Endowment Assurance PlansInsurance PlansLIC of India

LIC Jeevan Pragati – Plan 838 – Details, Review and Calculators

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LIC Jeevan Pragati – Plan 838 – is an Endowment Assurance type of plan with an additional benefit of, automatically increasing risk coverage, after every five years, during the term of the policy.

This plan is based on the concept that, as age increases, need for insurance coverage also increases. Accident and disability rider is also available under the plan at a marginal extra cost, to give better coverage.

LIC Jeevan Pragati – plan 838 – Key features
  • Endowment Assurance type of plan with a term of 12 years to 20 years to choose as per the need of the policy holder.
  • Risk coverage increases by 25% on completion of every block of 5 years during the term of policy.
  • Maturity benefit includes Basic Sum Assured, vested bonus and final addition bonus and shall be paid at the end of the term.
  • Maturity benefit is tax free u/s 10(10D) and the premium paid will be exempted from tax u/s 80C.
  • Loan and surrender available after three full years of premium payment.
LIC Jeevan Pragati – plan 838 -Death benefit
LIC’s Jeevan Pragati – Death benefit
Year of deathSum Assured at DeathDeath Benefit
0 – 5 years of policy term100 % of Basic Sum Assured100 % of Basic Sum Assured + Accrued bonus on the policy
5 – 10 Years of policy term125 % of Basic Sum Assured125 % of Basic Sum Assured + Accrued bonus on the policy
10 – 15 Years of policy term150 % of Basic Sum Assured150 % of Basic Sum Assured + Accrued bonus on the policy
15 – 20 Years of policy term200 % of Basic Sum Assured200 % of Basic Sum Assured + Accrued bonus on the policy
Additional assurance from LICBasic Sum Assured will not be less than 10 times annualised premiumDeath Benefit shall not be less than 105% of all the premiums paid as on date of death
LIC Jeevan Pragati – plan 838 -Online Premium and Benefit Calculator

Online Premium and Benefit Calculator for LIC’s Jeevan Pragati can help you in calculating the premium required to purchase the plan, as per the details supplied by you. It can also give you a clear idea on the benefits available from the plan such as insurance coverage, maturity benefit, Income tax benefits etc. Click the button given below to open Premium and Benefit calculator for LIC’s Jeevan Pragati.

Premium and Benefit Calculator - LIC Jeevan Pragati - plan 838

LIC Jeevan Pragati – Eligibility conditions and restrictions
Eligibility conditions and restrictions
Age at entry12 Years (completed)45 Years (Nearer Bith Day)
Policy Term12 Years20 Years
Basic Sum Assured1,50,000No Limit
Rebates available under the scheme
Yearly Mode – 2%Half Yearly Mode – 1%Quarterly and Monthly – No Rebate
High Sum Assured Rebate
3,00,000 – 4,90,000 : 1.5/1000 SA5,00,000 – 9,90,000 : 2/1000 SA10,00,000 and above : 2.25 / 1000 SA
LIC Jeevan Pragati – Example of Benefits.

In order to understand Jeevan Pragati plan better, Let us consider a person taking the plan. Let the details of the life assured be as given below.

Details considered for presentation
Age35 YearsTerm of the plan20 Years
Sum Assured10 LakhsDouble Accident BenefitYes

The premium details for Jeevan pragati plan with above mentioned details will be as given below.

LIC Jeevan Pragati plan 838 premium details

The benefits illustration for the plan is given below. Please note that the bonus rates shown in the illustration is as per the latest bonus rates declared by LIC for the plan. Please remember that the actual returns can vary as per the experiences of  LIC of India. Illustration given below is intended just to provide you a general idea on the insurance coverage and other benefits of the plan.

LIC Jeevan Pragati 838 premium and benefit illustration

You can see the change in insurance coverage with the completion of every 5 years which is highly desirable in the present scenario. This facility can help you to automatically acquire additional insurance coverage, when it is needed more.

Note# The illustration of benefits shown above are as per the example considered for the presentation. If you want to calculate premium and benefits for the plan, as per your own details, use Jeevan Pragati Online Calculator.

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Anish L J

Anish L J is a 'Financial Planner' and member of Chartered Insurance Institute(CII), London and Insurance Institute of India. He is also a finance, insurance and software consultant. He thoroughly follows the developments in finance, insurance, and other related sectors.