Are you looking for the LIC Jeevan Pragati 838 Plan? Then you are at the right place, Today we will tell you all about this plan and its benefits, features, and eligibility. Let’s start.
Everyone knows about LIC because it is a very reliable insurance company. It offers many insurance plans and most of all it provides life insurance plans. LIC provides for all types of financial security, life, and health. The best thing about this company is that it offers good financial security for a few rupees. This is a very old company and has been providing insurance services to people for a long time. LIC Jeevan Pragati’s plan review
Life Insurance Corporation of India (LIC India) is a big name in the life insurance business because it keeps providing new offers to customers from time to time. A plan LIC Jeevan Pragati Plan has been started by the company. In this article, we will tell you what is LIC Jeevan Pragati Plan and how to take the LIC Jeevan Pragati Plan. lic jeevan pragati plan maturity calculator
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What Is The LIC Jeevan Pragati 838 Plan?
LIC Jeevan Pragati Plan:- LIC Jeevan Pragati is an endowment plan that provides you with security and savings at the same time. This is such a plan under which you can get good insurance by paying the premium as per your choice and can also make good savings. In this plan, you can avail the benefit of the Accidental Death Benefit and Disability Rider.
Details of LIC Jeevan Pragati Plan –
|Minimum sum assured||Rs.1.5 lakh|
|Maximum sum assured||No limit|
|Minimum entry age||12 Years|
|Maximum entry age||45 Years|
|Minimum maturity age|
|Maximum entry age|
|Premium paying term|
LIC Jeevan Pragati 838 Plan | Tax Benefits
Death Benefit: LIC Jeevan Pragati Plan is a plan in which death benefits are given, in which the Sum Assured on death + Simple Reversionary Bonus (accumulated bonus) + Final Addition Bonus are all given to its nominee.
Sum Assured on Death = 125% of Basic Sum Assured = 125% of 2,50,000 = Rs. Rs.3,12,500/-
Simple Reversionary Bonus = Rs. 10,500 x 7 years = Rs. 73,500/-
Here we have assumed that LIC gives a bonus of Rs 42 per Rs 1000 Sum Assured every year. Thus the bonus received every year = 42 x 2,50,000/1,000 = Rs. 10,500/-
- In this policy, if the death of the policyholder occurs within 5 years from the inception of the policy, 100% of the Sum Assured is paid to the nominee of the policyholder.
- If death occurs between 6 to 10 years then 125% of the Sum Assured is paid to the policyholder’s nominee.
- If the policyholder dies between 11 to 15 years then 150% of the Sum Assured is paid to the beneficiary of the policyholder.
- If the policyholder dies between 16 to 20 years, then 200% of the Sum Assured is paid to the beneficiary of the policyholder.
Maturity Benefit:- If your Insurance Policy attains maturity, you will be eligible to receive the Sum Assured as Basic Sum Assured on maturity with Guaranteed Edition.
Benefit: A Simple Reversionary Bonus is also given in this plan.
Tax Benefits:- Good tax exemption is also available under this policy.
LIC Jeevan Pragati 838 Plan | Key Features
Key Features of LIC Jeevan Pragati Plan:-
|Plan Types||Non-linked, savings-cum-protection with profit endowment plan|
|Premium paying frequency||Yearly, quarterly, half-yearly and monthly|
|Maturity benefits||Sum Assured on Maturity, Final Additional bonus (FAB), and Simple Reversionary Bonuses are paid|
|Rs.1.5 lakh to Rs.2.9 lakh||None|
|Rs.3 lakh to Rs. 4.9 lakh||1.5% of the basic sum assured|
|Rs.5 lakh to Rs.9.9 lakh||2% of the basic sum assured|
|Rs.10 lakh and above||2.2% of the basic sum assured|
|Loan facility||The loan is also given under this plan.|
|Renewal||This policy will lapse if the premium is not paid. However, the plan can be renewed within two years from the date of the last premium payable and before the maturity date|
|Surrender||This plan can be surrendered within the policy term, subject to payment of premium for three consecutive years|
LIC Jeevan Pragati 838 Plan | Required Documents
To apply for this scheme, all of you applicants will have to fill in some documents which are as follows –
- The Aadhaar card of the applicant,
- PAN card,
- Bank Account Passbook,
- current mobile number,
- Passport size photo etc.
LIC Jeevan Pragati 838 Plan | How To Apply?
You can buy the LIC Jeevan Pragati Plan online or offline. Offline policies are sold by LIC Agents and LIC Branches. You can contact anyone to buy the policy.
READ MORE: LIC Jeevan Azad
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