LIC Jeevan Pragati Policy

LIC Jeevan Pragati Policy

LIC Jeevan Pragati Plan (Table 838) its an non-linked like an Endowment Policy, and future gives combination of more life protection and also savings. Mainly this policy gives automatically increases the risk cover after taken the policy period of every five years up to the maturity period of policy. It’s top Listed Plan (LIC Jeevan Pragati) with good return. Before buy the policy Know the Eligibility, Sum Assured, policy details, policy new features, benefits, reviews, life insurance coverage, maturity Benefits, premium calculator, maturity calculator, premium chart, return calculator, tax Benefits under Section 80(C) and Section 10 (D). Generally LIC Policies are inbuilt Accidental Death and Disability Benefit Rider. PolicyandFunds.com is one of the top & best LIC agent in Chennai, provides good customer services to choose perfect Life Insurance Plans in India 2017.

lic India ChennaiLIC Jeevan Pragati Policy (Table No. 838)

Policy Main Specification

  • Age at Entry (Last Birthday): 12 Years
  • Maximum Age at Entry (Nearer Birthday): 45 Years
  • Maximum Maturity Age (Nearer Birthday): 65 Year
  • Policy Term (PPT): 12 – 20 years
  • Minimum Sum Assured: 1,50,000
  • Maximum Sum Assured: No bound (The Basic Sum Assured in multiples of Rs. 10,000)
  • Variable options to pay Premium (Paying Mode): Yearly, Half-yearly, Quarterly, Monthly (by bank ECS)

Key Features of LIC New Jeevan Pragati Policy

  • Premiums has to be paid to the full policy chosen period (years)
  • Under this plan provides automatic increasing the risk cover after every five years during the period of the policy term.
  • Policy continued existence till the period of the policy and the final maturity benefit will b paid to the policyholder, risk cover will continues.
  • Policy basic sum assured will be paid to the nominee (if the policy holder die after the policy period)
  • If the life insured person may die within the period of policy year, the death and other benefits will be paid to the nominee.
  • Policy other additional coverage shall be opt with additional premium as per the conditions

Benefits of LIC New Jeevan Pragati Plan

  • Bonus: Policy holder can be eligible for LIC’s declared bonus and also Final Additional Bonus.
  • Maturity Benefit: The Basic Sum Assured and declared bonuses, final additional bonus will be paid to the policy holder
  • Death Benefit: Life Insured (policy holder) die within the period year, LIC will provide the full basic Sum Assured on Death and added Bonuses shall be payable to the nominee.
    1. 100% Sum Assured shall be paid within first 5 policy year
    2. 125% Sum Assured shall be paid within 6th to 10th policy year
    3. 150% Sum Assured shall be paid within 11th to 15th policy year
    4. Thereafter 200% Sum Assured shall be paid
    5. Death benefit shall not be less than 105% of all the premiums paid as on date of death.
  • Additional Rider Benefit is available: LIC’s Accidental Death and Disability Benefit Rider, Rider sum assured cannot be exceed the Basic Sum Assured.
  • Surrendered Value : The policy eligible to surrender at least three full year premiums are paid by the policy holder.
  • Loan : Three full policy year premiums has to paid to eligible for the Loan
  • Mode and High S.A. Rebates:
  • Mode Rebate:
    1. Yearly mode – 2% of Tabular Premium
    2. Half-yearly mode – 1% of Tabular premium
    3. Quarterly & Monthly mode – NIL
    4. High Sum Assured Rebate discount offered to the policy holder. For choosing yearly and half yearly premium modes.
  • Income Tax Benefit: Policy Premium paid under this plan is eligible for TAX under section 80c. and Maturity under this plan is tax free under sec 10 (10D).

Sample Premium Detail with Rates

Sample premium rates declared below in table (excluding service tax) per Rs. 1000/- Basic Sum Assured (SA):

TERM (in yrs.)

AGE(in yrs.) 12 15 20
20 88.10 69.50 49.70
30 88.45 70.00 50.75
40 90.05 72.20 54.40
45 92.00 74.65 57.85

LIC New Jeevan Pragati Policy Details and KYC

Under the policy Grace Period: 30 days will be allowed to premium pay. Policyholder if fails to pay the premium within the policy grace period, automatically the policy will be get lapsed. And there is a option to be revived the policy within the period of two years from the date of the first unpaid policy premiums.

Free Look Period Policy holder are not satisfied under the policy condition or like coverage etc., policy holder have the options to cancel the policy within the period of 15 days from date of receipt, provided any claim happen LIC will not be paid.

Exclusions Suicide committed within one year (12 months) of policy period from the date of commencement of risk, LIC will not pay any claim under this policy except for to the extent of 80% of the premiums paid excluding any taxes, extra premium and rider premiums, if any, provided the policy is in force.

Documents Required Jeevan Prgati Proposal Form used: 300/340/360 shall be filled under this plan with exact medical history, and also other proof of documents are required to completed the policy, like address proof and other Know your customer (KYC) documents. Additionally Medical test may required based on the sum assured also the age of the person wants to take the policy.


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