Why LIC Jeevan Pragati is Considered As The Safest Option To Invest?

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Do you have the habit of buying things frequently, even when you don’t need them? There have been times when you decided to overcome this expensive habit of yours, but you never quite managed to succeed in getting rid of your shopaholic tendencies. This habit will most definitely not let you save anything for your future. And hence, you need a plan which will enable you to save some money, all-the-while letting you enjoy your habitual-spender status.

An endowment plan is just what you need in this scenario. It will not only help you get a life cover, but will also help you develop the habit of saving, so you are able to get a lump sum amount once the policy matures. You can use this money to meet your different financial needs, such as your kids’ education, purchasing a house or even funding your retirement.

Jeevan Pragati (no. 838) is one of LIC's premium endowment plans, with a non - market linked policy and a risk coverage against inflation. This plan was launched on 3rd March 2016 and was designed to meet the characteristics of a savings plan, which also offers redefined protection throughout its policy term.  It is equipped with both long term reversionary i.e., long-term returns, and final accumulated bonuses - giving an extensively increased sum assured on death, once every 5 years.

Thus, LIC Jeevan Pragati provides the insured person the surety of receiving a lump sum amount on its maturity, along with death and other exclusive benefits. This is why, it’s considered an ideal policy for people, who are looking for popular investment options in India option which can protect them against the consequences of a sudden accident /disability, or life after retirement.

Let's s explore some of the LIC Jeevan Pragati 's Key Features :

  • It is a non-market linked plan with endowment profit benefits, which acts as a savings and a risk coverage tool at the same time.
  • It provides extensive life coverage till one's death, which means that the sum assured, along with all the simple reversionary and finally acquired bonuses, would be granted to her/his appointed nominee.
  • LIC Jeevan Pragati offers both simple reversionary bonuses and final acquired bonus to the basic sum assured, throughout the term of the policy. It can be withdrawn on its maturity (by the policyholder), or on the policyholder's death (by her/his nominee).
  • The policy term ranges from 12 years to 20 years, and all the bonuses will be available during this tenure.
  • There exists a flexible choice in the premium payment term options - yearly, half yearly, quarterly and monthly. Thus, providing the policyholder the ability to better plan all his financial investments throughout the year.

Eligibility criterions to enroll in LIC Jeevan Pragati:

  • * The age of minimum entry to the plan is - 12 years, while the maximum is - 45 years.
  • * The maximum age at the policy's maturity should be - 65 years.
  • * The minimum sum assured is to be INR 1.5 Lacs or more.
  • * The minimum policy term is subject to 12 years, the maximum being 20 years.
  • * The minimum age of entry to the Riders Benefit Plan is of 18 years.

Benefits Associated with LIC Jeevan Pragati:

  • Rebates - Based upon the sum assured, you will get rebates as follows:
  • 1% for 0 to 2, 90,000
  • 5% for 3, 00,000 to 4,90,000
  • 0% for 5, 00,000 to 9,90,000
  • 2% for an amount exceeding 10, 00,000 INR
  • Grace period- On nonpayment of premium, this plan offers a grace period of 30 days (for half yearly, quarterly and yearly payment terms) and 15 days (for monthly payment terms). If not kept up to, your policy will lapse, upon which, an extended lifetime of 2 years is granted. As a policy holder, you’ll get a chance to revive your policy within these 2 years, by repaying all the due premiums.
  • Loan facility – It can be availed, once the premiums have been paid for 3 policy years. In case of a lapsed policy, this feature doesn't hold up.
  • Surrendering the policy - The policy can be surrendered only when it has completed at least 3 paid premium years.
  • Policy cancellation or free look term - The LIC Jeevan Pragati also offers a free look term, within which the policyholder can choose to surrender her/his policy. In this option, no surrender benefits would be imposed on the returned sum, nor will there be any kind of taxes levied on the refunded amount.
  • Riders Benefit Plan - The policyholder can apply for an additional Riders Plan, in case of risk coverage against her/his accidental disability or death. The premium imposed, should be paid along with the basic premium amount. The minimum insured amount should be Rs. 10,000 and should be less than the basic sum assured.
  • Maturity benefits - LIC's Jeevan Pragati offers simple reversionary bonuses throughout its policy term and a final acquired bonus at the time of maturity. The returned amount will consist of the basic sum assured along with the bonuses. Thus it's a good investment option to plan your future with, after retirement, or in case of disabilities or death.
  • Death benefits - It is offered on the basic sum, in case of death of the policyholder before the maturity term ends. The nominee will be provided with the basic sum assured along with the simple reversionary bonuses and death bonus. Thus, it's a good option for securing your family's future and interests.
  • Tax benefits - Under Section 10(10D) and 80(c) of IT act of India, premiums paid under LIC Jeevan Pragati will be tax free.


If your objective is to look for a risk-free endowment plan where you can get the dual benefits of tax-savings as well as life insurance, LIC Jeevan Praagti Plan is going to be your best bet.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer. Tax benefit is subject to changes in tax laws. *Standard T&C Apply

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.