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LIC Jeevan Pragati Plan

LIC Jeevan Pragati Plan is a non-linked profit making plan offering both financial protection and savings. Secure your retirement and have a risk cover with LIC Jeevan Pragati Plan 838.

Key features and LIC Jeevan Pragati policy details are explained below-

  • Eligibility age of the policy holder should be between 12 to 45 years.
  • Maximum Maturity age is when the life insured reaches 65 years.
  • Minimum Policy term for LIC Jeevan Pragati Plan 838 is 12 years while the maximum is 20 years.
  • Minimum Basic Sum Assured under LIC Jeevan Pragati Policy is Rs. 1,50,000.

LIC Jeevan Pragati Benefits are favorable and attractive:

1. Risk cover increases after every five years while LIC Jeevan Pragati Policy is in force and is quite an interesting benefit.
2. Death benefit or the Sum Assured on Death is paid to the nominee in the unfortunate event of death of the policy holder. The amount shall be the higher of 10 times of annualized premium or the absolute sum assured to be paid on death along with the bonuses accrued during the policy term. Depending on the year of The absolute sum assured is either

  • 100% of Basic Sum Assured during the first 5 policy years,
  • 125% of Basic Sum Assured between 6-10 years
  • 150% of Basic Sum Assured during 11 to 15 years and
  • 200% of Basic Sum Assured thereafter

Death benefit shall not be less than 105% of all premiums paid as on the date of death.

3. Maturity benefit under LIC Jeevan Pragati Plan 838 is payable on the date of maturity equals the Basic Sum Assured with Simple revisionary Bonus and Final Additional Bonus provided all premiums are paid. The bonuses declared are based on the basic Sum Assured.
4. Optional Accidental Death and Disability Rider is among an extra LIC Jeevan Pragati benefits, offered at an additional premium. The Rider Sum Assured cannot exceed the Basic Sum Assured of the policy or Rs. 1 crore.
5. Continuing the policy for at least three years allow you to avail loan facility.
6. Can surrender the policy after paying premium for three years.
7. Tax Benefits applicable as per Section 80C and 10(10D) of the Income Tax Act.

Let the LIC agent explain the LIC Jeevan Pragati policy details elaborately before you decide on sum assured and other policy terms.