LIC Jeevan Pragati Plan 838 | LIC New Plan Benefits & Features

LIC Jeevan Pragati Plan 838 Review

LIC Jeevan Pragati Plan 838 is a new Endowment Plan introduced by Life Insurance Corporation of India. This Jeevan Pragati Plan will start working from 3rd February 2016. A Unique Identification Number is given for LIC’s Jeevan Pragati Plan that is 512N306V01. The policyholder has to quote the UIN no. in all relevant documents that are required to buy the policy. LIC Jeevan Pragati 838 plan is a Non-Linked, with Profit Endowment Assurance plan. The Insured can avail a Death Benefit of ‘Sum Assured equal to 10 times‘ of the Annualised Premium, which is payable as on date of death. The Unique Feature of this LIC New Endowment Plan 838 is Risk Cover will increase after every five years during the Policy term.

Under this Lic New Jeevan Pragati Plan 838, Lump Sum Amount will be paid to the insured on the Maturity of the Policy. The New Jeevan Pragati Plan also takes care of Liquidity needs through its loan facility. This plan is suitable for Inflation and opted with accidental benefit rider. You can use LIC Jeevan Pragati Plan 838 Calculator to calculate Premiums and Benefits. We provide Lic Jeevan Pragati Plan Maturity Calculator and Premium Calculator to calculate Maturity benefits and Death benefits. Refer Lic Jeevan Pragati plan 838 premium chart and Lic Jeevan Pragati Premium calculator before buying this plan.

Lic New Jeevan Pragati Plan 838 Eligibility Conditions

Eligibility Conditions for basic plan are,

Entry Age:	Minimum: 12 years (completed). Maximum: 45 years (nearer birthday).
Minimum Maturity Sum Assured:	Rs. 1,50,000/-.
Maximum Maturity Sum Assured:	No Limit.
Policy term:	Minimum 12 years. Maximum 20 years.
Premium Payment Mode:	Yearly. Half-Yearly. Quarterly. Monthly.
Maturity Age:	Maximum 65 Years (Nearest Birthday).
Documents required for a new policy:	Application form/Proposal form along with a photo. Address proof. Age proof. Medical reports (if required).

LIC Jeevan Pragati Endowment Plan 838 Benefits

Maturity Benefits:

If the Policyholder survives until the end of the policy term, Sum Assured on Maturity is calculated as

Sum Assured on Maturity = Basic Sum Assured + Simple vested Reversionary Bonuses + Final Additional bonus will be Payable as Maturity Benefit.

Death Benefits:

The Death Benefit shall be payable to the nominee as follows

Death Benefit = Sum Assured on Death + Final Additional Bonus + Vested Simple Reversionary Bonuses.

The Sum Assured on Death automatically rises every five years. Where “Sum Assured on Death” is Ten times of annualized premium.

Jeevan Pragati Lic Plan 838 Policy Rebates

The basic rebates for the Lic Jeevan Pragati Plan are given below.

High Maturity Sum Assured Rebate.
Corporate Employee’s Insurance Scheme (CEIS) Rebate.
Mode Rebate.

High Basic Sum Assured Rebate

Basic Sum Assured	Rebate per Rs. 1000/- BSA
Rs. 1,50,000/- to Rs. 2,90,000/-	NIL.
Rs. 3,00,000/- to Rs. 4,90,000/-	1.50% of BSA
Rs. 5,00,000/- to Rs. 9,90,000/-	2.00% of BSA
Rs. 10,00,000/- and Above	2.25% of BSA

Corporate Employee’s Insurance Scheme (CEIS) Rebate

Policy Term	CEIS Rebate
8 to 14 years	5%
15 years & above	10%

Mode Rebate

Mode of Payment	% of Tabular Premium
Yearly Mode	2%
Half-yearly Mode	1%
Quarterly and Monthly	NIL

LIC New Plan – Jeevan Pragati 838 Policy Buying Procedure

These are the Required documents to buy LIC Jeevan Pragati Policy.

Application form/ Proposal form No. 300, 340 and 360 issued bu U & R Department along with a photo.
Address proof.
Age proof.
Medical reports(if required).

