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LIC Jeevan Pragati Plan

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The LIC Jeevan Pragati has been withdrawn by the corporation recently and may not be available for the moment.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

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


  • Q1. Is the Jeevan Pragati plan currently available with LIC?

    A1. LIC’s Jeevan Pragati plan has been withdrawn for the moment, and it is not available.  

  • Q2. What happens if I am unable to pay my premium on time due to some personal problem?

    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.

  • Q3. Does the beneficiary still get the death benefit if the insurer commits suicide?

    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.

  • Q4. Where can I buy this policy?

    A4. 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.

  • Q5. What are the options I have in regards to paying my premiums in instalments?

    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.

Written By: Paisawiki - Updated: 14 April 2021