LIC Jeevan Pragati Plan (Table No. 838) is a non-linked (not linked to the stock market or equity investment ), with-profits, endowment-cum-protection plan, that is two-in-one policy where it provides insurance protection + savings for the future also . The unique feature of this plan is that it is a automatic operated plan, where the risk cover automatically increases every five years during the policy term.
This plan provides financial protection to the family in case of the policyholder’s unfortunate death . if the policyholder survives then lump sum benefits at maturity will received. LIC Jeevan Pragati Plan also offers bonus benefits, loan facility, surrender option after completing payable premium continues three years, and tax benefits under Sections 80C and 10(10D) of the Income Tax Act. Over all this plan suitable for a person who want both protection and long-term savings.
Non-linked Plan (Insurance term) :
- Non-linked means the policy is NOT connected to the stock market or equity investments.
- The returns and benefits do not depend on market ups and downs.
Endowment-cum-Protection Plan
• Endowment part → It acts like a savings plan.
o If the policyholder survives till the end of the policy term, they receive a lump sum maturity benefit (sum assured + bonuses).
• Protection part → It also gives life insurance coverage.
o If the policyholder dies during the policy term, the nominee gets the death benefit (sum assured + bonuses).
Key Features of LIC Jeevan Pragati Plan
Here is key feature and benefits of this LIC plan is show below in many point .
- Non-linked, with-profits, endowment-cum-protection plan combining insurance + savings.
- Risk cover automatically increases every 5 years during the policy term.
- Provides death benefit (financial protection) and maturity benefit (lump sum payout).
- Includes bonus, loan facility, surrender option having after 3 years, and tax benefits under 80C & 10(10D) also found.
- Individuals who want both protection and long-term savings.
LIC Jeevan Pragati Plan detail
| Parameter | Details |
|---|---|
| Plan Name | LIC’s Jeevan Pragati (Table No. 838) |
| Plan Type | Non-linked, with-profits, endowment-cum-protection plan |
| Minimum Entry Age | 12 years (completed) |
| Maximum Entry Age | 45 years (completed or nearest birthday) |
| Maximum Maturity Age | 65 years (completed or nearest birthday) |
| Policy Term | 12 to 20 years |
| Minimum Sum Assured | ₹1,50,000 (in multiples of ₹10,000) |
| Maximum Sum Assured | No limit (subject to underwriting) |
| Premium Paying Term (PPT) | Same as Policy Term |
| Premium Payment Modes | Yearly, Half-yearly, Quarterly, Monthly (ECS/NACH) |
| Risk Cover Feature | Automatically increases every 5 years |
| Surrender Value | Eligible after 3 years |
| Loan Facility | Eligible after 3 years |
| Bonus | Eligible for bonuses as declared by LIC |
| Tax Benefits | Available under Sections 80C and 10(10D) of Income Tax Act |
Maturity & Life Cover (Death Claim) of LIC’s Jeevan Pragati Policy
Maturity benefits
LIC Jeevan Pragati Plan provided the maturity benefits on completing of policy term which included the Sum Assured on Maturity (equal to the Basic Sum Assured) along with vested Simple Reversionary bonuses and Final Additional bonus.
Sum Assured on Maturity =[ Basic Sum Assured + vested Simple Reversionary bonuses + Final Additional bonus ]
Death benefit:
In case of death of any policyholder during the policy term, where they having pay all there due premium ,then death benefits are defined as Sum Assured on Death along with vested Simple Reversionary bonuses and Final Additional bonus.
Now here the calculation of Sum Assured on Death is defined as the higher of 10 times of annualized premium or Absolute amount assured to be paid on death. i.e. 100% of the Basic Sum Assured during first 5 policy years, 125% of the Basic Sum Assured during 6th to 10th policy years, 150% of the Basic Sum Assured during 11th to 15th policy years and thereafter 200% of the Basic Sum Assured.
Death benefit = [Sum Assured on Death + vested Simple Reversionary bonuses + Final Additional bonus]
| Year of Death | Death Claim Amount | Remarks |
|---|---|---|
| During 1st to 5th policy year | 100% of Basic Sum Assured + Bonuses | Risk cover equal to Basic Sum Assured |
| During 6th to 10th policy year | 125% of Basic Sum Assured + Bonuses | Risk cover increases automatically |
| During 11th to 15th policy year | 150% of Basic Sum Assured + Bonuses | Further increase in risk cover |
| During 16th to 20th policy year | 200% of Basic Sum Assured + Bonuses | Maximum risk cover provided |
Optional Rider
The policyholder can choose LIC Accidental Death and Disability Benefit Rider (UIN: 512B209V01). The rider sum assured cannot be more than the Basic Sum Assured.
Real-Life Scenario of LIC Jeevan Pragati Plan (838)
Mr. Rajesh (Age 30 years) is a salaried employee and working in a privet company. who wants both life protection and long-term savings both benefits . He chooses LIC Jeevan Pragati Plan with the following details:
- Basic Sum Assured (BSA): ₹5,00,000
- Policy Term: 20 years
- Premium Paying Term: 20 years (same as policy term)
- Premium Mode: Yearly
As per the above detail we get the Yearly premium Rs.400000 by using (Premium calculator)
To get more details of the LIC Jeevan Pragati Plan (838) based on the Basic Sum Assured (BSA), Policy Term you can use the Maturity Calculator.
