NAV JEEVAN PLAN : LIC NEW Plan no 853

It is an Endowment assurance plan available for limited period that is 90 days only.

BENEFITS of LIC NAV JEEVAN PLAN:

1)Maturity Benefit:

Sum Assured on maturity ( Basic Sum assured) + Loyalty addition (If any) in other words ,

On surviving to the end of policy term, provided all premiums are paid,
 “SA on Maturity” along with Loyalty Addition, if any, shall be payable to the LA, where SA on Maturity is equal to Basic SA.

Here “Sum Assured on Death” is defined as:

–  For Single Premium Payment, “SA on Death” will be higher of a) Guaranteed SA on Maturity i.e. Basic SA. 

Death Benefit:

1. Single premium:10 times of tabular Single Premium
2. Limited premium:For age 45 years and above

(option 1 or 2 given below to be selected at inception only.)

• Option 1:   10 times of annualized premium.

• Option 2:   7 times of annualized premium.

For the person ,who is below age of 45 years ,option 1 is only available.

If Death happens between 1st to 5yrs of Policy taken.

• Before date of risk cover:(will be for minor life) Refund of premium without interest.

• On or after risk cover date:Sum assured on death

If Death happens after completion of 6yrs of Policy taken.

Sum assured on death + Loyalty addition.

 “Sum Assured on Death” shall be Higher of Basic Sum Assured (BSA)

For single premium mode: 10 times of tabular single premium or

For Limited premium mode: 10 times or 7 times of Annualized Premium (10 x AP or 7 X AP as per the option selected)

Sum Assured on Death shall not be less than 105% of total premiums paid under limited premium options.

Accidental Death (optional rider) is Available.

: A B rider Sum Assured payable + the basic claim.

Settlement option for maturity of Nav Jeewav: 

Option to receive the maturity benefits in 5, 10 or 15 years instalments for in force as well as paid up policies.
Option can be opted 3 months before maturity.

Settlement option for death benefit:

Nominee will receive death benefits in 5, 10 or 15 years instalments for in force as well as paid up policies. Option can be opted by life assured during the lifetime & within the term of the policy.

FEATURES of LIC NAV JEEVAN PLAN

Minimum Maturity Age: 18 years completed

Maximum Maturity Age:– 

Single Premium --62 yrs Near Birth Day

Limited Premium

• Option 1 --75yrs Near Birth Day
• Option 2-- 80yrs Near Birth Day

Policy Term of LIC NAV Jeevan Plan:10 yrs to 18 yrs

Date of commencement of Risk of LIC NAV Jeevan Plan:
– In case of age at entry of the LA is less than 8 yrs, the risk will commence either one day before completion of 2 yrs from the DOC or one day before the policy anniversary coinciding with or immediately following the completion of 8 yrs of age, whichever is earlier.

Surrender option available of LIC NAV JEEVAN PLAN

• Limited Premium:After at least 2 full years’ premiums paid;
• Single Premium:

First year = 70% of Single Premium paid; Thereafter, 90% of Single Premium paid.

•Loan available of LIC NAV JEEVAN PLAN

For Limited Premium:

• 80% of SV in inforce policies;  

• 70% of SV in paid up policies;

 For Single Premium:80% of SV after 3 months

•Revival of of LIC NAV JEEVAN PLAN

– Applicable for Limited Premium payment only and can be revived within a period 2 consecutive years from the first unpaid premium.

Why you should take LIC New PlanNAV JEEVAN PLAN

• Provides both Single & Limited Premium mode options which meets the changing demands of the clients.

• More suitable for young professionals who prefer to finish the premium liability in a short duration.

• Large segment from 90 days to 65 years of age can be tapped.

• Tax payers can get the benefits, wherever applicable.