LIC Jeevan Pragati Plan

LIC Jeevan Pragati Plan Review

LIC Jeevan Pragati Policy is a simple endowment plan which offers savings and protection at the same time.

LIC Jeevan Pragati
Launch DateTable NumberProduct TypeBonusUIN
3rd February, 2016838EndowmentYes512N306V01
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Maturity Benefit
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Death Benefit
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Maturity Benefit (in case the policyholder survives till the end of the policy term)

At the end of the policy term you will get “Basic Sum Assured” + “Simple Reversionary Bonus” (which you have received till date) + “Final Additional Bonus”.

Death Benefit (in case the policyholder dies at any time during the policy term)

The nominee of the policyholder will now get “Sum Assured on Death” + “Simple Reversionary Bonus” (which have been received till date) + “Final Additional Bonus”.

How it works


 You pay a regular premium for a policy term of your choice. You will now be eligible to a life cover called the “Basic Sum Assured”. The life cover will increase automatically with every block of 5 policy terms - details of which are mentioned below. You can also avail the 'Accidental Death and Disability Rider' along with the cover. The rider will come at an additional cost.

Basic Sum Assured – this is the amount of cover which you are eligible for when you buy the plan.

Simple Reversionary Bonus – In this plan you will be eligible for a bonus which will be declared every year by LIC. This bonus may change from year to year. You can find the historical details of Bonus declared by LIC for various plans here.

Sum Assured on Death – this is based on the number of years that the policy has been active. This is calculated as follows:

Highest of:

  • 10 times the Annualised Premium
  • 100% of Basic Sum Assured in case of death within 0 to 5 years of policy term
  • 125% of Basic Sum Assured in case of death within 6 to 10 years of policy term
  • 150% of Basic Sum Assured in case of death within 11 to 15 years of policy term
  • 200% of Basic Sum Assured in case of death within 16 to 20 years of policy term

Final Additional Bonus – This plan is also eligible for a one-time bonus at the end of the policy term. This is like a loyalty bonus for long term plans (usually reserved for policy terms greater than 15 years). The loyalty bonus is also declared by LIC every year.

We will now explain the Benefits of LIC Jeevan Pragati with the help of an example

Suppose Akshay buys this plan with the following details:

Akshay's age Basic Sum Assured Policy Term
27 years Rs. 2,50,000 20 years

The premium inclusive of Service Tax would be as follows:

Annually Half Yearly Quarterly Monthly
Rs. 12,773 6451 3259 1086

Tax Benefit

  • The premiums paid by you are exempt from Income tax under Section 80 C.
  • The maturity amount is also tax free under section 10(10D)


Age 12 to 45 years
Policy Term 12 to 20 years
Maximum Age at Maturity 65 years
Cover Amount Minimum - Rs. 1,50,00
Maximum - No limit


angle down iconWhat if I stop paying the premium?

If you stop paying the premium, you have the option of surrendering the plan and gettting the Surrender Value as a payout. Please note that the plan is eligible for a Surrender Value only if 3 years of premiums have been paid. In case you have paid premiums for 3 years, you will get nothing.

angle down iconWhat if I want to surrender the policy?

You can surrender the policy after paying complete 3 years of premium.

angle down iconWhat if I want a loan against your policy?

You can opt for loan facility after paying premiums for 3 years.

angle down iconWhat if I've chosen the wrong plan or don't feel like continuing immediately after I receive my policy documents?

There is a free look period of 15 days from the date of receipt of policy. You can return the plan and the premiums will be refunded to you after some basic deductions of stamp paper costs and costs of medicals (in case they were conducted).