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  • LIC Jeevan Pragati Plan

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    The LIC's Jeevan Pragati Plan is a non-linked, savings-cum-protection with-profits endowment plan. Under the Jeevan Pragati plan (no.838) sum assured on death increases once in five years.

    Eligibility Conditions for LIC's Jeevan Pragati Plan

    Particulars Description
    Minimum entry age 12 years
    Maximum entry age 45 years (last birthday)
    Minimum age at maturity -
    Maximum age at maturity 65 years

    Key Features of LIC's Jeevan Pragati Plan

    Particulars Description
    Plan type Non-linked, savings-cum-protection with-profits endowment plan
    Plan basis Individual
    Premium paying frequency Yearly, quarterly, half-yearly and monthly
    Policy term
    • Minimum: 12 years
    • Maximum: 20 years
    Maturity benefits Sum Assured on Maturity, Final Additional bonus (FAB) and Simple Reversionary Bonuses are paid
    Sum Assured
    • Minimum: Rs.1.5 lakh
    • Maximum: No limit
    Rebates The rebates available under this plan are listed in the table below:
    Sum Assured Rebate    
    Rs.1.5 lakh to Rs.2.9 lakh None    
    Rs.3 lakh to Rs. 4.9 lakh 1.5% of basic sum assured    
    Rs.5 lakh to Rs.9.9 lakh 2% of basic sum assured    
    Rs.10 lakh and above 2.2% of basic sum assured    
    Grace Period
    • 30 days (Half Yearly, Quarterly and Yearly Premium)
    • 15 days (Monthly Premium)
    Loan facility Available under this plan
    Renewal Non-payment of the premiums will result in the lapse of this policy. This plan can, however, be renewed within two years from the date of the last due premium and prior to the maturity date
    Surrender This plan can be surrendered within the policy term, subject to payment of premiums for three consecutive years

    Benefits/Advantages of LIC's Jeevan Pragati Plan

    The benefits available under this LIC plan are listed below:

    • Maturity Benefit: The sum assured on maturity (equivalent to the basic sum assured, Final Additional bonus and vested simple reversionary bonuses are paid in a lump sum, subject to payment of all premiums. The date of risk commencement will be effective from the date of policy issuance
    • Death Benefit: The sum assured on death, Final Additional Bonus (FAB) and vested simple reversionary bonuses are paid, subject to payment of all premiums. The sum assured on death is higher of 10X of annualised premium or as listed in the table below:
    Policy years % of basic sum assured
    0 to 5 100
    6 to 10 125
    11 to 15 150
    16 to 20 200

    This death benefit will not be less than 105% of the premiums paid.

    • Profits: This plan will receive simple reversionary bonuses as announced by the Life Insurance Corporation. The declared bonuses will be based on the basic sum assured.

    How the LIC's Jeevan Pragati Plan Works

    If a 30-year-old man buys the LIC's Jeevan Pragati Plan for a basic sum assured of Rs.1.5 lakh and policy term of 20 years, he will have to pay a premium of around Rs.7611. The LIC Jeevan Pragati plan can offer returns at 6% or 7%. The policyholder may get around Rs.3.3 lakh at the maturation of the policy. Upon death of the policyholder, his nominee will receive the Final Additional Bonus, simple reversionary bonuses and sum assured on death, provided all the premiums have been paid by the policyholder on time when he was alive.

    *The above example is for illustrative purposes only. Customers should contact representatives of LIC for details and accurate calculations


    The LIC's Jeevan Pragati Plan offers the Disability Benefit and Accidental Death benefit rider. It is important to note that the rider sum assured should not exceed the basic sum assured. Customers can avail of both the riders under this plan upon payment of additional premium. The minimum sum assured for accident benefit rider is Rs.10,000. The maximum accident benefit sum assured is equivalent to the basic sum assured (up to Rs.1 crore). The minimum age of entry to avail of the said rider is 18 years.

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    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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