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 Entry | 12 Years (Completed) |
| Maximum Age at Entry | 45 Nearest Birthday |
| Maximum Maturity Age | 65 Nearest Birthday |
| Premium Paying Mode | Yearly, Half Yearly, Quarterly, Monthly (ECS Only) |
| Policy Term | 12 to 20 Years |
| Sum Assured | 1,50,000 and above (in multiple of 10,000) |
| Premium Mode Rebate | 2% 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 | |
| Loan | After 3 years |
| Surrender | After 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 Death | Death Claim Amount | Remarks |
| During 0-5 years of Policy Term | 100 % of Sum Assured + Accumulated Bonus at the time of Death | FAB is not applicable before 15 Years |
| During 6-10 years of Policy Term | 125 % of Sum Assured + Accumulated Bonus at the time of Death | FAB is Not applicable before 15 Years |
| During 11-15 years of Policy Term | 150 % of Sum Assured + Accumulated Bonus at the time of Death+ FAB | FAB is applicable for 15th year |
| During 16-20 years of Policy Term | 200 % of Sum Assured + Accumulated Bonus at the time of Death+ FAB | FAB 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.)
fter 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 Bonusas (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.