the best benefits possible.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:-
++Returns are 10 years returns of Nifty 100 Index benchmark

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