LIC Jeevan Pragati Plan: On one hand, by saving Rs 200 every day, a fund of Rs 28 lakh can be accumulated, while on the other hand, those who invest in this plan also get risk cover. The minimum age limit for investing in this scheme of LIC has been fixed at 12 years.
LIC Jeevan Pragati Plan: The country’s largest insurance company, Life Insurance Corporation of India (LIC), offers new plans for children to the elderly. This scheme gives strong returns along with small savings. Today we are going to tell about one such great scheme. This is LIC’s Jeevan Pragati policy. In this scheme, you can get Rs 28 lakh by saving Rs 200 every day.
This policy is for 12 to 45 years
If you are planning to buy a policy, then this policy can prove to be a better option for you. Investors get many great benefits in LIC Jeevan Pragati plan. On one hand, by saving Rs 200 every day, a fund of Rs 28 lakh can be accumulated, while on the other hand, the investors 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 the maximum is 45 years.
How can you accumulate a fund of Rs 28 lakh?
Those who take this special Jeevan Pragati policy of Life Insurance Corporation of India get lifetime security along with good returns. If we look at the calculation of the fund deposited under this policy, then if any policy holder invests Rs 200 every day in this policy, then he invests Rs 6000 in a month. In this way, Rs 72,000 will be deposited in a year. Now, if you deposit in this scheme for 20 years, you will invest a total of Rs 14,40,000. If all the benefits are added, then this amount will be Rs 28 lakh.
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. In death benefits, 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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