Amid the pandemic, people have been increasingly looking for investment schemes that bring great returns but are relatively risk-free. If you are one such individual looking to put hard-earned money into a safe and secure investment option, then this from the Life Insurance Corporation of India (LIC) is just for you.
This investment scheme, called the LIC Jeevan Pragati Policy, is approved by the Insurance Regulatory and Development Authority of India (IRDAI) and gives high returns on maturity. It is a non-linked, savings cum-protection endowment plan which categorises it as a safe investment option.
In order to invest in the LIC Jeevan Pragati Policy and get a handsome return of Rs 28 lakh on maturity, a person will have to put aside at least Rs 200 per day. This comes to Rs 6,000 per month.
Details about the LIC Jeevan Pragati policy
This investment option is great for people looking to build a formidable corpus for their retirement. The scheme also offers death benefits to the insurer alongside the return on maturity.
Individuals going for the scheme will have to make monthly investments. In case of the death of the investor, the policy also offers a sum assured to the nominee of the policy. If an investor dies withing 5 years of policy signing, 100% of the basic assured sum is credited to the nominee’s account.
The amount invested by a person will increase every five years. The nominee will get 200% of the basic sum assured during the 16th to 20th year of the investment.
The minimum age for investment in the scheme is 12 years and people can invest in it till a maximum age of 45 years, which is the upper age limit. Minimum period of investment to avail the LIC Jeevan Pragati policy’s maximum benefits is 12 years. The maximum period of investment permitted under the policy is 20 years.
