LIC Jeevan Pragati Plan

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+FABwill be paid as Death claim to Policy holder’s nominee.Death Sum Assureddepends 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 DetailsYearly Premiumwill beRs. 48,864

(To get details as per your Sum Assured, Age and Term, please go to 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 YearAge at MaturityTotal Premium PaidMaturity Amount (Approx.)

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.

YearAgeDeath Sum AssuredNormal Life Cover (Approx)Accidental Life Cover (Approx)

For More details, please refer toLIC Websiteand in case of any query please write your comment below.