Option 1: Rajesh Completes the Policy Term (Maturity Case)
Where If Rajesh survives till the end of 20 years, and completed the term policy then he will receive:
- Basic Sum Assured (BSA): ₹5,00,000
- Bonus (based on declared rate): Suppose bonus rate is ₹45 per ₹1000 BSA → ₹5,00,000 ÷ 1000 × 45 × 20 = ₹4,50,000
- Final Additional Bonus (FAB): Approx ₹50,000 (assumed, depends on LIC declaration)
✅ Total Maturity Benefit = ₹5,00,000 + ₹4,50,000 + ₹50,000 = ₹10,00,000 (Approx.)
So, Rajesh will get around 10 Lakhs at maturity.
Option 2: Rajesh Dies During the Policy Term (Death Case)
Suppose Rajesh dies in the 12th year of the policy.
• Death Sum Assured increases with time in this plan.
• From 11th to 15th year, Death Sum Assured = 175% of Basic Sum Assured.
• So, Death Sum Assured = ₹5,00,000 × 175% = ₹8,75,000
• Plus Accumulated Bonus (till 12 years) = 12 × 22,500 = ₹2,70,000
• Total = ₹11,45,000 (approx) paid to nominee.
✅ Rajesh’s family will get around 11.45 Lakhs as Death Claim.
LIC Jeevan Pragati Plan (838) – 20 Year Life Cover Illustration
| Year | Age | Death Sum Assured | Normal Life Cover (Approx) | Accidental Life Cover (Approx) |
|---|---|---|---|---|
| 1 | 30 | ₹5,00,000 | ₹5,25,000 | ₹10,25,000 |
| 2 | 31 | ₹5,00,000 | ₹5,50,000 | ₹10,50,000 |
| 3 | 32 | ₹5,00,000 | ₹5,75,000 | ₹10,75,000 |
| 4 | 33 | ₹5,00,000 | ₹6,00,000 | ₹11,00,000 |
| 5 | 34 | ₹6,25,000 | ₹6,75,000 | ₹11,75,000 |
| 6 | 35 | ₹6,25,000 | ₹7,00,000 | ₹12,00,000 |
| 7 | 36 | ₹6,25,000 | ₹7,25,000 | ₹12,25,000 |
| 8 | 37 | ₹6,25,000 | ₹7,50,000 | ₹12,50,000 |
| 9 | 38 | ₹6,25,000 | ₹7,75,000 | ₹12,75,000 |
| 10 | 39 | ₹7,50,000 | ₹8,25,000 | ₹13,25,000 |
| 11 | 40 | ₹7,50,000 | ₹8,50,000 | ₹13,50,000 |
| 12 | 41 | ₹7,50,000 | ₹8,75,000 | ₹13,75,000 |
| 13 | 42 | ₹7,50,000 | ₹9,00,000 | ₹14,00,000 |
| 14 | 43 | ₹7,50,000 | ₹9,25,000 | ₹14,25,000 |
| 15 | 44 | ₹8,75,000 | ₹9,75,000 | ₹14,75,000 |
| 16 | 45 | ₹8,75,000 | ₹10,00,000 | ₹15,00,000 |
| 17 | 46 | ₹8,75,000 | ₹10,25,000 | ₹15,25,000 |
| 18 | 47 | ₹8,75,000 | ₹10,50,000 | ₹15,50,000 |
| 19 | 48 | ₹8,75,000 | ₹10,75,000 | ₹15,75,000 |
| 20 | 49 | ₹10,00,000 | ₹11,25,000 | ₹16,25,000 |
How to Understand the Following Table
Suppose Rajesh has taken the LIC Jeevan Pragati Plan (838) with a policy term of 20 years. The table shows the Normal Life Cover and Accidental Life Cover available to him each year.
👉 Example: If the unfortunate death of Rajesh happens in the year 2031 (at the age of 42 years), then his nominee will receive:
• Normal Death Claim: ₹9,00,000 (in case of natural/normal death)
• Accidental Death Claim: ₹14,00,000 (in case of accidental death)
After this claim settlement, the policy will stop.
This example helps Rajesh and his family understand how the death benefits keep increasing year by year, and what exact amount the nominee would receive depending on the year and type of death.
What are the benefits of the LIC Jeevan Pragati plan?
Here are many key feature and benefits of this plan has listed below.
1. Non-linked, with-profits, endowment-cum-protection plan combining insurance + savings.
2. Risk cover automatically increases every 5 years during the policy term.
3. Provides death benefit (financial protection) and maturity benefit (lump sum payout).
4. Includes bonus, loan facility, surrender option having after 3 years, and tax benefits under 80C & 10(10D) also found.
What is the full form of Pragati in LIC?
The full form of Pragati in LIC is “Performance Review Application, Growth And Trend Indicator”
What is the maturity benefit amount in LIC?
LIC Jeevan Pragati Plan provided the maturity benefits on completing of policy term which included the Sum Assured on Maturity (equal to the Basic Sum Assured) along with vested Simple Reversionary bonuses and Final Additional bonus.
Sum Assured on Maturity =[ Basic Sum Assured + vested Simple Reversionary bonuses + Final Additional bonus ]
