Sum Assured on death can be more than 10 times the annual premium (LIC premium). If the Life Assured dies within 5 years of the policy, the nominee will get 100% of the Sum Assured.
There are many schemes of LIC in which you can make a huge amount on maturity by depositing a few rupees. Not only this, LIC plans also provide insurance cover to the insured. In case of any accident with the depositor or he leaves the world, then his nominee gets the full benefit of insurance. Every penny of maturity is given to him. LIC Jeevan Pragati Yojana is also one in this.
Saving Rs 200 per day
If you want maturity of Rs 28 lakh in LIC Jeevan Pragati Yojana, then you have to deposit Rs 6000 per month or approx Rs 200 per day. This cycle should last for 20 years. If you deposit this amount continuously for 20 years, then you will get 28 lakh rupees. Apart from this money, the depositor will also get risk cover. This means that if the depositor dies during the policy, his/her nominee will get the policy money. The specialty of LIC Jeevan Pragati plan is that its risk cover increases every 5 years. This means that the amount of money you will get earlier, the more you will get after 5 years.
Features of the plan
- This plan is a non-linked plan with savings and protection benefits. It is an individual plan, in which the individual has to plan.
- One can choose from yearly, quarterly, half-yearly and monthly options to pay the premium.
- Policy term- Minimum 12 years and maximum 20 years.
- Sum Assured, Final Extra Bonus (FAB) and Simple Repeat Bonus are paid on maturity.
- You can deposit a minimum amount of Rs 1.5 lakh as sum insured and any amount maximum.
What will be available in death benefit
Final Additional Bonus (FAB) and Simple Revision Bonus are paid on the Death Sum Assured, which is added to all premiums paid. The Sum Assured on death can be more than 10 times the annual premium (LIC premium). If the Life Assured dies within 5 years of the policy, the nominee will get 100% of the Sum Assured. 125% of Sum Assured if death occurs within 6-10 years, 150% of Sum Assured in case of death within 11 to 25 years of the policy, and 150% of the Sum Assured if the nominee dies within 16 to 20 years 200 times the sum insured.