📊 PLAN 838 · JEEVAN PRAGATI · NON-LINKED WITH-PROFITS
LIC Jeevan Pragati Plan 838 Calculator
Accurate premium, maturity, death benefit & surrender value estimates based on real LIC policy brochure logic.
12–20Policy Term (Yrs)
12–45Entry Age
2×Peak Death Cover
₹1.5L+Min Sum Assured
Policy Details
30
5,00,000
₹
Min ₹1,50,000 · Multiples of ₹10,000
Surrender Value Estimator
₹ —
Minimum 3 years of premiums must be paid to be eligible for surrender.
📋
Fill in the policy details and click Calculate Now to see your estimates.
Results Summary
CONSERVATIVE
DEATH COVER GROWTH TIMELINE
YR 1–5
100%
—
YR 6–10
125%
—
YR 11–15
150%
—
YR 16+
200%
—
Estimated Premium
—
per year
Total Premiums Paid
—
over term
Maturity Value
—
SA + Bonus + FAB
Estimated Bonus
—
SRB + FAB
Death Benefit (at Maturity)
—
Including all bonuses
Paid-Up Value (Death)
—
If stopped after 3 yrs
Paid-Up (Maturity)
—
Proportional SA
ACCIDENTAL DEATH RIDER
—
Additional death benefit on accident
Smart Insights
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⚠️ Disclaimer: Values shown are estimates only, based on LIC Jeevan Pragati Plan 838 brochure data and projected bonus assumptions (4% and 8% scenarios). Actual LIC values may differ. Bonuses are declared annually by LIC and are not guaranteed. Past bonus rates are not indicative of future performance. This tool is for illustrative and educational purposes only. Please consult an authorised LIC agent or financial advisor before making any investment decision.
💰 Premium vs Maturity Comparison
📈 Death Cover Growth Over Time
🏦 Bonus Accumulation Over Term
📉 Surrender Value vs Year
What is LIC Jeevan Pragati Plan 838?
LIC Jeevan Pragati Plan 838 is a non-linked, with-profits endowment insurance plan offered by the Life Insurance Corporation of India. It is unique because it combines the twin benefits of life protection with a savings component, and features an automatically increasing risk cover over time — without any additional premium charge.
This makes it one of the few LIC plans where your death benefit grows progressively every 5 years, starting at 100% of the Basic Sum Assured and reaching up to 200% for policies held beyond 16 years. This feature is particularly valuable in combating the effects of inflation on life cover over the policy term.
Key Features at a Glance
Plan Type: Non-linked, with-profits, endowment plan
Minimum Entry Age: 12 years | Maximum: 45 years
Policy Term: 12 to 20 years
Maximum Maturity Age: 65 years
Minimum Basic Sum Assured: ₹1,50,000 (in multiples of ₹10,000)
Bonus: Simple Reversionary Bonus + Final Additional Bonus
Benefits of the Increasing Risk Cover
The standout feature of Jeevan Pragati Plan 838 is its automatic step-up in death benefit. Most insurance plans keep the sum assured constant throughout the term. However, Plan 838 recognises that your family's financial needs grow over time — and inflation erodes the real value of a fixed sum assured.
How the Death Cover Increases
Years 1–5: 100% of Basic Sum Assured
Years 6–10: 125% of Basic Sum Assured
Years 11–15: 150% of Basic Sum Assured
Years 16 and beyond: 200% of Basic Sum Assured
Additionally, the death benefit includes all vested Simple Reversionary Bonuses and any Final Additional Bonus that may have been declared. The total death benefit is also subject to a minimum guarantee of 105% of all premiums paid to date.
How Maturity Value is Calculated
On surviving the full policy term, the policyholder receives the Maturity Benefit, which comprises:
Basic Sum Assured — the face value you chose at inception
Vested Simple Reversionary Bonuses (SRB) — accumulated annually over the policy term, declared by LIC as a rate per ₹1,000 Sum Assured
Final Additional Bonus (FAB) — a one-time bonus declared by LIC at maturity or death, available to longer-duration policies
Because LIC's bonus rates depend on actual investment returns and experience, this calculator uses two scenarios: a Conservative (4%) scenario and a High (8%) scenario to give you a realistic range of possible outcomes.
