LIC Jeevan Pragati Plan
LIC Jeevan Pragati Plan is an endowment assurance plan offered by the Life Insurance Corporation of India (LIC) that is not linked to the stock market and has risk coverage that grows every five years. The policy provides an increased risk cover, which ensures adequate risk protection against inflation over time. This plan is designed for individuals who want to protect their families from LIC’s risks while also saving money. Adding an accidental benefit rider can make this plan even better.
LIC has been one of the most widely recognized names in the insurance industry for over six decades. Millions of Indians associate LIC with reliable and secure life insurance policies. LIC policies are diverse, and each one provides distinct solutions to distinct requirements. The Jeevan Pragati Policy is an endowment policy that is not linked to profits. It gives customers the opportunity to save money and get help. The risk cover is automatically increased every five years after purchase, and the policy also meets the policyholder’s need for liquidity by offering the option of a loan.
Highlights of Life Insurance Corporation of India
|Policy Term||12 to 20 years|
|Premium Payment Term||Same as the policy term|
|Minimum Entry Age||12 years|
|Maximum Entry Age||45 years (for a 12-year policy term), 40 years (for a 20-year policy term)|
|Minimum Sum Assured||Rs. 1,50,000|
|Maximum Sum Assured||No limit|
|Premium Payment Mode||Yearly, half-yearly, quarterly, monthly (via ECS only)|
|Maturity Benefit||Basic Sum Assured along with accrued bonuses|
|Death Benefit||Higher of 10 times the annual premium or 105% of all premiums paid till death or Sum Assured plus accrued bonuses|
|Tax Benefits||Premiums paid and benefits received are eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, of 1961|
Eligibility Criteria for LIC Jeevan Pragati Scheme
To apply for a LIC Jeevan Pragati policy, there are a few eligibility criteria that one needs to meet. The minimum age of entry is 12 years, and the maximum age is 45 years. The minimum sum assured is INR 1.5 lakhs, but there is no maximum. The policy term can be anywhere from 12 to 20 years, and the maturity age is 65 years. The policyholder has the option of choosing a premium payment frequency—monthly, quarterly, biannually, or annually.
The Jeevan Pragati Policy aids in an individual’s long-term plans, making it ideal for individuals between the ages of 12 and 45 who are looking for insurance. With an expanded cover staying aware of monetary necessities at various phases of life, it becomes reasonable for the policyholder. The policyholder is eligible for both the final additional bonus and a reversionary bonus under the plan.
The Jeevan Pragati Policy from LIC includes coverage for employee injuries and business interruption insurance, making it an excellent choice for small business owners. In the event of the policyholder’s death during the policy’s term, the sum assured on death accumulated Simple Reversionary Bonus, and any Final Additional Bonus (if any) are paid to the beneficiary. The policyholder receives a maturity benefit at the conclusion of the policy’s term if all premiums are paid on time and the policyholder outlives the policy.
The LIC Jeevan Pragati Plan is a comprehensive insurance plan that can cover all your needs. The plan is perfect for individuals between the ages of 12 and 45 who are looking for insurance that aids in their long-term plans. Adding an accidental benefit rider can make the plan even better. The policy also includes coverage for employee injuries and business interruption insurance, making it an excellent choice for small business owners. To learn more about this plan and how it can benefit you, get in touch with LIC today.
Benefits for LIC Jeevan Pragati
The LIC Jeevan Pragati Plan offers a number of benefits to policyholders. Here are some of the key benefits of this plan:
- Increasing Risk Cover: One of the most important features of this plan is the increasing risk cover, which ensures adequate risk protection against inflation over time. The risk cover increases automatically every five years after purchase, providing better financial security to the policyholder and their family.
- Savings and Investment: The Jeevan Pragati plan provides a savings and investment option, allowing policyholders to save money while also earning a return on their investment. The policyholder can choose the premium payment frequency and the policy term, making it a flexible investment option.
- Accidental Benefit Rider: The policyholder can add an accidental benefit rider to the basic policy to increase the coverage amount. This rider provides additional coverage in case of accidental death or disability.
- Maturity Benefit: If the policyholder pays all premiums on time and outlives the policy term, they receive a maturity benefit that includes the basic sum assured, the reversionary bonus, and the final additional bonus.
- Death Benefit: In case of the policyholder’s death during the policy term, the sum assured on death, accumulated Simple Reversionary Bonus, and any Final Additional Bonus (if applicable) are paid to the nominee.
- Loan Facility: This policy also offers the option of taking a loan against the policy, providing liquidity to the policyholder in case of financial emergencies.
- Tax Benefits: The policyholder can avail of tax benefits under Section 80C of the Income Tax Act, 1961 for the premiums paid and under Section 10(10D) of the Income Tax Act, 1961 for the maturity benefit or death benefit received.
- Business Insurance: For small business owners, this policy also offers additional benefits, such as business insurance and global coverage, providing comprehensive insurance coverage for the business and its employees.
Overall, the LIC Jeevan Pragati Plan is a flexible and comprehensive insurance plan that offers a range of benefits to policyholders. It provides both savings and investment options, along with increasing risk cover, ensuring financial security for the policyholder and their family.
The motive behind LIC Jeevan Pragati Plan is to provide a reliable and secure endowment assurance plan to customers which are not linked to the stock market and ensure adequate risk protection against inflation over time. The plan is designed to cater to the long-term needs of individuals between the ages of 12 and 45 who are looking for insurance and retirement planning. The increasing risk cover every five years after purchase makes it an attractive option for those who want to save money while protecting their families against unforeseen risks. Additionally, the plan also provides the option to add an accidental benefit rider to increase coverage. The Jeevan Pragati plan also includes business interruption insurance and coverage for employee injuries, making it an ideal solution for small business owners who want to protect their businesses and employees. Overall, the motive of the LIC Jeevan Pragati Plan is to provide comprehensive and customized solutions to meet the unique requirements of customers.
How to Apply Online for LIC Jeevan Pragati 2024?
To apply for LIC Jeevan Pragati Plan online, follow the steps given below:
- Visit the official website of LIC India (www.licindia.in)
- Click on the “Buy Policy Online” tab on the homepage.
- Select the “LIC’s e-Term” option from the list of policies.
- Fill in the application form with all the necessary details such as personal information, contact details, policy details, etc.
- Choose the premium payment mode and frequency as per your preference.
- Upload the required documents such as identity proof, address proof, age proof, income proof, etc.
- Review the application form and make the payment for the premium amount online using a debit card, credit card, or net banking.
- Once the payment is processed, you will receive a confirmation message with the policy details and receipt.
Alternatively, you can also visit the nearest LIC branch office to apply for LIC Jeevan Pragati Plan in person. The LIC agent or representative will guide you through the application process and help you understand the policy features and benefits.
|Apply Online Link||Click Here|
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