Our families are both our strength and our weaknesses. Think of your family today and every day afterward, don’t let the busy world of today keep you from showing how much you love and appreciate your family. We would all agree to the fact that we want our families to be safe and secure even when we are not around. And, LIC LIC Jeevan Pragati, is just a way out to ensure that nothing weakens our greatest strength.

LIC Jeevan Pragati Policy Plan (Table No: 838) is a non-linked (Not reliant on share market) endowment assurance plan in which Risk Cover keeps on increasing every 5 year. The escalating risk cover is an important feature which provides adequate risk cover against inflation as the years pass. In addition, this plan also takes care of liquidity needs through loan facility.

Image Source – The LIC India

Eligibility Criteria of LIC Jeevan Pragati Policy Plan:

  • Age At Entry : Entry age of Jeevan Pragati LIC Plan is Minimum 12 Years Should be completed
  • Maximum Age at Entry : The Maximum Entry age is 45 nearest Birthday
  • Maximum Maturity Age : Maximum Maturity age of Jeevan Pragati Policy plan is 65 nearest birthday
  • Premium Payment Mode : You can opt Yearly , Half Yearly , Quarterly and Monthly(ECS Only)
  • Policy Term : The Policy Term of Jeevan Pragati is 12 to 20 Years.
  • Sum Assured : The Minimum Sum Assured is Rs 1,50,000 and above (or in multiple of Rs 10,000)
  • Premium Payment Mode rebate : 2% yearly, 1% Half Yearly, Nil on Quarterly & Monthly
  • Rebate on High Sum Assured(Per 1000 of Sum Assured): 0% till to 2,90,000 , 1.50% In between 3,00,000 to 4,90,000 , 2.00% in between 5,00,000 to 9,90,000 , 2.25% in between 10,00,000 and above.
  • Loan on your LIC Jeevan Pragati Plan : After 3 years
  • Surrender of the Plan : On completion of 3 year of full premium paid
 LIC Jeevan Pragati Policy Key Features
  • Increasing Life Cover & Protection
  • Suitable plan to counter inflation
  • Premium paid is eligible for rebate under 80(C)
  • Maturity amount will be tax free under 10(10D)
Benefits of Jeevan Pragati Plan

Maturity Benefit :  On completion of policy term, Sum Assured plus  Bonus  plus Final Addition Bonus (FAB) will be paid as maturity.
  • Final Additional Bonus shall not be payable under paid-up policies..
  • Bonuses are declared on the Basic SA.
  • The date of commencement of risk under Jeevan Pragati plan will be right away from the date of issuance of policy.
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Death Benefit :  In case of death during policy term, Death Sum Assured + Bonus up to year of death plus FAB will be paid as Death claim to Policy holder’s nominee. Death Sum Assured depends up on year of death, following table explains death claim.

Year of DeathDeath Claim AmountRemarks
During 0-5 Years of Policy Term100% of Sum Assured + Accumulated Bonus at the time of DeathFAB is not applicable before 15 Years
During 6-10 Years of Policy Term125% of Sum Assured + Accumulated Bonus at the time of DeathFAB is not applicable before 15 Years
During 11-15 Years of Policy Term150% of Sum Assured + Accumulated Bonus at the time of DeathFAB is not applicable before 15 Years
During 16-20 Years of Policy Term200% of Sum Assured + Accumulated Bonus at the time of DeathFAB is Applicable

Policy Commences of LIC Jeevan Pragati Policy

5th Year : In Case of Unfortunate event during policy term, the death benefit is

  • Sum assured on death +
  • Accrued bonuses
  • Final additional bonus (if any)
10th Year : 

15th Year : Maturity survival/ benefits
  • Sum Assured +
  • Accrued Bonuses +
  • Final Additional Bonus (if any)

Sum Assured on death will be higher of below:

  1. 10 times of annualized premium paid.(or)
  2. Total amount to be payable i.e. 105% of total premiums paid. The sum assured on death increases every five years.
Mode Of Premium Payment of Jeevan Pragati Policy:
The premium payment modes are allowed Yearly, Half Yearly, Quarterly, and Monthly (ECS  or through salary deduction).
Grace Period For Premium Payment:
  • LIC Jeevan Pragati Plan offers a grace period of one calendar month and not less than 30 days will be allowable for Quarterly, Half Yearly and annual premium paid & fifteen days for monthly mode of payment.  
  • If the death of the insured occurs within the grace period but before the premium due, the policy will be treated like in-force and the settlement will be paid deduction of the said premium which was due and also the unpaid premiums which  falling due before next policy birthday.
  • If premium is not paid before the ending of the days of grace, the policy lapses.
  • If the Policy has not failed and the claim is admitted in case of death under, where the premium payment mode is other than yearly, not paid premium(s).
  • The said grace period will also apply to rider premium as is to be along with the premium of the base plan
Disclaimer : Before Purchasing any LIC plan do contact with the LIC agent or LIC. The Author has just expressed his understanding about the insurance plans and nothing to do with LIC or any other insurance company.
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