LIC Jeevan Pragati Plan

LIC’s Jeevan Pragati Plan is a non-linked endowment policy in which the sum assured on death increases every 5 years of the active policy term. This is a plan (*Paisawiki does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer) is for those looking to safeguard their future after retirement.

For those seeking a benefit against accidents, this can be availed by opting for rider add-on option and those seeking security for loved ones after their demise; this plan provides foolproof financial liquidity in such an event.

The LIC Jeevan Pragati has been withdrawn by the corporation recently and may not be available for the moment.

What is LIC Jeevan Pragati Policy?        

Life Insurance Corporation of India has introduced this plan to offer a combination of savings and protection for the insurers. It is ideal for those looking to invest in a life insurance plan ranging from the ages of 12 - 45 years. This a savings cum protection plan with a minimum 12-year policy term and a maximum term of 20 years.

Launched on 3^rd February 2016, it was third in line to be introduced in the same year after LIC Jeevan Shikhar and LIC Jeevan Labh Plan. Offering a large range of benefits for those looking to add a financial buffer in their golden years, LIC Jeevan Pragati ensures monetary security for the insurer as well as his/her family.

Features and Benefits of LIC Jeevan Pragati Policy

Features of LIC Jeevan Pragati Plan

The LIC Jeevan Pragati plan offers a host of salient features as stated below;

• This is a non-linked endowment saving cum protection with-profits policy.
• The basic minimum sum assured is Rs.1,50,000/-
• There is no limit on the maximum basic sum assured; however, the assured sum at the time of maturity is paid in the multiples of Rs. 10,000/-
• The minimum age of entry for rider add-on is 18 years.
• The minimum age of entry for the policy is 12 years, whereas the maximum age is 45 years.
• The maximum age at maturity is 65 years.
• Holders of LIC Jeevan Pragati are eligible for the premium paid under section 80C of the Income Tax Act. (*Tax benefit is subject to changes in tax laws).
• The maturity amount is exempt from tax under section 10(10D) of the Income Tax Act. (*Tax benefit is subject to changes in tax laws)
• After payment of premium for three consecutive years, loan facilities can be availed.
• Risk starts from the date of risk commencement.
• If the premium has been paid for 3 years, the policy qualifies for surrender.
• The minimum accident benefit assured sum is Rs. 10,000/-
• The maximum benefit assured sum is equal to the basic assured sum at a maximum of Rs. 1 crore.
• A 15 days free look period is offered to those who wish to cancel the policy within this stipulated time. (*Standard T&C Apply)
• The premium can be paid in quarterly, monthly, yearly, and half-yearly installments for added convenience.

A grace period of 30 days is given in case of not being able to pay the premium on the due date.

Benefits of LIC Jeevan Pragati Plan

LIC’s Jeevan Pragati policy has a plethora of benefits mentioned below which make it stand apart from the rest.

• Death Benefit- The death benefit or sum assured along with simple reversionary bonuses and final additional bonuses, are paid to the beneficiary in case of an untimely demise of the insurer. This holds only if all premiums are paid, and the policy is still in the term.  
• Maturity Benefit- At the time of maturity, the sum assured is equivalent to the simple reversionary bonuses and final additional bonuses if applicable. This is paid as a lump-sum amount to the survivor as long as all the premiums have been paid.
• Rider Add-ons - Accidental death and disability riders are offered along with LIC Jeevan Pragati policy.

Eligibility Criteria of LIC’s Jeevan Pragati Policy:

The following eligibility criteria and restrictions need to be met for this policy:

• The minimum age at entry is 12 years, while the maximum is 45 years.
• The minimum policy term is 12 years, while the maximum is 20 years.
• The maximum age at maturity is 65 years.
• The minimum sum assured is Rs.1,50,000 while the maximum has no limit

Claim Process for LIC Jeevan Pragati Policy:

The following documents would be needed at the time of applying for a claim process in case of death or maturity:

• A filled and duly signed claim form (attached with the original policy papers)
• Death certificate
• ID papers such as Aadhar card, passport, etc.
• KYC documents
• Address proof
• Bank details

Documents needed when applying for LIC’s Jeevan Pragati Policy

• Proposal form duly signed and filled
• Identification documents
• Recent photographs
• Medical certificates if required
• KYC documents
• Address proof

Beneficiary details as required

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