LIC’s Jeevan Pragati Plan Table No. 838

LIC Jeevan Pragati 838 is a plan with the premium paying terms equal to policy term, non-linked Endowment Assurance Plan with Profit. There is something different than other plans is the Increment in Death Sum Assured after every 5 years during the policy term.That combines protection with savings along with rising in risk cover after every 5 years. Other benefits are also available under this plan like tax benefits, loan facility and rider benefits.

Sum Assured: Minimum limit for the sum assured is Rs. 1.5 lakh and there is no maximum limit.

Policy Term: 12 to 20.

Premium Paying Term: Policy Term.

Entry Age: The minimum entry age of the policy holder should be 12 years and the maximum age limit is 45 years.

Maximum Maturity Age: 65 Years.

Premium Payment Mode: Premium can be paid Monthly, Quarterly, Half Yearly or Yearly.

Maturity Benefits: on maturity, basic sum assured along with vested simple reversionary bonus and the final additional bonus is paid to the policy holder.

Death Benefits: If the Death happens after the commencement of risk, the nominee will get:
Base Sum Assured + Simple Reversionary Bonus (every year) + Final Additional Bonus (applicable in the year of death)

Rider benefits: Accidental Death benefit is available during the policy term; accident benefit sum assured will be paid along with death benefit under the basic plan. Disability benefits are paid till 65 years of age of the policy holder.

Income Tax Benefit: Premium paid in this policy is tax exempted under section 80C. The maturity benefits are also exempted from tax under section 10(10D).

Liquidity Benefit: Policy holder can take a loan under this policy after completion of 3 full years of the Policy.

For simplicity study following table

PlanJeevan Pragati
Min Age12 Year
Max Age45 Year
Max Maturity Age65 Year
Policy Term12 Year to 20 Year
Premium Paying Term12 Year to 20 Year
Min Sum AssuredRs. 1,50,000/-
Max Sum AssuredAny
Payment ModeAll
Surrender3 Years

An example of Jeevan Pragati Plan, 838

Suppose someone of 30 years age is going to apply for policy 838 Jeevan Pragati Plan for the Basic Sum Assured Rs. 1000000 and 20 years term. Following are Key points of the policy.

“Jeevan Pragati” Table 838

Age: 30 Year

Basic Sum Assured: Rs. 1000000/-

PlanJeevan Pragati
Age30 Year
Premium Paying Term20 Year
Policy Term20 Year
Basic Sum AssuredRs. 10,00,000/-
Double Accidental BenefitRs. 10,00,000/-
Death Sum Assured0 to 5 Year Rs. 10,00,000/-
6 to 10 Year Rs. 12,50,000/-
11 to 15 Year Rs. 15,00,000/-
16 to 20 Year Rs. 20,00,000/-
Premium First YearRs. 50,667/-
Premium second Year OnwardsRs. 49,576/-
Total Premium PaidRs. 9,92,611/-
Money Back At the YearNA
Money back %NA
Total Money BackNA
Maturity ReturnRs. 18,70,000/-
Total ReturnRs. 18,70,000/-
Life Time CoverNA

Above Calculations are approximate and according to current bonus rate. It may vary according to the rate of bonus and taxes.

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