Last Updated on June 30, 2022 by Team Gyankunj
India’s premier insurance agency Life Insurance Corporation (LIC), has announced another insurance scheme for its customers. It has unveiled LIC Jeevan Pragati Scheme recently after a row of insurance schemes. The main objective behind the launch of this policy is that the customers can secure their future by saving little amounts every month. The beneficiaries will get a lump sum amount of Rupees 28 Lakh on maturity. Moreover, it offers death risk coverage as per the regulations set by the Insurance Regulatory and Development Authority of India (IRDAI).
LIC Jeevan Pragati Scheme
This article explains the online procedure to apply for the Life Insurance Corporation’s Jeevan Pragati Scheme, Features, Eligibility Criteria, Return, Details of the Maturity, Instalment Details, and PDF Brochure 2021.
LIC Jeevan Pragati is a popular plan due to various reasons. If you have heard about this plan and want to know all about it in detail, continue reading the article.
Features of Jeevan Pragati Policy – Table no. 838
Let us see the features and highlights of the Jeevan Pragati Policy, as shown below.
- The basic minimum sum assured under this scheme is Rupees 1,50,000.
- However, there is no maximum limit for the basic sum assured.
- The maturity amount is tax-free under 10 (10D).
- The investors can surrender their policy after the payment of the premium for three years.
- The minimum accident sum assured in this policy is Rupees 10,000.
- The insurer accepts the risk from the date of commencement of the policy.
- Investors can also avail of the loan facility after the payment of premium for three years.
Jeevan Pragati Policy Eligibility Criteria
Let us see the eligibility guidelines that the aspirants should fulfill to be eligible for the LIC Jeevan Pragati Policy.
- The investor’s age should be a minimum of 12 years and a maximum age of 45 years to avail of this policy.
- Investors should invest at least 12 years to reaping the benefits of the Jeevan Pragati Policy of LIC.
- Moreover, the investors can invest in this policy for a maximum of 20 years.
LIC Jeevan Pragati 838 Scheme – Return Calculation
Let us see the Returns that investor gains after they enroll for the Jeevan Pragati Policy with LIC. See the below example to get a clear idea of the returns of the Jeevan Pragati Scheme.
- Mr. Ram is a 30-year-old adult who wishes to buy the Jeevan Pragati Plan for a basic sum assured of Rs.1.5 lakh with a policy term duration of 20 years.
- Now, Mr. Ram is required to pay a premium of around Rs.7611. The concerned plan can offer returns at 6% or 7% to the investor.
- Thus, the policyholder may get around Rs.3.3 lakh at the maturation of the policy.
- Under any circumstances, if the policyholder is dead, their nominee will receive the final additional bonus, simple reversionary bonuses, and sum assured on death. (If the policyholder had paid all the premiums on time when he was alive.)
Details of LIC Jeevan Pragati Plan Maturity & Instalments
Let us see the details of the maturity of the LIC Jeevan Pragati Plan, as shown below.
- The maximum benefit the investors can derive out of the Jeevan Pragati Plan is Rupees 28 Lakh.
- To avail of this amount, the investors must invest about Rs 6000 per month for around 20 years that comes around Rs 200 per day.
- In addition to the sum on maturity, investments in the LIC Jeevan Pragati policy also offer risk cover benefits that increase every five years.
- In case of the investor’s death, the nominee will get a minimum guaranteed amount payable on maturity.
- Moreover, the nominees also receive a reversionary bonus on the investor’s death under this policy.
LIC Jeevan Pragati Policy PDF Brochure 2021
The interested and eligible investors can download the PDF brochure below :jeevan-pragati-table-838
The interested applicants can visit the Official Portal of LIC India and apply for the LIC Jeevan Pragati Policy.