INTRODUCTION OF LIC’s NEW NAV JEEVAN PLAN
LIC’s NAV JEEVAN plan is a non-linked, with-profit, Endowment Life Assurance plan. Under this plan, the premium can be paid either as Lumsump (Single Premium) or as Limited Premium with a premium payment term of 5 years.
Under Single Premium payment the ‘ Absolute Amount Assured to be paid on Death’ Shall Be 10 times of ‘Tabular Single Premium for the chosen Basic Sum Assured.’
Under Limited Premium Payment, If the life proposed is aged 45 years and above, shall have two options to choose the ‘Absolute Amount Assured to be paid on death which is as under:
option 1: 10 times of the Annualized Premium.
option 2: 7 times of the Annualised Premium.
If the life proposed is aged below 45 years only option 1 is available.
Check Your Eligibility And Restrictions For Base Plan:
- Minimum Basic Sum Assured Rs 100000/-
- Maximum Basic Sum Assured No Limit
- Minimum Entry Age
Single Premium 90 days (completed)
Limited Premium 90 days ( completed) under option 1
45 years ( nearer birthday ) under option 2
4. Maximum Entry Age
Single Premium 44 years (completed)
Limited Premium 60 years (Nearer Birthday ) under option 1
65 years (Nearer birthday ) under option 2
5. Minimum Maturity: 18 years
6. Maximum Maturity Age
Single Premium 62 years (completed)
Limited Premium 75 years (Nearer Birthday ) under option 1
80 years (Nearer birthday ) under option 2
7. Policy Term: 10 to 18 years
In Regular Premium only – After 2 years
( 2 Yearly premiums paid)
u/s 80C & 10(10)d of the Income Tax
Where Sum Assured on the death is 10 times of Single Premium/Annualised Premium
Basic Sum Assured with Loyalty Additions ( After 5 years)
Paid Up Value, Guaranteed Surrender Value , Special Surrender Value , Revival Suicide Clause ,GST , Dating Back ,Assignment & Nomination etc
- LIC NAV JEEVAN PRAPOSAL FORM
This Plan is having a different proposal form it, not a regular Form No.300 kindly download and see the difference.
- LIC NAV JEEVAN CIRCULAR INFORMATION
This File Contains All the information about This new plan with examples. Download it to get more details.