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The LIC Jeevan Pragati has been withdrawn by the corporation recently and may not be available for the moment.
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 3rd 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.
The LIC Jeevan Pragati plan offers a host of salient features as stated below;
A grace period of 30 days is given in case of not being able to pay the premium on the due date.
LIC’s Jeevan Pragati policy has a plethora of benefits mentioned below which make it stand apart from the rest.
The following eligibility criteria and restrictions need to be met for this policy:
The following documents would be needed at the time of applying for a claim process in case of death or maturity:
Beneficiary details as required
A1. LIC’s Jeevan Pragati plan has been withdrawn for the moment, and it is not available.
A2. This plan offers a grace period of 30 days in case you have missed paying the premium after which the policy will lapse. In case such an event occurs, the policyholder is allowed to revive the policy within 2 years from the first premium due date. This results in a revival of the policy provided all the premiums are paid within this time frame.
A3. In case the life assured commits suicide within 12 months of the inception or revival of the policy, sane or insane, the death benefit will not be applicable. It is necessary to be transparent about your medical conditions, recreational habits which can affect the health, or any other relevant data. The death benefit can be withheld if the corporation finds evidence of any misleading information or illegal activities which can, in turn, affect the safeguarding of the insured as well as the policyholder in case of survival.
A4. https://paisawiki.com/ on which you can get all the details regarding the application. The form is also available there, and you can either book it online or get in touch with a customer care executive who will guide you through the process. (*Paisawiki does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer). The website will also allow you to browse through other active plans with which you can compare the benefits of this plan and make an informed decision since this plan is currently withdrawn.
A5. The LIC Jeevan Pragati plan allows all its policyholders to pay the premiums in timely installments instead of a lump sum amount so should they desire. These installments range from monthly payments, quarterly payments, bi-annual payments as well as and annual settlement. Different grace periods are offered for these installments wherein monthly premium payments have a 15 days grace period whereas all the others are allowed 30 days.