LIC Jeevan Pragati Plan (838)

LIC Jeevan Pragati Plan (Table No: 838) is a non-linked (Not dependent on share market) endowment assurance plan in which Risk Cover keeps on increasing every 5 year. The increasing risk cover is an important feature which provides adequate risk cover against inflation as the years passes. Jeevan Pragati plan can be suitable for a person who is looking for a saving as well as adequate risk cover as protection for his/her family with LIC. This can be opt with accidental benefit rider to make it a better plan.

Key Features

  • Increasing Life Cover
  • Suitable plan to counter inflation
  • Premium paid is eligible for rebate under 80(C)
  • Maturity amount will be tax free under 10(10D)

Plan Parameters

Age at Entry12 Years (Completed)
Maximum Age at Entry45 Nearest Birthday
Maximum Maturity Age65 Nearest Birthday
Premium Paying ModeYearly, Half Yearly, Quarterly, Monthly (ECS Only)
Policy Term12 to 20 Years
Sum Assured1,50,000 and above (in multiple of 10,000)
Premium Payment Mode rebate2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly
Rebate on High Sum Assured
(Per 1000 of Sum Assured)
0% up to 2,90,000
1.50% for 3,00,000 to 4,90,000
2.00% for 5,00,000 to 9,90,000
2.25% for 10,00,000 and above
LoanAfter 3 years
SurrenderAfter 3 years of full premium payment

Maturity Benefit

On completion of policy term, Sum Assured + Bonus + Final Addition Bonus (FAB) will be paid as maturity.

Death Benefit

In case of death during policy term, Death Sum Assured + Bonus up to year of death + FAB will be paid as Death claim to Policy holder's nominee. Death Sum Assured depends up year of death, following table explains death claim.

Year of DeathDeath Claim AmountRemarks
During 0-5 years of Policy Term100 % of Sum Assured + Accumulated Bonus at the time of DeathFAB is not applicable before 15 Years
During 6-10 years of Policy Term125 % of Sum Assured + Accumulated Bonus at the time of DeathFAB is Not applicable before 15 Years
During 11-15 years of Policy Term150 % of Sum Assured + Accumulated Bonus at the time of Death+ FABFAB is applicable for 15th year
During 16-20 years of Policy Term200 % of Sum Assured + Accumulated Bonus at the time of Death+ FABFAB is applicable

Optional Rider

Accidental Death and Disability Benefit Rider is available with this plan as rider which can attached with Jeevan Pragati plan (838) to make more essential plan in case of an accident or disability during the policy term.

Jeevan Pragati Plan (838) with Example

Mr. Ajay purchases Jeevan Pragati Policy with following details.

Sum Assured: Rs. 10,00,000
Policy Term: 20 Years
Policy Purchase Year: 2016
Age: 27 Years.

As per Above Details Yearly Premium will be
Rs. 48,864 (Premium Calculator)

(To get details as per your Sum Assured, Age and Term, please go to Maturity Calculator of Jeevan Pragati Plan.)

After taking this plan, two cases are possible, Either Mr Ajay survives the policy term of 20 years or unfortunate death happens before policy term, both cases have been explained below.

Case:1 (Maturity Details)

If Mr. Ajay survives 20 years, then Maturity (Sum Assured + Bonus +FAB) will be as under.

Maturity Year Age at Maturity Total Premium Paid Maturity Amount (Approx.)
2036 47 978151 1940000

Case:2 (Death Claim Details)

In case of death during policy term (Before 20 years), Death Sum Assured + Bonus + Final Addition Bonus as (Normal Life Cover or death claim) will be payable to nominee. In case of accidental death, additional amount equal to Sum Assured will be payable to nominee. Year-wise and Age-wise Normal Life Cover and Accidental Life Covers will be as follows.

How to Understand Following Table

Suppose if, unfortunate death of Mr. Ajay happens in year 2031 (at age 42), then his nominee will get death claim as Rs. 2707000 in case of normal death or Rs. 3707000 as accidental death claim in case of death due to accident and policy will stop.

Year Age Death Sum Assured Normal Life Cover (Approx) Accidental Life Cover (Approx)
2016 27 1000000 1042000 2042000
2017 28 1000000 1084000 2084000
2018 29 1000000 1126000 2126000
2019 30 1000000 1168000 2168000
2020 31 1000000 1210000 2210000
2021 32 1250000 1502000 2502000
2022 33 1250000 1544000 2544000
2023 34 1250000 1586000 2586000
2024 35 1250000 1628000 2628000
2025 36 1250000 1670000 2670000
2026 37 1500000 1962000 2962000
2027 38 1500000 2004000 3004000
2028 39 1500000 2046000 3046000
2029 40 1500000 2088000 3088000
2030 41 1500000 2160000 3160000
2031 42 2000000 2707000 3707000
2032 43 2000000 2759000 3759000
2033 44 2000000 2811000 3811000
2034 45 2000000 2888000 3888000
2035 46 2000000 2940000 3940000

For More details, please refer to LIC Website and in case of any query please write your comment below.

Comments & Reviews

Wrote : 24-08-2016 16:25:56

is FAB eligible for 12 year term

Replied : 25-08-2016 18:34:28
It applicable for 15 year plus term.

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Wrote : 11-08-2016 18:07:54

Please let me have a copy of the Jivan Pragati Plan. Please also clarify how Risk Cover will increase for Sum assured of Rs. 1,50,000/- for 12 years.

Replied : 12-08-2016 16:00:54
click here to download blank policy document.

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Wrote : 03-02-2016 14:57:53

My age is 41, if my sum assured is Rs.200000. kindly send the details about premiums, total benefits etc and other details. What is difference between Jeevan Anand and Jeevan Pragathi. Sudhendra Kulkarni.

Replied : 04-02-2016 03:23:44
yearly premium with 20 year term will be 11378 and 11179 for first year and second year onward respectively. Approx maturity will be 388000. The main difference is the life time risk cover in case of jeevan anand. The death sum assured increase every 5 year in case of jeevan pragati while its 125% constant in case of Jeevan Anand.

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Wrote : 03-02-2016 14:22:35

My date of birth is 19/07/1975. what will be my annual premium for sum assured of 10 lakh for a term of 20 years. Please send me the benefit illustration. Like the above table. also what will be the premium if I opt for different riders?

Replied : 03-02-2016 19:59:13
Kindly use maturity calculator for this plan and get complete details according sum assured, age and term.

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