New Delhi: Life Insurance Corporation of India (LIC) offers a slew of investment options for investors looking to put their money in schemes that provide impressive and secure returns. In the Jeevan Pragati policy, the state-owned insurer lets investors invest their hard-earned money to build a corpus for their retirement or old age.
In the LIC Jeevan Pragati policy, investors need to invest every month. Besides offering bumper returns at maturity, the scheme provides death insurance benefits to the investors. The policy is approved by the Insurance Regulatory and Development Authority of India (IRDAI).
LIC Jeevan Pragati policy: How to get Rs 28 lakh on maturity
In the LIC Jeevan Pragati policy, which is a non-linked, savings-cum-protection endowment plan, investors need to invest about Rs 6000 every month to receive Rs 28 lakh at the time of maturity.
For investing Rs 6000 every month in the LIC Jeevan Pragati policy, you need to save at least Rs 200 per day.
LIC Jeevan Pragati policy life insurance benefits
In case of the death of an investor of the LIC Jeevan Pragati policy, the sum assured on death is credited to the nominee’s account. The nominee gets 100% of the basic sum assured if the investor dies within five years after signing up for the policy.
The insurance money increases every five years, and during the 16th-20th year of investment, the nominee gets a 200% of the basic sum assured.
LIC Jeevan Pragati policy: Age limit
The LIC Jeevan Pragati policy allows investors as small as 12 years to start investing in the scheme. The upper age limit for investments in the policy is capped at 45 years. Also Read: RBI slaps Rs 25 lakh fine on Axis Bank for KYC norms violation
LIC Jeevan Pragati policy: Maturity details
Investors need to invest for a minimum of 12 years to avail the maximum benefits from the LIC Jeevan Pragati policy. LIC allows investors to invest for a maximum of 20 years in the LIC Jeevan Pragati policy. Also Read: Mercedes AMG unveils GT 63 S E Performance – most powerful car in AMG lineup: In Pics