Life Insurance Corporation of India (LIC) some time back launched a plan named Navjeevan. It is a non-linked plan with profit endowment assurance. That is, in this scheme (Plan No-853), along with providing the facility of life security, there is also a decent savings.
On top of this, the policyholder also gets benefits ranging from tax exemption, maturity benefit to death insurance. Not only this, the policyholder gets the option to pay the premium under this plan in a lump sum or in a limited (time period of five years) mode. The good thing is that it can be bought online as well as offline. Below, know about the complete scheme:
In case of accidental death of the policyholder, this LIC plan will provide financial help to the family members of the person concerned at any time before the maturity of the plan, while the insurance company will also pay a lump sum amount on maturity.
LIC Navjeevan Plan details:
Premium Payment Mode:
- Single or Yearly, Half-yearly, Quarterly, Monthly (ECS)
Term:
- 10 to 18 Year
Premium Paying Term (PPT):
- 5 Year for Limited Premium Option
Minimum Entry Age:
- Single-Premium: 90 days (Completed)
Limited Premium under Option-1:
- 90 days (completed)
Limited Premium under Option-2:
- 45 years (nearer birthday)
Maximum Entry Age:
Single-Premium: 44 years (nearer birthday)
Limited Premium under Option-1: 60 years (completed)
Limited Premium under Option-2: 65 years (nearest birthday)
Minimum Maturity Age:
- 18 years (completed)
Maximum Maturity Age:
Single-Premium : 62 years (nearer birthday)
Limited Premium under Option-1: 75 years (completed)
Limited Premium under Option-2: 80 years (nearest birthday)
Minimum Sum Assured:
- Rs 1,00,000
Maximum Sum Assured:
- NO LIMIT (Depending upon Income)
- Maximum Accidental Death and Disability Benefit Rider up to age 70.
Policy Benefits:
On Death:
- Death during 5 yrs (Before the date of commencement of risk): Refund of premium(s) paid without interest shall be payable. The Premium(s) referred above shall not include any taxes, extra amount paid due to underwriting decision and rider premium(s) if any.
Death during 5 yrs (after the date of commencement of risk): Sum Assured on Death shall be payable.
Death after 5 yrs : SA on Death + LA
*SA on Death* for Single Premium: BSA or 10 times Tabular Single Premium for the chosen Basic Sum Assured
*SA on Death* for Limited Premium (option-1): BSA or 10 times Annualised Premium for the chosen Basic Sum Assured
*SA on Death* for Limited Premium (option-2): BSA or 7 times Annualised Premium for the chosen Basic Sum Assured
On Survival:
- On survival Basic Sum-Assured + Loyalty Addition.
Surrendered Value:
- Under Single Premium Payment: The Policy can be surrendered at any time during the policy term.
Under Limited Premium Payment:
- The Policy can be surrendered at any time during the policy term provided at least two full years premiums have been paid.
Loan:
- Under Single Premium Payment: Loan Facility is available under this plan, after 3months from completion of the policy.
Under Limited Premium Payment: Loan Facility is available under this plan, after payment of premiums for at least 2 full years.
Income Tax Benefit:
- Premium paid under this plan is eligible for TAX rebate under section 80c.
- Proposal Form No: 506 , 507, 508 applicable under this plan.
