LIC’s Nav Jeevan (853) plan is a Non-Linked, With-Profit, Endowment Life Assurance Plan. Under this plan the premium can be paid either as Single Premium or as Limited Premium with a premium payment term of 5 years.
Premium Payment Mode:
Single or Yearly, Halfly, Quarterly, Monthly(ECS)
Term :
10 to 18 Year
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 :
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.
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