LIC’s Navjeevan Plan is a straightforward endowment plan in which you pay premiums for a restricted period and you will get a lump sum toward the finish of the strategy term. This is a conventional endowment protection policy.
|Launch Date||18th March, 2019|
|Plan Details||Table No. 853|
Key Features of LIC Navjeevan Policy
- This arrangement can be acquired online on LIC site
- Offers Loyalty Additions which are included toward the finish of the arrangement term
- Least Sum Assured of 1 lakh
- Can be acquired for anybody from the age of 90 days to 65 years old
How does the LIC Navjeevan Policy work?
This arrangement has an approach term between 10 to 18 years – you can choose any strategy term between that. In any case, you have to pay premiums either as a solitary premium or for a long time as it were. So it is a restricted premium enrichment plan. You can choose a total guaranteed of 1 lakh or higher, which will be the extra security spread given in the plan. Toward the finish of the policy term, you will get the Sum Assured + Loyalty Additions. The devotion augmentations will be payable for paying your premiums consistently all through the top notch installment term on schedule. The measure of dependability increases will decide the complete profits you will get for the policy. Although, there is no real way to know ahead of time the amount of dedication increases will be paid toward the finish of the policy term.
Advantages in the LIC Navjeevan Plan
- Death Benefit
Important to check the Risk initiation date in the arrangement in light of the fact that the death advantages is connected to it.
In the event that death happens during the initial 5 strategy years, the advantages are as per the following:
In the event that the Life Insured dies before the Risk beginning date, the premiums paid are returned with no intrigue.
In the event that the Life Insured dies after the Risk beginning date, the sum guaranteed on death is paid.
In the event that death happens after the initial 5 strategy years, the whole guaranteed on death + loyalty additions are paid to the chosen one.
- Maturity Benefit
At the point when the policy matures, the Sum Assured on Maturity + Loyalty Additions will be paid to the policyholder.
Qualification Conditions in LIC Navjeevan Policy
The arrangement has 2 alternatives:
- Alternative 1 – Sum Assured on Death is multiple times the Annualized Premium
- Alternative 2 – Sum Assured on Death is multiple times the Annualized Premium
At the season of taking the policy, in the event that you are beneath the age of 45 years, just Option 1 can be taken. In any case, on the off chance that you are 45 years or older, you can select Option 1 or Option 2.
Important Note: If you go for Option 2, you should pay lower premiums, however the tax benefits may get affected. Would firmly suggest remembering this factor while settling on the choice.
|Amount assured||Rs. 1,00,000||No limit|
|Policy Term||10 years||18 years|
|Premium Payment Term||Single or 5 years|
|Least Age of Entry||Single Premium: 90 days (finished)|
Restricted Premium: 90 days (finished) under Option 1
Restricted Premium: 45 years (closer birthday) under Option 2
|Most extreme Age at Entry||Single Premium: 44 years (closer birthday)|
Restricted Premium: 60 years (closer birthday) under Option 1
Restricted Premium: 65 years (closer birthday) under Option 2
|Premium Payment Modes||Single, Yearly, Half-yearly, Quarterly and Monthly|
Other Features of LIC Navjeevan Policy
- Tax benefits – This arrangement will have benefits under Section 80C and Section 10 (10D). In any case, if it’s not too much trouble check for details when availing Option 2 in this arrangement as these advantages may not be accessible
- Rider – You can LIC’s Accidental Death and Disability Benefit Rider alongside this plan. You should pay extra premiums for this advantage.
- Free look Period – if the policyholder isn’t persuaded with the terms and states of the policy, s/he can drop the policy inside 15 days from the receipt of the policy report.
- On the off chance that you have any inquiries on the LIC’s Navjeevan Plan, drop in a line in the remarks and we will be glad to assist.