LIC Jeevan Pragati Endowment Plan | New LIC Plan 838 Features, Benefits

LIC Jeevan Pragati Plan

LIC Jeevan Pragati |(Plan 838) is a new endowment plan was launched in 2016 by Life Insurance Corporation of India. The New endowment plan Jeevan Pragati is available from 3rd February 2016. LIC Jeevan Pragati Endowment Plan is available to the customers on d February 2016.  The LIC New Jeevan Pragati Endowment Plan Unique identification number (UIN) is 512N306V01. New LIC  Plan Jeevan Pragati Plan is a non-linked, with profits, saving cum Protection Plan. LIC New Jeevan Pragati Plan is a Savings cum Protection that it provides the risk coverage of 10 times of the basic Sum Assured. The policy term of this Jeevan Pragati New LIC Plan is 12 years. This LIC Jeevan Pragati Plan is taken from the age of 12 to 45 years.

LIC New Plan – Jeevan Pragati 838 offers the unique feature to the proposed on maturity benefit. The policyholder has an option to choose the sum assured of maturity benefit. New Jeevan Pragati 838 Plan premium payment modes depend on the sum assured of maturity and on the age of life assured. New Endowment Plan Jeevan Pragati provides the automatic increase in risk cover after every five years during the term of the Insurance policy. Also, this new LIC Plan also takes care of liquidity needs through loan facility.

LIC New Endowment Jeevan Pragati Plan also provides the loan facility that takes cares of your liquidity need.

LIC New Plan – Jeevan Pragati 838 Eligibility Conditions

Before launching this LIC New Endowment Jeevan Pragati Plan, LIC launched the LIC Jeevan Labh Endowment Plan and LIC Jeevan Shikhar. These plans are successfully running in the public. With that Jeevan Labh Plan 836 and Jeevan Shikhar Plan 837 inspiration, they are starting this Jeevan Pragati Plan 838 in February with mandatory eligibility conditions.

Therefore, while buying the LIC Jeevan Pragati Plan, the customer has to know the eligibility levels and which conditions are applicable. Following are the Jeevan Pragati New LIC Plan eligibility requirements.

Jeevan Pragati 838 Plan Eligibility Conditions

LIC Jeevan Pragati Plan 838 Benefits

LIC Jeevan Pragati Plan 838 has unique features and benefits that are different to other LIC Plans. The following are the LIC New Plan Jeevan Pragati (Plan No. 838) benefits.

Death Benefit

The death benefit is different for before and after the first five policy years.

Death Benefit: On the death of the policyholder during the policy term, a Death Benefit, which is Sum Assured on Death along with Final Additional Bonus and Vested Simple Reversionary Bonuses, if any, shall be payable to the nominee.

• The Sum assured on death automatically increases for every five years. Where “Sum Assured on Death” is defined as the higher of the following.
  •  Ten times of annualized premium.
  • Absolute amount assured to be paid on death, which is as follows.
    • During the first five policy year: 100% of the BSA.
    • During 6th to 10th policy year: 125% of the BSA.
    • During 11th to 15th policy year: 150% of the BSA.
    • During 16th to 20th policy year: 200% of the BSA.

Maturity Benefit

The insured surviving till the end of the policy term, and then the Maturity Sum Assured (MSA) along with loyalty addition (LA)  shall be paid.

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

Loyalty Addition

The loyalty addition will be paid in case of death or surrender of your policy for at least five years. This addition is also applicable on maturity sum assured of the insurer.

LIC New Endowment Jeevan Pragati Plan 838 Rebates

High Maturity Sum Assured Rebate

CESI Rebate: Corporation Employees Insurance Scheme Rebate

For corporation employees, the CESI Rebate is 5% of the single Tabular Premium.

Rebate Modes:

Jeevan Pragati New LIC Plan 838 Premium Calculator

You can calculate the Premium rate of this plan using LIC Jeevan Pragati 838 Premium Calculator. Following are the required details to calculate the premium. LIC Jeevan Pragati Premium Calculator is used to calculate Premium amount for yearly, half-yearly, quarterly and monthly of any Policy. This LIC calculator is used to estimate the benefits offered by the Jeevan Pragati Plan. Jeevan Pragati endowment Calculator provision helps you to calculate the premium amount and amount paid to the insured (or his/her family) after maturity.

• NAME.
• E-MAIL ID.
• MOBILE NUMBER.
• AGE.
• TERM.
• SUM ASSURED.

