LIC Policy: LIC is India’s largest and trusted insurance company. Crores of people trust LIC. LIC keeps on bringing out various types of plans for the customers so that the loans keep in mind their financial goals and choose the policy of their choice. One of these is LIC Jeevan Pragati Plan. The specialty of this plan is that you can make a fund of lakhs of rupees even by making a very small investment. Actually, you can make a fund of Rs 28 lakh by depositing Rs 6000 every month. Know the special things of this policy
How much will you have to invest?
- In this policy, investors have to deposit Rs 200 every day i.e. Rs 6000 in a month.
- If you invest money in it for 20 years, then you get the benefit of full 28 lakhs on maturity (LIC maturity). Apart from this, you will also get risk cover in this.
Risk cover increases in 5 years
- If the depositor dies during the policy, the policy money will be given to his/her nominee.
- The most important thing about this is that the risk cover of the investors increases every 5 years. That is, the amount you get increases in 5 years.
Let us tell you what is the specialty of this plan:-
- The term of this policy is minimum 12 years and maximum is 20 years.
- The maximum investment age of this policy is 45 years.
- This plan gives the benefit of non-linked, savings and protection.
- In this, you have to pay premium on yearly, quarterly and half yearly basis.
- You can invest a minimum of Rs 5 lakh as sum assured.
- There is no maximum investment limit in this.
- Surrender value can also be taken.
- Let us tell you that if the policy holder has paid the premium for 3 years, then he can surrender the policy and will get the surrender value.
If the policyholder dies
- On the death of the policyholder, the Sum Assured + Simple Reversionary Bonus (Accrued Bonus) + Final Edition Bonus (if any) is paid to the nominee.
How does coverage increase?
- Suppose any investor takes a policy of 2 lakhs, then the coverage for death benefits will remain the same in the first 5 years.
- At the same time, the coverage for 6 to 10 years will be Rs 2.5 lakh.
- Coverage will increase to 3 lakh in 10 to 15 years.
- If someone dies between 16 to 20 years of taking the policy, then they will be given a coverage of Rs 4 lakh.