LIC Jeevan Pragati Plan: Children from 12 years to persons of 45 years can invest in this scheme of LIC. If the policy holder invests Rs 200 every day in this scheme, then the fund received on maturity will be around Rs 28 lakh.
LIC Jeevan Pragati Plan: The country’s largest insurance company, Life Insurance Corporation of India (LIC), offers plans for everyone from children to the elderly, which are helpful in raising huge funds even through small savings. One such amazing policy is LIC Jeevan Pragati, in which you can get Rs 28 lakh by saving Rs 200 every day. If you are planning to buy a policy, then this policy can prove to be a better option for you. Let us know in detail about the method of investing in this scheme and the benefits….
Age limit of 12-45 years
Investors get many great benefits in LIC Jeevan Pragati plan. On one hand, a fund of 28 lakhs can be accumulated by saving Rs 200 every day, while those investing in this plan also get risk cover. The minimum age limit for investing in this scheme of LIC has been fixed at 12 years, while it can be taken at the maximum age of 45 years.
This is how a fund of 28 lakhs will be collected
The person taking this special Jeevan Pragati policy of Life Insurance Corporation of India gets lifetime security along with excellent returns on investment. If we look at the math of the fund deposited under this scheme, if any policy holder invests Rs 200 every day in this scheme, then he invests Rs 6000 in a month. In this sense, the amount deposited annually will be Rs 72,000. Now if you deposit in this scheme for 20 years, you will invest a total of Rs 14,40,000. At the same time, you will get a fund of about Rs 28 lakhs including all the benefits.
Risk cover will increase every five years
The specialty of LIC Jeevan Pragati plan is that the risk cover of investors increases every five years. This means that the amount you get increases in five years. If we talk about death benefits, then after the death of the policyholder, the insurance amount, simple reversionary bonus and final bonus are paid together.
How does the coverage increase?
The term of Jeevan Pragati policy is minimum 12 years and maximum 20 years. People from 12 years to 45 years can buy this policy. You can pay the premium of this policy on quarterly, half-yearly and yearly basis. The minimum sum assured of this policy is Rs 1.5 lakh and there is no maximum limit. Suppose someone buys a policy of Rs 2 lakh, then its death benefit will remain normal for the first five years. After this, the coverage will become Rs 2.5 lakh for six to 10 years. At the same time, the coverage will increase to Rs 3 lakh in 10 to 15 years. In this way the coverage of the policyholder will increase.
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