LIC's NAV Jeevan plan 853

Plan :Nav Jeevan (853)

Product Summary :
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.

• Proposal Form No : 506 , 507, 508 applicable under this plan.

LIC’s NAV Jeevan*

Non linked SP Plan and 5 years Limited PPT Plan

Sum assured on death :
Two options
For ages less than 45 ;
Under SP: 10 times of tabular single premium
Under Ltd Ppt : 10 times of Annualised premium AP
For ages 45 and above :
Option 1: 10 times of AP
Option 2: 7 times of AP
Where SA on death is 10 times of SP/AP may be eligible for tax exemption under section 80CC and Sec 10(10D) of income tax
On maturity basic SA with loyalty addition
Settlement option for death & maturity benefits
Min age at entry age :
1) SP : 90 days
2) Ltd PPT : 90 days under option 1
45 years under option 2
Maximum entry age :
SP :44years
Ltd Ppt : 60 years under option 1
65 years under option 2
Max maturity age
SP: 62
Ltd ppt : 75 under option 1
85 under option 2
Policy term 10-18 years
Minm SA. Rs 1lakh
Maxm SA no limit
Loan after 3 months under SP
Loan after two full years premiums are paid under ltd ppt

AB rider available
Settlement option available
*Likely launch date will be 18-3-2019*