Surrender Value Explained
A surrender value is the amount LIC pays you if you choose to terminate your policy before the full term. For Plan 838:
Surrender is only possible if you have paid at least 3 full years of premiums
The Guaranteed Surrender Value (GSV) is a fixed percentage of total premiums paid, increasing with each policy year
The Special Surrender Value (SSV) may be higher and is based on the paid-up value plus accrued bonuses, multiplied by a surrender factor
LIC pays the higher of GSV or SSV at the time of surrender. Surrendering early typically results in a significant loss relative to the premiums paid, so it is advisable only as a last resort.
Paid-Up Policy Explained
If you are unable to continue premium payments but have already paid at least 3 years' worth of premiums, your policy automatically converts into a paid-up policy rather than lapsing entirely. In this case:
The Death Paid-Up Sum Assured = (Sum Assured on Death × Number of Premiums Paid) ÷ Total Premiums Payable
The Maturity Paid-Up Sum Assured = (Basic Sum Assured × Number of Premiums Paid) ÷ Total Premiums Payable
Future bonuses are not added to a paid-up policy. The paid-up value is lower than the original benefit but ensures you retain some coverage and savings value.
Tax Benefits Under LIC Jeevan Pragati Plan 838
Section 80C — Premium Deduction
Premiums paid under this plan are eligible for a tax deduction of up to ₹1,50,000 per financial year under Section 80C of the Income Tax Act, 1961. This reduces your taxable income and lowers your overall tax liability.
Section 10(10D) — Maturity and Death Benefit Exemption
The maturity amount and death benefit received are generally exempt from income tax under Section 10(10D), subject to the condition that the annual premium does not exceed 10% of the Sum Assured (for policies issued after April 1, 2012). Consult your tax advisor for your specific situation.
Frequently Asked Questions
LIC Jeevan Pragati Plan 838 is a non-linked with-profits endowment plan from LIC that offers increasing risk cover over time combined with savings. The death benefit automatically steps up every 5 years without extra premium.
The minimum Basic Sum Assured under Jeevan Pragati Plan 838 is ₹1,50,000. It must be chosen in multiples of ₹10,000. There is no stated upper limit on the sum assured.
The policy term can range from 12 years to 20 years. The entry age is 12 to 45 years, and the maximum age at maturity is 65 years. So the available term for a given age may be constrained by the 65-year maturity limit.
The death benefit steps up automatically: 100% of Basic SA in years 1–5, 125% in years 6–10, 150% in years 11–15, and 200% in years 16 and beyond. This increase costs no additional premium and is a core feature of the plan.
No. Simple Reversionary Bonuses are declared by LIC's Board of Directors annually based on the corporation's actual experience and are NOT guaranteed. The bonus projections in this calculator are purely illustrative estimates at assumed rates.
LIC offers a 2% rebate on the tabular premium for Yearly mode and a 1% rebate for Half-Yearly mode. Quarterly and Monthly premium modes attract no rebate. Choosing Yearly mode is generally more cost-effective.
Yes, a policy loan can be taken against Plan 838 after the policy acquires a surrender value (i.e., after payment of at least 3 years' premiums). The loan amount is typically up to 90% of the surrender value for in-force policies and 80% for paid-up policies.
If premiums are stopped after 3 or more full years have been paid, the policy converts to a paid-up status with a reduced sum assured proportional to the premiums paid. If fewer than 3 years of premiums have been paid, the policy lapses with no value.
Premiums are deductible up to ₹1,50,000/year under Section 80C. Maturity and death benefits are generally tax-exempt under Section 10(10D) of the Income Tax Act, subject to the annual premium being ≤10% of the sum assured. Consult a tax professional for specifics.
Yes, LIC provides a free-look period of 15 days from the date of receipt of the policy document. If you are not satisfied with the terms, you can return the policy during this period and receive a refund of premiums paid after deducting risk cover charges for the period on cover, medical examination expenses, and stamp duty charges.