LIC Jeevan Pragati Plan: Deposit Rs 200 and get Rs 28 lakh on maturity, know how

Life Insurance Corporation of India (LIC), the country’s largest insurance company, offers such plans for everyone from children to the elderly, which are helpful in raising big funds even through small savings. One such amazing policy is – LIC Jeevan Pragati, in which you can get Rs 28 lakh by saving Rs 200 every day. If you are planning to buy a policy, then this policy can prove to be a better option for you. Let us know in detail about the methods and benefits of investing in this scheme…

This age limit is 12-45 years

Investors get many great benefits in LIC Jeevan Pragati Plan. On one hand, a fund of Rs 28 lakh can be deposited by saving Rs 200 every day, on the other hand, those investing in this plan also get risk cover. The minimum age limit for investment in this scheme of LIC has been fixed at 12 years, whereas investment can be made at the maximum age of 45 years.

In this way a fund of Rs 28 lakh will be collected

Anyone taking this special Jeevan Pragati policy from Life Insurance Corporation of India gets lifetime protection along with excellent returns on investment. If we look at the mathematics of the amount deposited under this scheme, if a policyholder invests Rs 200 in this scheme every day, then he invests Rs 6000 in a month. In this context, the amount to be deposited annually will be Rs 72,000. Now by depositing in this scheme for 20 years, you will invest a total of Rs 14,40,000. At the same time, including all the benefits, you will get a fund of around Rs 28 lakh.

Risk cover will increase every five years

The specialty of LIC Jeevan Pragati Plan is that the risk cover of investors increases every five years. This means that the amount you receive increases over five years. If we talk about death benefit, then after the death of the policyholder, sum assured, simple reversionary bonus and final bonus are paid together.

How does coverage increase?

The tenure of Jeevan Pragati policy is minimum 12 years and maximum 20 years. People between 12 years to 45 years can buy this policy. You can pay the premium of this policy on quarterly, half yearly and yearly basis. The minimum sum insured for this policy is Rs 1.5 lakh and there is no maximum limit. Suppose someone buys a policy worth Rs 2 lakh, then his death benefit will be normal for the first five years. After this the coverage for six to 10 years will be Rs 2.5 lakh. At the same time, the coverage will increase to Rs 3 lakh in 10 to 15 years. In this way the coverage of the policyholder will increase.