LIC Jeevan Pragati Plan (838) Review
LIC Jeevan Pragati Plan is an Endowment Assurance Plan released by LIC of India. Life Insurance Corporation of India introduced this Jeevan Pragati Plan 838 on 3rd February 2016. LIC Jeevan Pragati Endowment Plan is a combination of savings and protection features. The Unique Identification Number for LIC’s Jeevan Pragati Plan is 512N306V01. Jeevan Pragati Plan of LIC is a non-linked, with profits endowment plan. During the term of the policy, the risk cover increases automatically for every five years.
LIC’s Jeevan Pragati provides liquidity needs of the Policyholder through Loan facility. The Nominee will receive the Sum Assured with Bonus as a Death Benefit on the death of the Life Assured during the Policy Term. By Payment of Additional Premium amount, Optional Benefits such as Rider are provided. The Policy can be surrendered at any time after completion of the premium payment for three years. The detailed information regarding the LIC Jeevan Pragati Plan 838 is provided in the following sections of this page.
LIC Jeevan Pragati Policy Benefits and Features
LIC’s Jeevan Pragati Plan provides a broad range of benefits for the Policyholder. The Features of this Jeevan Pragati Policy is clearly explained below.
Benefits of LIC’s Jeevan Pragati Plan 838
- If the Life Assured death occurs within the Policy Term, the Nominee will receive the Death Benefit as Sum Assured on Death with vested Simple Reversionary Bonus and Final Additional Bonus if any.
- Sum Assured on Death is ten times the annualized premium.
- For first five five policy years 100% of Basic Sum Assured, 125% of Basic Sum Assured for 6th to 10th policy years, 150% of Basic Sum Assured for 11th to 15th policy years and 200% of BSA after that is paid as Death Benefit.
- The Death Benefit provided shall not be less than 105% of premiums paid as on date of mortality.
- On Survival of the Life Assured until the end of the Policy Term, Maturity Benefit is provided along with bonuses as a lump sum amount if all the premiums are paid.
- Maturity Benefit of LIC Jeevan Pragati = Basic Sum Assured + vested simple reversionary bonus + final additional bonus (FAB).
What are the Features of Jeevan Pragati Plan?
- This Plan is a Non-Linked Endowment Assurance Plan with profits.
- Riders are available for the Life Assured on payment of Additional Premium along with the Base Plan.
- Grace Period of 15 days is available for the Monthly Premium Payment and 30 days for Quarterly, Half Yearly, and Yearly Payments.
- Guaranteed Surrender Value is provided on Surrender of the Policy.
- The Policyholder can surrender the policy within 15 days from taking the policy, if not satisfied with the Terms and Conditions of the Policy.
Eligibility Conditions of LIC Jeevan Pragati 838 Plan
Before buying the Jeevan Pragati Policy of LIC, the Life Assured should know the Eligibility Conditions such as Entry Age, Policy Term, Sum Assured and Other Details. The following table provides brief details regarding the Jeevan Pragati LIC Plan.
|Minimum Entry Age||12 years (completed).|
|Maximum Entry Age||45 years (nearest birthday).|
|Maximum Maturity Age||65 years (nearest birthday).|
|Minimum Policy Term||12 years.|
|Maximum Policy Term||20 years.|
|Minimum Basic Sum Assured||Rs 1,50,000/-.|
|Maximum Basic Sum Assured||No Limit.|
- Premium Paying Term and Policy Term are same in this Jeevan Pragati Plan.
LIC Jeevan Pragati Endowment Plan 838 Rebates
High Basic Sum Assured Rebate:
|Basic Sum Assured (B.S.A)||Rebate per Rs.1000/- B.S.A|
|Rs. 1,50,000 to Rs. 2,90,000||NIL|
|Rs. 3,00,000 to Rs. 4,90,000||1.50 % of B.S.A|
|Rs. 5,00,000 to Rs. 9,90,000||2.00 % of B.S.A|
|Rs. 10,00,000 and above.||2.25 % of B.S.A|
|Yearly||Tabular Premium of 2%|
|Half Yearly||Tabular Premium of 1%|
|Quarterly & Monthly||NIL|
CEIS Rebate: Corporation Employees Insurance Scheme Rebate
|Policy Term||CEIS rebate|
|12 to 14 years||5%|
|15 years and above||10%|
LIC Jeevan Pragati Rider
The Rider available under this LIC’s Jeevan Pragati Plan is LIC Accidental Death and Disability Benefit Rider.