Claim Procedure of LIC Jeevan Pragati Plan

The documents that are needed for claiming procedure under Lic Jeevan Pragati 838 Policy are given below.

Original Policy Document
NEFT Mandate Form.
Death Certificate.
Proof of Title.
Accident/ Disability Proof (as mentioned in the rider circular).
School/ College/ employer’s certificate.
If age is not admitted under the policy, the proof of age of the Life Assured shall also be submitted.

LIC Jeevan Pragati Plan 838 Premium Calculator

Here we are providing the required data for calculating the premium rates in LIC Jeevan Pragati Policy using LIC Jeevan Pragati 838 premium and maturity calculator. To calculate Premium Online, the Insured have to enter the following details mentioned below.

Name.
Email Id.
Mobile.
Age.
Term.
Sum Assured.

After entering all the above details, you can quickly calculate the premium for LIC Jeevan Pragati Plan 838.

Jeevan Pragati Plan LIC Maturity Calculator

LIC Jeevan Pragati 838 Plan Maturity Calculator helps you to calculate the maturity value or maturity amount. Maturity amount is the amount that is payable to the policyholder during the maturity time. You can calculate the Maturity benefits using LIC Jeevan Pragati Plan Maturity calculator. Maturity value is calculated based on the Sum Assured plus Loyalty benefits. Jeevan Pragati LIC Plan Maturity Calculator provides maturity amount based on Policy term, Age of the LIC Policyholder, Sum Assured, Policy name, etc. You need to provide these details along with Mobile number, Name, Email ID to calculate the maturity value. But you will receive approximate or nearby maturity amount in this LIC Jeevan Pragati Plan Maturity Calculator.

Additional Information about LIC Jeevan Pragati 838 Plan

Loan facility

After the successful payment of premiums for at least 3 years, Loan facility is available under this plan. The Maximum Loan Granted as a Percentage of Surrender Value are

For in force /Fully Paid-up policies: upto 90%.
For paid-up policies: upto 80%.

Surrender Value

LIC Jeevan Pragati Policy can be Surrendered at any time during the Policy Term after payment of Premium for Three Successful years. The Insured will receive Guaranteed Surrender Value and Special Surrender Value on Surrendering the Policy.

Guaranteed Surrender Value: The Guaranteed Surrender Value, which is equal to the total premiums paid plus the Surrender Value of Simple Reversionary Bonuses, which is equal to Vested Bonuses multiplied by the Guaranteed Surrender Value factor applicable to vested Bonuses, shall be payable.

Special Surrender Value: The Special Surrender Value of Maturity Paid-up Sum Assured plus Vested Simple Reversionary Bonuses if any will be payable.

Free Look Period

If the Insured is not satisfied with the terms and conditions of the policy, he/she will be provided with a free look period of 15 days. The Life Assured have to state the reason and should submit the policy to the Life Insurance Corporation of India with the given free look period.

Back-Dating Interest

The Policies can be Dated back within the Same Financial year. The Rate of Back-dating Interest will be charged by the Corporation from time to time of completion of policy.

Suicide Clause

If the Life Assured commits suicide at any time within one year / 12 months from the date of commencement of risk, the Corporation will not entertain any Claim, but the Corporation will give you 80% of the Premiums paid and any taxes, Extra Premium paid shall be excluded.
If the Life Assured commits suicide at any time Within one year from Date of Revival, the Corporation will pay 80% of the Premiums paid till the Date of Death.

Taxes

Taxes including Service Tax and any Other Taxes on premiums including extra premiums shall be Payable by the insured as per the Tax Laws. The Tax rate shall be as applicable from time to time.

Paid-up Value

If the insured has paid their premiums for at least Two years or Three Full years depending on the Premium Paying Term and any Subsequent Premiums be not paid, all the Benefits under this policy will be ceased after Grace Period has completed.

Death Paid-up Sum Assured Value

[Sum Assured on Death x (Number of premiums paid/ Total Number of premiums payable under the Policy)].

Maturity Paid-up Sum Assured Value

[(Number of premiums paid / Total Number of premiums payable) x (Sum Assured on Maturity)].