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Life Insurance Corporation of India (LIC) has always attracted investors with its reliability and better plans. If you are also thinking of investing in a great policy offered by LIC, then Jeevan Pragati (LIC Jeevan Pragati) policy can be a great option for you. This policy not only provides you great returns but also assures lifetime security. The special thing is that by saving Rs 200 every day in LIC Jeevan Pragati policy, you can accumulate a fund of up to Rs 28 lakh.
Policy suitable for 12 to 45 years
LIC Jeevan Pragati policy is specially designed for persons aged 12 to 45 years. Its main objective is to benefit those investors who want to achieve a big financial goal with small savings. Under this policy, investors not only get a better return but they are also provided with lifetime security cover. In this, by saving Rs 200 every month, you can get a fund of Rs 28 lakh, which is a highly attractive investment plan.
How to deposit a fund of Rs 28 lakh?
By depositing only Rs 200 every day under the LIC Jeevan Pragati policy, you can prepare a large financial fund for your future. If you save Rs 200 every day, then in a month you will invest Rs 6000, and in a year this amount will become Rs 72,000.
Thus, by investing in this policy for 20 years, you will invest a total of Rs 14,40,000. After adding all the benefits, this amount can increase to Rs 28 lakh. Not only this, but with this policy you get good returns as well as lifetime security.
Risk cover will increase every five years.
Another feature of the LIC Jeevan Pragati policy is that the risk cover increases every five years. This means that as time passes, the amount you get will also increase. If the policyholder dies, the amount he gets is paid by adding a death benefit, simple reversionary bonus and final bonus. This plan not only gives financial security to the investors but also provides them with a strong security cover for life.
How does the coverage increase?
The term of LIC Jeevan Pragati policy can be a minimum of 12 years and a maximum of 20 years. In this policy, there are many options for the policyholder to pay the premium, such as on a quarterly, half-yearly or yearly basis. Apart from this, the minimum sum assured of the policy is Rs 1.5 lakh, while the maximum limit is not fixed.
In this policy, when the policyholder has invested for a particular period, the coverage also increases. For example, if someone has taken a sum assured of Rs 2 lakh, its death benefit will remain normal for the first five years, but after that, in the next five years, the coverage will increase to Rs 2.5 lakh, and then in the next five years it will become Rs 3 lakh.