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LIC Navjeevan Plan

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LIC Navjeevan Plan - Table No. 853

LIC’s Navjeevan Plan is a simple endowment plan in which you pay premiums for a limited period and you will receive a lumpsum amount at the end of the policy term. This is a traditional endowment insurance policy.
 
Launch Date 18th March, 2019
Plan Details Table No. 853
Policy Type Endowment
 

Key Features of LIC Navjeevan Policy

  • This plan can be purchased online on LIC website
  • Offers Loyalty Additions which are added at the end of the policy term
  • Minimum Sum Assured of 1 lakh
  • Can be purchased for anyone from the age of 90 days to 65 years of age 


How does the LIC Navjeevan Policy work?

This plan has a policy term between 10 to 18 years - you can select any policy term between that. However, you need to pay premiums either as a single premium or for 5 years only. So it is a limited premium endowment plan. You can select a sum assured of 1 lakh or higher, which will be the life insurance cover provided in the plan. At the end of the policy term, you will get the Sum Assured + Loyalty Additions. The loyalty additions will be payable for paying your premiums regularly throughout the premium payment term on time. The amount of loyalty additions will determine the total returns you will get on the policy. However, there is no way to know in advance how much of loyalty additions will be paid at the end of the policy term.
 


Benefits in the LIC Navjeevan Plan

Death Benefit
Very important to check the Risk commencement date in the plan because the death benefits is linked to it.

If death occurs during the first 5 policy years, the benefits are as follows:
  • If the Life Insured dies before the Risk commencement date, the premiums paid are returned without any interest.
  • If the Life Insured dies after the Risk commencement date, the sum assured on death is paid.

If death occurs after the first 5 policy years, the sum assured on death + loyalty additions are paid to the nominee.

Maturity Benefit 
When the policy matures, the Sum Assured on Maturity + Loyalty Additions will be paid to the policyholder.
 

Eligibility Conditions in LIC Navjeevan Policy

The plan has 2 options:
  • Option 1 - Sum Assured on Death is 10 times the Annualised Premium
  • Option 2 - Sum Assured on Death is 7 times the Annualised Premium
 
At the time of taking the policy, if you are below the age of 45 years, only Option 1 can be taken. However, if you are 45 years or older, you can opt for Option 1 or Option 2.
 
Important Note: If you go for Option 2, you will have to pay lower premiums, but the tax benefits may get impacted. Would strongly recommend keeping this factor in mind while making the decision.
 
  Minimum Maximum
Sum Assured Rs. 1,00,000 No limit
Policy Term 10 years 18 years
Premium Payment Term Single or 5 years
Minimum Age of Entry Single Premium : 90 days (completed)
Limited Premium : 90 days (completed) under Option 1
Limited Premium : 45 years (nearer birthday) under Option 2
Maximum Age at Entry Single Premium : 44 years (nearer birthday)
Limited Premium : 60 years (nearer birthday) under Option 1
Limited Premium : 65 years (nearer birthday) under Option 2
Premium Payment Modes Single, Yearly, Half-yearly, Quarterly & Monthly
 


Other Features of LIC Navjeevan Policy

Tax Benefits - This plan will have benefits under Section 80C and Section 10 (10D). However, please check for details when availing Option 2 in this plan as these benefits may not be available

Rider - You can LIC's Accidental Death and Disability Benefit Rider along with this plan. You will have to pay extra premiums for this benefit. 


Free look Period - if the policyholder is not convinced with the terms and conditions of the policy, s/he can cancel the policy within 15 days from the receipt of the policy document.

If you have any questions on the LIC’s Navjeevan Plan, drop in a line in the comments and we will be happy to help out.
 
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