LIC Jeevan Pragati 838 Plan Maturity Calculator

LIC Jeevan Pragati Plan 838 Maturity Calculator helps insured to calculate the maturity amount. Maturity amount is the amount that is payable to the policyholder during the maturity time. Maturity value is calculated based on previous year Bonus Rates. Along with Bonus rates LIC Jeevan Pragati New Endowment Plan Premium and Maturity Calculator uses some other parameters like Sum Assured (SA), Final Additional Bonus (FAB), etc. These are not exact amounts you will receive. But insured will receive approximate or nearby maturity amount in this LIC Jeevan Pragati 838 Plan Maturity Amount Calculator. Following are the required details to calculate maturity.

• NAME.
• E-MAIL ID.
• MOBILE NUMBER.
• AGE.
• TERM.
• SUM ASSURED.

LIC New Jeevan Pragati Plan 838 Buying Procedure

The U & R Department issued this proposal form for LIC Jeevan Pragati Plan. Following are the required documents to buy the fresh / new policy of LIC Jeevan Pragati Plan. New LIC Jeevan Pragati Endowment Plan buying procedure is available here. Before purchasing the LIC New Endowment Plan- Jeevan Pragati, insured should read the Plan details carefully. The Client can get this New LIC Endowment Plan -Jeevan Pragati policy in two ways either online or offline. For Online mode, refer the LIC India Official Website. For offline mode, Visit the nearest LIC Branch Office or Contact an LIC Agent of superior guidance. Get the documents required for the LIC Endowment Plan 838 here.

Sample Premium Rates:

• Application form/Proposal form.
  • The Revised Proposal Form Numbers are 300, 340 and 360.
• Address proof.
• Age proof.
• Medical reports(if required).

For proposal form visit the nearest branch of LIC or from any LIC Agent. LIC Jeevan Pragati Plan 838 Proposal Form is available on January 11^th, 2016.

LIC Jeevan Pragati Endowment Plan Claim Procedure 

The life assured can claim the Jeevan Pragati Endowment plan 838 offered by LIC, India after the completion of the policy period. In the case of eventual death of the policyholder, the nominee can claim instead of the Life assured. Let us have a glance at the documents required for Claim the LIC Jeevan Pragati Endowment Plan here.

The documents required for claim procedure under Jeevan Pragati LIC Plan are given below

• Original Policy Document.
• NEFT form.
• Discharge form.
• Cancel check or Bank Passbook xerox.
• Death certificate.
• Proof of Accident/Disability (For rider circular).
• Employer/ College/School certificate for proof.
• Medical Treatment before the death.

Additional Information about New Jeevan Pragati LIC Endowment Plan

Following is the additional information about the LIC New Jeevan Pragati Endowment Plan.

• Loan: Loan facility is available under this LIC New Jeevan Pragati 838 Plan at any time of the policy period after completion of 3 years.
• Suicide clause: If the policyholder commits suicide for any of the reason within 12 months of the date of commencement of risk or from the time of revival, then 90% of the premium for what he had paid will be returned to his assignees or nominees.
• Policy Revival: If insured do not pay the premium within the grace period then the policy will lapse. If you are interested in continuing this policy, then you can revive your policy on or before two years from the date of first Unpaid premium.
• Proposal Forms: Proposal Form no. 300 or 340 or 360 will be used under this LIC Jeevan Pragati Plan 838.
• Tax: Service Tax payable by the insured on premium. For information about Tax on Insurance Polices refer www.taxqueries.in.
• Free Look (Cooling Off )Period: If you are not satisfied with this policy term you may return the policy within 15 days from the date of receipt of the plan.
• Backdating interest: The Jeevan Pragati policy can be backdated within the same financial year.
• Assignments or Nominations: Assignees & nominees are possible under this LIC New Jeevan Pragati 838 plan. It is applicable under the Section 38 of Insurance Act, 1938.
• Paid up value: Basic Sum Assured x (number of premiums paid / number of premiums payable during the premium paying term).
• Surrender Value: This policy can be surrendered at any time, subject to Realization of the Premium Cheque. The guaranteed surrender value is the percentage of single premium paid.
  • For the 1st year: 70 percent of the Single Premium.
  • After Completion of 1st year and above: 90 percent of the Single Premium.
• Policy Stamping: Under, LIC New Endowment Plan – Jeevan Pragati 838 stamping charges will be 20 paise per thousand Sum Assured.
• Reinsurance: Normal procedure is applicable for reinsurance.