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LIC’s Jeevan Pragati Plan

What is the Plan all About?

LIC’s Jeevan Pragati is a non-linked, with - profits plan that provides you the protection and savings benefits. This plan helps you build wealth, so you can fulfill your financial liabilities with ease. By opting for this plan, the risk cover increases after every five years during the policy term. This plan also provides loan facility and thus helps take care of your liquidity needs.


What are the Key Features?

  • Enjoy maturity benefit
  • Participation in profits
  • Life cover available
  • Choose riders to enjoy protection
  • Avail high sum assured rebate
  • Enjoy premium rebate on annually or semi annually mode
  • Tax benefits applicable

What are the Plan Benefits?

Death Benefit

    In the event of the demise of the life assured during the term of the policy, the death benefit payable is the sum of Sum Assured on Death, vested Simple Reversionary Bonuses and Final Additional bonus. Here, Sum Assured on Death is higher of 10 times of annualized premium or Absolute amount assured to be paid on death.

    Absolute amount assured to be paid on death is 100%/125%/150% of the Basic Sum Assured during first the first 5 policy years/6th to 10th policy years/11th to 15th policy years respectively. 200% of the Basic Sum Assured is payable from 16th policy year onwards.

    The death benefit under this plan should be at least 105% of all the premiums paid till the date of death.

Maturity Benefit

    On survival of the life assured till the date of maturity of the policy, Sum Assured on Maturity plus vested Simple Reversionary bonuses and Final Additional bonus is payable in lump sum.


    Simple Reversionary Bonuses is declared annually at the end of each financial year. When declared, it becomes a part of the guaranteed benefit under the plan. Simple Reversionary Bonuses is added from the date of commencement of the policy till the chosen policy term or the date of death, whichever occurs earlier.

    Final Additional Bonus may also be declared on death or maturity under the policy.

Loan Benefit

    The loan amount can be availed, provided all the due premiums’ for at least 3 full policy years is payable and the surrender value has been acquired under the policy.

Surrender Value

    This policy provides Surrender Value (as applicable) after payment of at least 3 consecutive policy years. The guaranteed surrender value payable is equal to the total premiums paid. The surrender value of vested simple reversionary bonuses is also payable. Special Surrender Value is payable, in case it is favorable to the Policyholder.

Tax Benefit

    This policy offers tax exemption as applicable.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 12 Years 45 Years
Age at Maturity - 65 Years
Policy Tenure 12 Years 20 Years
Premium Paying Term Equal To The Policy Tenure -
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Premium Amount - -
Sum Assured Rs 1.5 Lacs No Limit (subject To Underwriting)
Freelook Period 15 Days From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

LIC’s Accidental Death and Disability Benefit Rider can be opted under this plan, on payment of additional rider premium.

How the Plan Works?

Let us understand the plan with the help of below illustration.

Mr. Raman at 30 years, wants to buy a plan that can help build wealth along with the financial cover for the family. He thus opts to buy LIC’s Jeevan Pragati plan with the policy term of 16 years, pays the annual premium of Rs 9,570 for 16 years and the basic sum assured is Rs 1.5 Lacs.

Scenario A: Raman Survives the Policy Term

If Mr. Raman survives till the end of the policy term, a lump sum of Rs 1.5 Lacs plus vested Simple Reversionary bonuses and Final Additional bonus is payable. This maturity benefit can be used to achieve long term financial goals.

Scenario B: Raman dies during the Policy Term

In the event of demise of Mr. Raman during any policy year, Rs 1.5 Lacs along with vested Simple Reversionary Bonuses and Final Additional bonus is payable as the death benefit to the nominee. This payout provides financial security for the family.

Benefit Illustration

LIC’s Jeevan Pragati

LIC’s Jeevan Pragati Plan

Note: The non-guaranteed benefits as illustrated above are calculated at Projected Investment Rate of Return of 4% per annum (scenario 1) and 8% per annum (scenario 2), respectively.