Over the years, LIC has introduced many endowment plans like the Jeevan Shikhar and Jeevan Labh. The Jeevan Pragati Plan was launched along the same lines in 2016 and changed plan number February 2020 with few minor changes. This plan offers a combination of savings and protection. This is a non-linked plan which means it is not dependent on the share market. During the term of the policy, there is a provision for an automatic increase in the risk cover after every five years and also a loan facility to take care of all the liquidity needs. The increasing risk cover takes care of the rise in inflation as the years pass by. This policy is available to insurance seekers between 12 and 45 years of age. The minimum and maximum term is 12 and 20 years respectively. The premium can be paid yearly, half-yearly, quarterly, or monthly. For those who want to build a corpus for retirement, this plan is ideal.
In today’s fast-paced world, insurance plays a vital role in the sustainable growth of an economy. There are numerous reasons for this, including but not limited to, turning the accumulated capital into productive investments, promoting commercial activities, and enabling us to mitigate losses. Every individual is inherently different from one another and so are their needs. And in the midst of all this, the LIC (Life Insurance Corporation of India) continues to provide the best insurance plans to the people.
