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 death||Sum Assured at Death||Death Benefit|
|0 – 5 years of policy term||100 % of Basic Sum Assured||100 % of Basic Sum Assured + Accrued bonus on the policy|
|5 – 10 Years of policy term||125 % of Basic Sum Assured||125 % of Basic Sum Assured + Accrued bonus on the policy|
|10 – 15 Years of policy term||150 % of Basic Sum Assured||150 % of Basic Sum Assured + Accrued bonus on the policy|
|15 – 20 Years of policy term||200 % of Basic Sum Assured||200 % of Basic Sum Assured + Accrued bonus on the policy|
|Additional assurance from LIC||Basic Sum Assured will not be less than 10 times annualised premium||Death 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.
LIC Jeevan Pragati – Eligibility conditions and restrictions
|Eligibility conditions and restrictions|
|Age at entry||12 Years (completed)||45 Years (Nearer Bith Day)|
|Policy Term||12 Years||20 Years|
|Basic Sum Assured||1,50,000||No 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 SA||5,00,000 – 9,90,000 : 2/1000 SA||10,00,000 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|
|Age||35 Years||Term of the plan||20 Years|
|Sum Assured||10 Lakhs||Double Accident Benefit||Yes|
The premium details for Jeevan pragati plan with above mentioned details will be as given below.
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.
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 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.