LIC Jeevan Pragati Plan 838

LIC Jeevan Pragati Plan 838 offers a special feature where Sum Assured on death increases every five years. It is an endowment policy which provides protection and savings at the same time.

The plan was launched in February 2016 by the Life Insurance Corporation of India. The plan is ideal for long term savings with increased life insurance financial protection. The loan facility is also available subject to the surrender value.

Key features

• Basic Sum Assured Rs.1,50,000
• Tax-free under Section 80C
• Maximum maturity age is 65 years
• No limit on maximum Sum Assured
• Options of yearly, half-yearly, quarterly and monthly premium payments
• Accidental death benefits
• Availability of loan facility
• Freelook period of 15 days.

Eligibility

Entry Age	Minimum- 12 years   Maximum- 45 years
Maximum Age on Maturity	65 years
Sum Assured	Minimum- Rs.1,50,000   Maximum- No limit
Policy Term Period	12 to 20 years

Benefits

Death benefits:

Sum Assured on Death with Simple Reversionary Bonus and Final Addition Bonus will be payable to the nominee if the life insured dies in course of the policy term. This death benefit will also increase every 5 years. The amount can be calculated as the following.

Year of Death	Sum Assured on Death	Final Addition Bonus
In the course of the first 5 years	100% basic sum assured	Not applicable before 15 years of the policy term
6th to 10th years of the policy	125% basic sum assured	Not applicable before 15 years of the policy term
11th to 15th years of the policy	150% basic sum assured	Not applicable before 15 years of the policy term
16th to 20th years of the policy	200% basic sum assured	Applicable

Maturity benefits:

The LIC Jeevan Pragati Plan 838 also comes with maturity benefit. Basic Sum Assured along with simple revisionary bonus and final additional bonus, if any, will be paid to the policyholder in case the life insured has successfully survived the entire policy term.

Participation in profits:

 The policy is eligible to get a Simple Reversionary bonus and shall participate in the profits of the corporation. As per the experience of the company subject to the policy is in force, Simple Reversionary will be declared.

Tax benefit:

Income tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act on premiums paid and on both of the benefit amounts of depth and maturity.

Rider:

Disability and Accidental death rider are available under LIC Jeevan Pragati Plan 838.

Exclusion

80% of the premiums paid with the exemption of taxes, the extra premium paid (if any) and rider premium subject to Term Assurance Rider will be paid to the nominee, In case the policyholder commits suicide in the course of 12 months from the initiation of the policy term.

Final words

LIC Jeevan Pragati Plan 838 is a combination of savings and life insurance, and it is a non-linked policy. It can be a good option for the individuals who want saving and insurance cover in the same plan. Returns are not that high in case the individual is looking for a high rate returns. 

Also, the LIC Jeevan Pragati Plan 838 can be packed up with useful add-ons like accidental and disability rider at a very minimal cost. Life Corporation of India is a government-owned investment and insurance company with a wide network all over India.

They are the most trusted and recognized company in the insurance and investment sector. Their risk-free policies always attract individuals who want insurance coverage or would like to do long term savings.

For more information related to LIC Jeevan Pragati Plan 838, kindly visit your nearest Life Corporation of India branch office. For more information, contact the LIC using the LIC customer Care Number.