As I said above, LIC’s Nav jeevan Plan No.853 is a non linked, with profit, endowment plan. Under this plan, the premium can be paid either as a lump sum (Single Premium) or as a Limited Premium payment option of 5 years.
LIC NavJeevan Policy Features
- Available on the online platform
- Endowment plan with single and 5 years Limited payment option
- The term of the plan is 10 to 18 years
- Minimum sum assured is 1 Lakh. No limit on the maximum sum assured.
- Available for age 90 days completed to 65 years
- Income tax benefits under section 80 C
- Loan facility is available under this plan
- Option to avail death benefit in Instalments
Under Limited Premium payment, if the insured is of 45 years and above then he/she may have two options to choose the Absolute Amount Assured to be paid on Death which is as under:
Option 1: 10 times the Annualised Premium.
Option 2: 7 times of the Annualised Premium.
As the name suggests, death benefits will be there in case of the demise of the insured person.
On death during the first five policy years: Benefit is payable in case of death of an insured person before the maturity time. Before the date of commencement of risk: Refund of premium(s) paid without interest will be payable.
On or after the date of commencement of risk: Sum Assured on Death will be payable.
On death after completion of five policy years but before the stipulated Date of Maturity: Sum Assured on Death with Loyalty Addition will be payable.
In the case where the insured survives till the end of the policy period, provided all the due premiums have been paid, Sum Assured on Maturity along with Loyalty Addition, will be payable.