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Launch Date Table No. UIN Status
6/1/2016 838 512N306V01 Active

About LIC Jeevan Pragati

  • LIC Jeevan Pragati is an endowment plan that offers good returns on maturity
  • It offers savings and protection
  • Increase in risk cover after every 5 years during the policy term
  • Takes care of the liquidity needs
  • It has flexible policy term

How Does This Plan Work?

Under LIC Jeevan Pragati an individual chooses a policy term between 12 and 20 years to pay regular premium for a Basic Sum Assured. During the policy term after every 5th year, the Death Cover increases. After the policy term is over, at maturity he receives a lump sum comprising of Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable

If in-case on death of the insured, during the policy term his nominee receives the Death benefit that is a lump sum amount comprising of accrued bonus and sum assured on death, which is an amount higher among;

  • 10 times of the Annualized premium
  • Absolute amount assured to be paid on death: Depending on the insured’s death year during the policy term, the increased death cover is paid;
  • 100% of the Basic Sum Assured during first 5 policy years,
  • 125% of the Basic Sum Assured during 6th to 10th policy years,
  • 150% of the Basic Sum Assured during 11th to 15th policy years and
  • 200% of the Basic Sum Assured during  16th to 20th policy years


Note that the death sum assured paid > 105% of the premiums paid till death

Now let us have a look at the example to understand this plan better:


Person’s age: 35 years
Sum assured: Rs. 5 lakhs
Policy term: 20 years
Premium Paying Term: 16 years
Premium: Rs 24529 per annum

A 35 year old individual pays a premium of Rs 22,601 per year 20 years of policy term. On completion of the policy paying term, he will receive a lump sum of Rs 9,45,000 as the maturity amount which is inclusive of accrued bonus (simple and reversionary).  

In-case of death of the individual in the year of policy term, his nominee will receive death benefit lump sum which includes accrued bonus of Rs 1,23,000 (simple reversionary and final additional bonus) along with death sum assured on death (Rs.6,25,000). This sum assured on death is an amount of higher value chosen from:

  • 10 times of the Annualized premium (Rs 2,45,290)
  • 125% of the Basic Sum Assured during first 5 policy years (Rs 6,25,000)

Why should you buy LIC Jeevan Pragati Plan?

  • It is low risk investment option that provides monetary gains over the years
  • The increased risk cover is helpful to secure your family’s future in your absence
  • This plan can be used for availing loans
  • Premiums paid are tax exempt under Section 80C and maturity amount is tax free under Section 10(10D)
  • Offers tax rebates on premium paid if higher sum assured is chosen


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Bonus History

Company Name : Life Insurance Corporation of India

Plan Name : Jeevan Pragati

BonusYear RevBonus MinPT MaxPT
2016-17 3.7% 12 15
2016-17 4.1% 16 20
2015 3.7% 12 15
2015 4% 16 20

Bonus explained: For a sum assured of Rs. 100000/-, if the bonus declared is 4.2% or Rs 42/- per thousand, then the amount of Rs 4200/- gets accumulated into the policy for that year.

Who should buy LIC Jeevan Pragati Plan?

  • Minimum and maximum entry ages are 12 and 45 years respectively.
  • Maximum maturity age is 65 years
  • Minimum sum assured is Rs 1,50,000
  • An individual who is looking out for a low risk investment that pays good bonus
  • Individuals who want income tax benefit
  • Individuals who are looking for security over their loans

Riders and Add-ons

Rider available with this plan is as follows:

LIC’s Accidental Death Benefit Rider: Under this rider option, an additional lump sum benefit is paid to the nominee on the unfortunate accidental death of the policyholder.

Claim Process

Know Claim Process of LIC Jeevan Pragati

Claim Process

Company Overview

Life Insurance Corporation is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of Rs.1560482 crore.


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Tab 2

2 burgers per month

burger₹ 700
Your yearly cost on fast food = roughly ₹ 8,400
Cost of Health Insurance for whole family with ₹ 5 lakhs cover!

Tab 3

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Get ₹. 50 Lakhs
on retirment by saving
₹. 3,900/ Month.