LIC Jeevan Pragati Plan: Invest ₹200 Daily & Secure ₹28 Lakh Returns

Introduction

Life Insurance Corporation of India (LIC) is known for offering insurance plans that combine protection with savings. One such plan is LIC’s Jeevan Pragati Plan, which provides increasing life cover every five years along with savings benefits.

If you’re wondering how an investment of just ₹200 per day can secure ₹28 lakh in returns, this article will break it down in simple terms. Let’s explore how this plan works, its key features, and whether it’s the right fit for your financial goals.

LIC Jeevan Pragati Plan

LIC’s Jeevan Pragati Plan was an excellent option for investors looking for life insurance with increasing coverage and savings benefits. Although it is no longer available, LIC offers several alternative policies that provide similar growth potential and security. If you’re looking for long-term financial planning, consider LIC’s New Jeevan Anand or Jeevan Labh. To get a personalized quote, visit the LIC website or consult a LIC advisor.

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What is LIC Jeevan Pragati Plan?

LIC’s Jeevan Pragati Plan (Table No. 838) is a unique life insurance-cum-investment policy that offers automatic risk cover enhancement every five years.

Key Benefits:

1. Guaranteed life cover that increases over time
2. Long-term savings with bonuses
3. Maturity benefits with lump sum returns
4. Loan facility available after 3 years
5. Tax exemptions under Income Tax Act

However, this plan was discontinued on January 16, 2020. If you’re interested in a similar LIC plan, you may consider alternatives like LIC New Jeevan Anand or LIC Jeevan Labh.

LIC Jeevan Pragati Plan: How the Increasing Life Cover Works

One of the most attractive aspects of this plan is the increasing risk cover feature. This means that as the policy progresses, the insurance coverage increases without extra premium.

1. First 5 years: Sum Assured remains 100%
2. 6th to 10th year: Increases to 125%
3. 11th to 15th year: Increases to 150%
4. 16th to 20th year: Maximum coverage of 200% of Basic Sum Assured

For example, if you choose a Basic Sum Assured of ₹10 lakh, the death cover increases as follows:

This feature makes it ideal for individuals who want increasing financial protection over time.

LIC Jeevan Pragati Plan Investment Breakdown: How to Get ₹28 Lakh Returns

Now, let’s break down how investing ₹200 daily can grow into a ₹28 lakh maturity amount.

Investment Calculation

1. Daily Investment: ₹200
2. Monthly Investment: ₹6,000
3. Annual Investment: ₹72,000
4. Total Investment (15 Years): ₹10,95,000

Expected Returns

The final maturity amount consists of:

1. Basic Sum Assured
2. Accrued Simple Reversionary Bonuses
3. Final Additional Bonus (if applicable)

While actual bonuses may vary, a rough estimation suggests a payout of around ₹28 lakh at the end of 15 years.

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LIC Jeevan Pragati Plan: Eligibility & Policy Terms

If you are considering investing in a similar LIC plan, check the eligibility criteria below:

1. Minimum Entry Age: 12 years
2. Maximum Entry Age: 45 years
3. Minimum Sum Assured: ₹1.5 lakh
4. Policy Term: 12 to 20 years

Additional Benefits

1. Loan Facility: Available after paying premiums for at least 3 full years.
2. Tax Benefits: Premiums are tax-deductible under Section 80C. Maturity proceeds are tax-free under Section 10(10D).

Alternative LIC Jeevan Pragati Plan is Discontinued

Since LIC Jeevan Pragati is no longer available, here are some alternative LIC plans you can consider:

LIC New Jeevan Anand

1. Lifetime risk coverage even after maturity.
2. Bonus accumulation for higher returns.
3. Loan facility available.

LIC Jeevan Labh

1. Limited premium payment term with long-term benefits.
2. Higher returns due to bonus addition.
3. Shorter pay period: 10, 15, or 16 years.

LIC New Endowment Plan

1. Fixed premium term with guaranteed savings.
2. Tax benefits on both premium and returns.
3. Ideal for long-term financial goals.

You can visit the LIC website to explore more options.

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LIC Jeevan Pragati Plan (FAQs)