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Life Insurance Corporation of India (LIC) is the largest insurance company in the country, offering new plans for everyone from children to seniors. This scheme offers small savings as well as big returns. Today we are going to discuss one such great scheme. It is the life progress policy of LIC. In this scheme, one can get Rs 28,00,000 by saving Rs 200 per day.
28,00,000 lump sum is available in this policy of LIC - If one is planning to buy this policy of LIC (Life Insurance Corporation), then this policy can be a good option. Investors in LIC Jeevan Pragati Plan get huge benefits. On the one hand, a fund of Rs 28,00,000 can be accumulated by saving Rs 200 per day. On the other hand, investors in this plan also get its risk cover. The minimum age limit for investing in this scheme of LIC is 12 years, while the maximum is 45 years.
Cover Increases in Life Insurance Corporation Policies - The specialty of LIC's Jeevan Pragati Plans is - the risk cover for LIC investors increases every five years. This means that the amount received increases over five years. In death benefit, LIC (Life Insurance Corporation) pays the sum assured, general reversionary bonus and final bonus together after the death of the policyholder.
28,00,000 lump sum available in this policy of LIC -Customers who take this special life progress policy of LIC get lifetime protection along with good income. If we look at the funds accumulated under this policy, if a policyholder invests Rs 200 per day in this policy, then he is investing Rs 6000 per month.
In this situation, 72 thousand rupees will be accumulated in one year. Now if money is deposited in this scheme for 20 years, the total investment will be Rs.14,40,000. If all the benefits of this LIC (Life Insurance Corporation) are added, the amount will be Rs.28,00,000.
LIC Jeevan Pragati policy has a minimum tenure of 12 years and a maximum of 20 years. People aged 12 to 45 years can buy this policy. It can pay a premium for this policy on a quarterly, half-yearly and annual basis. The minimum sum assured of this LIC (Life Insurance Corporation) policy is Rs 1.5 lakh and there is no maximum limit.
Let's say someone buys an LIC policy of Rs 2 lakh, then his death benefit will be normal for the first five years. Thereafter the coverage will be Rs 2.5 lakh for six to ten years. At the same time, the coverage will increase to Rs 3 lakh in 10 to 15 years. Thus the coverage of LIC (Life Insurance Corporation) policy holders will increase.