Eligibility Conditions of LIC’s Accidental Death and Disability Benefit Rider
|Minimum Entry Age||18 years (completed).|
|Maximum Entry Age||The Cover can have Opted at Inception or at any Policy Anniversary after that.|
|Maximum Cover Ceasing Age||65 years (nearest birthday).|
|Minimum Accident Benefit Sum Assured||Rs 10,000/-.|
|Maximum Accident Benefit Sum Assured||An Amount Equal to the BSA Subject to Maximum of Rs. 100 lakh Overall Limit taking Existing Policies of the Life Assured.|
LIC Jeevan Pragati Premium Calculator
LIC Jeevan Pragati Plan Premium Calculator helps you to calculate the premium and maturity amount for LIC Jeevan Pragati Policy 838. Before buying the Jeevan Pragati Plan, you have to check the premium rates for your desired sum assured using this Lic’s Jeevan Pragati Premium Calculator or Lic Jeevan Pragati Maturity Calculator. The required data for calculating the premium rates in LIC New Jeevan Pragati Plan using Jeevan Pragati Premium and Maturity Calculator are
- Mobile Number.
- E-Mail Id.
- Policy Term.
- Sum Assured.
How to Buy the Jeevan Pragati LIC Policy?
The LIC Endowment Plan 838 can be purchased by visiting the Official Website of LIC or from the LIC Agent or nearest LIC Branch Office. The required documents to buy the LIC Jeevan Pragati Plan is listed below.
- Application form/Proposal form.
- Address proof.
- Age proof.
- Medical reports(if required).
Claim Process for LIC’s Jeevan Pragati Plan
While lodging the claim in case of death of the Life Assured or after the policy term, following documents are needed for claim procedure of Jeevan Pragati Policy of LIC.
- Original policy document.
- NEFT form.
- Discharge form.
- Cancel check or Bank Passbook xerox.
- Medical treatment before the death.
- Death certificate.
- Proof of accident/Disability.
Additional Information about LIC New Jeevan Pragati Plan 838
- Participation in Profit: Lic’s Jeevan Pragati policy intended to participate in profits of the Corporation and entitled to receive Simple Reversionary Bonuses.
- Riders: Riders are available under this LIC Jeevan Pragati Plan. The Rider is Accidental Death and Disability Benefit Rider
- LIC’s Accidental Death and Disability Benefit Rider UIN (512B209V01): Lic Accidental Death and Disability Benefit Rider (AD&DB) is available as an optional rider by payment of additional premium.
- Paid-Up Value: After at least three full year’s premium have been paid, and any succeeding premiums are not duly paid, LIC New Jeevan Pragati Policy shall not be wholly void, but shall subsist as a paid-up policy.
- Surrender Value: The policy can be surrendered at any time during the policy term for payment of at least three full years premiums.
- Revivals: If the policy has expired, it may be revived within 2 years from the first unpaid premium amount.
- Loan: Loan facility is available under LIC Jeevan Pragati Plan, after payment of premiums for at least three full years.
- Suicide Clause: If the policyholder commits suicide for any of the reasons within 12 months of the date of commencement of risk or from the time of revival, then 80% of the premium for what he had paid will be returned to his assignees or nominees.
- Taxes: The amount of Income Tax payable as per the existing rates shall be payable by the policyholder on premiums.
- Free Look Period: If Customer is not satisfied with the “Terms & Conditions” of the LIC Jeevan Pragati Policy, he/she may return the policy to the Corporation stating the reasons for objections, within 15 days from the receipt date of the policy.