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.
Read moreThis 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 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.
Let us have a look at some key features of the LIC Jeevan Pragati scheme:
Let us have a look at the benefits of this endowment plan:
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)
Where,
Sum assured on demise is higher of:
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 |
Applicable |
Premiums mentioned above shall not include taxes or any extra amount chargeable.
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.
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.
Optional riders include:
In LIC Jeevan Pragati, sum assured cannot exceed Basic Sum Assured
Other benefits available under the LIC Jeevan Pragati scheme are as follows:
A 15 day free-look period is available at the start of the policy.
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.
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.
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 |
NACH |
Available |
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.
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:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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