INTRODUCTION OF LIC’s NEW NAV JEEVAN PLAN

It Has been decided to introduce LIC’s NAV JEEVAN (Plan No 853) With effect from 18th March 2019.

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:

  1. Minimum Basic Sum Assured Rs 100000/-
  2. Maximum Basic Sum Assured No Limit
  3. 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

Loan Availability

In Regular Premium only  – After 2 years

( 2 Yearly premiums paid)

Tax Benefits

u/s 80C & 10(10)d of the Income Tax

Only Available

Where Sum Assured on the death is 10 times of Single Premium/Annualised Premium

Maturity Benefits

Basic Sum Assured with Loyalty Additions ( After 5 years)

Other Features

Paid Up Value, Guaranteed Surrender Value , Special Surrender Value , Revival Suicide Clause ,GST , Dating Back ,Assignment & Nomination etc

 

  • LIC NAV JEEVAN PRAPOSAL FORM
    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.