LIC Jeevan Pragati

LIC Jeevan Pragati Plan Features and Benefits

Table of Contents

LIC Jeevan Pragati (LIC Table No 838) is non-linked assurance plans that have been prepared to offer adequate risk cover for a huge number of individuals. This plan is completely independent on share market and the risk cover keeps on increasing every 5 years.One of the major benefits of this assurance plan is it offers coverage for inflation prevention as the year passes.

This plan is extremely suitable for those individuals who are looking for savings along with protection for family. To make better if you can opt for the accidental benefit rider.

Parameters

AGE	Min. age : 12 years Max. age: 45 years
Policy Term	Min. Term :12 years Max. Term : 20 years
Sum Assured	Min SUM ASSURED: Rs. 1,50,000/-Max. SUM ASSURED: No Limit
Premium Paying Mode	Monthly (SSS, ECS), Quarterly, Half yearly, Yearly

The death benefit under Jeevan Pragati Plan-838

In this "jeevan pragati plan"if the policy holder expire during the policy term then, Sum assured +simple revisionary bonuses along with the final additional bonus will be paid to the nominee.The sum assured on death increases every 5 years. This sum assured is 10 times greater than annualized premium or the absolute amount which shall be paid on death to the nominee.

In the first five year policy, any nominee shall receive 100% of total basic sum assured, in case of 6^th to 10^th policy years, nominee shall receive 125% of total basic sum assured. While in case of 11^th to 15^th year 150% of basic sum assured shall be paid and if the policy term is for 16-20 years, nominee shall receive 200% of basic sum assured.

Maturity benefit Jeevan Pragati Plan-838

If the policy holder survives till the end of this policy, the maturity amount shall be paid to the policy holder“overall amount paid on maturity along with revisionary bonuses and additional bonuses if any. The sum assures that is provided on maturity is similar to the basic sum assured. If the policy is paid up, then final additional bonuses are not paid.The commencement date of risk within Jeevan Pragati shall be immediately from insurance policy date.

Premium Payment Mode in Jeevan Pragati plan.

In LIC Jeevan Pragati premium payment mode that is allowable is monthly, quarterly, half yearly and annually. The grace period is 30 days shall be offered for quarterly, half-yearly and annually and 15 days for monthly mode. In case the death takes place within grace period but that is before the premium, then that policy shall be treated as inforce and all benefits shall be paid in full.

The policy shall lapse if premiums are not paid within expiry date of grace. The grace period is also applicable for rider premiums along with premiums of base plan.

LIC Jeevan Pragati Plan 838 Rebates

There are two rebates that are offered within this plan, these are given below;

Mode Rebate

Yearly – Table premium 2%

Half yearly – Table Premium 1%

Sum Assured Rebate

Sum Assured	Rebate
From Rs. 1,50,000/- to Rs. 2,90,000/-	NIL
From Rs. 3,00,000/- to Rs. 4,90,000/-	For every 1,000 Rs./- Sum Assured 1.50 Rs/- rebate
From Rs. 5,00,000/- to Rs. 9,90,000/-	For every 1,000 Rs./- Sum Assured 2.00 Rs/- rebate
From Rs. 10,00,000/- and above	For every 1,000 Rs./- Sum Assured 2.25 Rs/- rebate

Benefit example for LIC jeevan pragati plan 838

An example of VINOD who is purchasing this Plan with following details.

Sum Assured: Rs.5,00,000
Policy Term: 20 Years
Policy Purchase Year: 2016
Age: 25 Years
Yearly Premium: Rs. 24870

Maturity Details

If policy holder survives the policy term ( i.e. 20 years ), Maturity will be as under.

Maturity Year	Age at Maturity	Maturity Amount(approx)
2036	45	955000

Year-wise Death Claims as under.

Year	Age	Risk Cover Normal	Risk Cover Accidental	Premium	Tax Saved	Net Premium	Amount Received
2016	25	521000	1021000	24870	7200	17670	0
2017	26	542000	1042000	24435	7200	17235	0
2018	27	563000	1063000	24435	7200	17235	0
2019	28	584000	1084000	24435	7200	17235	0
2020	29	605000	1105000	24435	7200	17235	0
2021	30	751000	1251000	24435	7200	17235	0
2022	31	772000	1272000	24435	7200	17235	0
2023	32	793000	1293000	24435	7200	17235	0
2024	33	814000	1314000	24435	7200	17235	0
2025	34	835000	1335000	24435	7200	17235	0
2026	35	981000	1481000	24435	7200	17235	0
2027	36	1002000	1502000	24435	7200	17235	0
2028	37	1023000	1523000	24435	7200	17235	0
2029	38	1044000	1544000	24435	7200	17235	0
2030	39	1075000	1575000	24435	7200	17235	0
2031	40	1348500	1848500	24435	7200	17235	0
2032	41	1372000	1872000	24435	7200	17235	0
2033	42	1395500	1895500	24435	7200	17235	0
2034	43	1424000	1924000	24435	7200	17235	0
2035	44	1455000	1955000	24435	7200	17235	0
2036	45	0	0	0	0	0	955000

example for LIC jeevan pragati plan 838

Additional Information about Jeevan Pragati Policy

Risk Coverage:End of the Policy Term.

Date of Commencement of Risk: Imidiate

Locking period: 3 years.

Loan Facility: Available.

Income Tax Benefit – Income Tax Benefits available on Paid Life Insurance Premium U/Sec 80C and Maturity Benefit will also be tax free under section 10(10)D.

Loan:Loan is available.

Riders available: Accidental Benefits is available .

Policy Revival: Policy can be revived before 2 years from the date of first unpaid premium.

Proposal Forms : Proposal Form no. 300, or 340 will be used under this plan.

Cooling-off Period: If a policyholder is not satisfied with the Terms and Conditions of the policy, he/she may return the policy within 15 days from the date of receipt of the policy.

Back-dating interest: The policies can be dated back within the same financial year.

Assignments/Nominations: assignment and nominations is possible under this plan.

Services that I offer

New LIC Policy Quotes and Completion
Complete guidance
Doorstep Premium Collection Service
Personalized Policy Recommendations
Renewal / Revival of Lapsed Policies
Human Life Value Calculation
Life Time Services

FOR MORE INFORMATION PLEASE CONTACT -:

BASPA NAND PANCHOLI

CON.9891009400

Email-basupancholi@gmail.com

To know about more LIC Plans please visit our website

www.licbestplan.in

Office Address:-25,KG,Marg,Jeevan Prakash Building.

LIC of India,Branch Unit-117.

3rd floor,C.P. New Delhi-110001.

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