LIC Jeevan Pragati Plan : Are you looking for a secure, low-investment, high-return savings plan? The LIC Jeevan Pragati Plan could be your golden ticket to a financially secure future. With just a small investment starting at ₹200 per month, this LIC plan offers life cover, savings, and growing benefits every 5 years. It’s one of the best LIC policies designed for middle-class families aiming for both protection and long-term financial growth.
Let’s explore the complete details of LIC Jeevan Pragati Plan and how you can turn small savings into lakhs over time.
What is LIC Jeevan Pragati Plan?
LIC Jeevan Pragati is a non-linked, with-profits endowment plan introduced by Life Insurance Corporation of India. It is both a protection and savings plan that automatically increases the risk cover every five years during the term of the policy.
This plan is ideal for individuals looking for:
- Regular savings
- Life protection
- Growing benefits with time
- Long-term investment with guaranteed returns
It is suitable for working professionals, small business owners, homemakers, and even students who want to build a corpus with consistent small investments.
Key Features of LIC Jeevan Pragati Plan
Here’s a quick snapshot of the important features of this unique LIC policy:
- Policy Type: Endowment Plan (Savings + Protection)
- Minimum Entry Age: 12 years
- Maximum Entry Age: 45 years
- Policy Term: 12 to 20 years
- Minimum Sum Assured: ₹1,50,000
- Premium Payment Mode: Yearly, Half-Yearly, Quarterly, Monthly (ECS)
- Loan Facility: Available after 3 years
- Tax Benefits: Under Section 80C & 10(10D) of the Income Tax Act
- Bonus: Eligible for reversionary bonus and final additional bonus
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LIC Jeevan Pragati: How ₹200 Monthly Can Grow into Lakhs
One of the most attractive parts of LIC Jeevan Pragati is how even a small investment like ₹200 per month can give big returns. Let’s understand with an example of someone investing ₹200/month or ₹2400/year.
Sample Illustration Table – ₹200/Month Investment
| Policy Term | Monthly Premium | Total Investment | Expected Maturity Amount | Total Bonus | Life Cover After 5th Year |
|---|---|---|---|---|---|
| 12 Years | ₹200 | ₹28,800 | ₹70,000 – ₹90,000 | ₹30,000+ | ₹2.5 Lakh |
| 15 Years | ₹200 | ₹36,000 | ₹1,10,000 – ₹1,30,000 | ₹45,000+ | ₹3 Lakh |
| 18 Years | ₹200 | ₹43,200 | ₹1,50,000 – ₹1,80,000 | ₹60,000+ | ₹4 Lakh |
| 20 Years | ₹200 | ₹48,000 | ₹2,00,000 – ₹2,40,000 | ₹80,000+ | ₹5 Lakh |
Note: Actual returns may vary depending on LIC’s declared bonus rates and the policyholder’s age.
Benefits of LIC Jeevan Pragati Plan
This LIC plan not only helps you save, but also protects your family in case of an unfortunate event. Here’s what you get:
1. Automatic Increase in Sum Assured
- Sum Assured increases by 25% every 5 years.
- It starts from the base cover and grows without needing to pay extra.
| Policy Year | Sum Assured Increase |
|---|---|
| 1 to 5 | 100% of Basic Sum Assured |
| 6 to 10 | 125% of Basic Sum Assured |
| 11 to 15 | 150% of Basic Sum Assured |
| 16 to 20 | 200% of Basic Sum Assured |
2. Maturity Benefit
- You get Basic Sum Assured + Accrued Bonuses.
- Final Additional Bonus may also be included, depending on policy term and LIC performance.
3. Death Benefit
- In case of death during the policy term:
- Sum Assured on Death + Bonuses are paid to nominee.
- Sum Assured on Death = Higher of 10 times the annual premium or 125% of Basic Sum Assured
4. Loan Facility
- Available after paying premiums for at least 3 years.
- Loan amount depends on surrender value of the policy.
5. Tax Savings
- Premium paid is eligible for tax deduction under Section 80C.
- Maturity amount is tax-free under Section 10(10D), subject to terms.
LIC Jeevan Pragati Plan Vs Other LIC Policies
Let’s compare Jeevan Pragati with other popular LIC plans:
| Feature/Plan | Jeevan Pragati | Jeevan Anand | New Endowment Plan | Jeevan Labh |
|---|---|---|---|---|
| Auto Increase in Cover | Yes | No | No | No |
| Bonus Eligibility | Yes | Yes | Yes | Yes |
| Minimum Premium | ₹200/month | ₹300/month | ₹300/month | ₹500/month |
| Maturity Benefit | High | High | Medium | Very High |
| Term Options | 12-20 Years | Long Term | 12-35 Years | 16, 21, 25 |
Who Should Invest in LIC Jeevan Pragati?
This policy is a great option if you:
- Want a long-term savings plan with growing benefits
- Have a tight monthly budget but still want to save
- Need life insurance along with investment
- Are new to insurance and want a simple, trusted plan
- Want a plan with low risk and government-backed assurance
Important Terms & Conditions
Here are a few things you should know before investing:
- Free Look Period: 15 days to review and cancel the policy if not satisfied
- Grace Period: 30 days (Yearly/Half-Yearly/Quarterly), 15 days (Monthly)
- Policy Lapse: If premiums are unpaid for 2 years, the policy may lapse
- Revival Option: Lapsed policy can be revived within 2 years by paying due premiums with interest
- Surrender Option: Can surrender after 3 years with a portion of premium returned
How to Buy LIC Jeevan Pragati Plan?
You can buy the LIC Jeevan Pragati Plan easily through:
- Official LIC Website
- Authorized LIC agents or advisors
- Visiting a nearby LIC branch
- Online platforms offering LIC policies
Documents required:
- Identity Proof (Aadhar, PAN)
- Age Proof (Birth Certificate, 10th Certificate)
- Address Proof (Electricity Bill, Voter ID)
- Recent Passport-sized Photo
- Bank Account details for ECS
LIC Jeevan Pragati is a smart, safe, and flexible plan that offers dual benefits of savings and life cover. The auto-increasing risk cover feature makes it unique compared to other plans. For someone who wants to start small with ₹200 a month and still aims to build a secure future, this LIC plan is truly one of the best.
Whether you’re planning for your child’s education, marriage, or your own retirement, this plan can serve as a reliable companion in your financial journey.
This article is for informational purposes only. Returns and benefits are based on assumptions and LIC’s declared bonuses, which may vary from year to year. Please consult with a licensed LIC agent or advisor for accurate and personalized advice before purchasing the policy.