The risk cover in this policy increases after every five years.
Life Insurance Corporation (LIC) provides a slew of investment options that offer impressive safe returns on investment. Through the LIC Jeevan Pragati scheme, the state-owned insurer offers investors a chance to secure their future. This scheme follows the guidelines set by the Insurance Regulatory and Development Authority of India (IRDAI). In the Jeevan Pragati scheme, a person has to invest only Rs 200 a day and after 20 years, they will get a return of Rs 28 lakh. Additionally, Rs 15, 000 as pension will also be given.
Benefits
- The risk cover in this policy increases after every five years.
- After investing, the sum for the first five years remains the same.
- From 6 to 10 years, the sum insured increases from 25% to 125%.
- From 11 to 15 years, the sum insured rises to 150%.
- If you do not take out the money till 20 years, the sum insured will rise to 200%.
Death Benefit
If the policyholder dies during the term, the nominee in the policy will be provided with the minimum guaranteed amount payable on maturity, simple reversionary bonus and final additional bonus if any. For example, if a person takes a policy of 2 lakh, then the coverage for death benefit will remain the same for first five years, for 6 to 10 years, the coverage will be Rs 2.5 lakh In case of 10 to 15 years, the coverage will increase to Rs 3 lakh and if a person dies anywhere between 16 and 20 years after taking the policy, a coverage of Rs 4 lakh will be granted.
In this scheme, accidental death and disability riders are also available, but for this one has to pay additional premium.
Terms of LIC Jeevan Pragati Plan
- Anyone above the age of 12 till 45 years can take this policy.
- The minimum term of the policy is 12 years, and the maximum is 20 years.
- The maximum age of maturity is 65 years.
- Minimum cover amount is Rs 1.5 lakh
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