LIC Jeevan Pragati Plan 838 - Features and Benefits

LIC have been launching new insurance policies from past many years. Recently the other new life insurance plan launched by Life Insurance Corporation of India (LIC) is Jeevan Pragati Plan of Life Insurance of India 838 on 3rd of June 2016.

It is a non-linked that comes with profit endowment assurance plan. The sum is assured automatically after every five years during the term. You can also opt this plan along with accidental benefit rider so that it comes under a better plan.

Key Features of LIC Jeevan Pragati Plan 838:

Following key features help you understand how best the plan is for you to choose in your life.

    LIC Jeevan Pragati Plan 838 - Features and Benefits
  • It is considered to be an increasing life cover.
  • It is suitable to counter inflation.
  • The premium paid is eligible for rebate under 80C.
  • The maturity amount will be tax free under 10(10D).
  • Loan facility is available after 3 years of premium. But make sure you are paying the premium continuously for these 3 years.
  • Your policy can be revived with 2 years of FUP.
  • You policy can be dated back in the same financial year.

The minimum age entry where you can take up this plan to your family members is 12 years completed and the maximum age entry for life assured is 45 years. The minimum and the maximum basic sum would range between RS. 10,000/- to RS. 1,50,000/-. The mode of premium payment would be an yearly or half yearly or quarterly basis.
Benefits with Jeevan Pragati Plan of LIC:

When you choose these benefits, you can enjoy the following benefits in your presence or absence:

1) Maturity Benefit:

Once you complete the plan, you can enjoy the sum assured along with bonus and final addition bonus.

2) Death Benefit:

In case of an accidental death during the completion of policy, LIC assures you with death sum + Bonus till the year of death + Final Addition Bonus. This will be paid as death claim to policy holder’s nominee.

Following details explains you the death claim:

  • Death during 0-5 years of policy term: 100% of assured amount + accumulated bonus at the time of death and FAB (Final Addition Bonus) is not applicable before 15 years.
  • During 6-10 years of policy term: 125% of assured amount + accumulated bonus at the time of death and FAB is not applicable before 15 years.
  • Between 11-15 years of policy term: You will be assured about 150% of amount along with accumulated bonus at time of death and FAB for the 15th year.
  • During 16-20 years of term: 200% of assured amount along with accumulated bonus at the time of death and FAB.

3) Optional Rider: 

Accidental death and disability rider feature is available with this plan in order to make you feel more comfortable in case of an accident or disability during the policy term.

Example: Consider Mr. Varun purchases jeevanpragathi policy and following are his details:

Sum assured: 10 lakhs
Policy term: 20 years
Policy purchased year: 2016
Age: 27 years

With the above details, the yearly premium shall be Rs. 48,864/-. Once he chooses this plan, two cases are possible. Varun survives with the policy term of 20 years or an unfortunate death happens before the policy term completes. Let me explain in detail:

Maturity year: 2036
Age of maturity: 47 years
Total premium paid: 978151
Maturity amount: 1940000

In case of accidental death, death sum assured+bonus+final addition bonus will be paid to the nominee. In case if an unfortunate death happens to Varun at the age of 42, then the nominee will get death claim as Rs. 2707000 if it is normal death or Rs. 3707000 as accidental death claim.

Any details about Jeevan Pragati Premium Plan or confused in choosing the plan, just write the queries in the below comment box? We work out our best to give you a solution.
LIC Jeevan Pragati Plan 838 - Features and Benefits LIC Jeevan Pragati Plan 838 - Features and Benefits Reviewed by amara sangati for Rating: 5