A non-linked, with profit, endowment plan of LIC will take effect from 18th March, 2019. Navjeevan plan which is also refer as Plan No.853 is a new policy from Life Insurance Corporation of India.
This plan offers financial support to the family in case of sudden death of the policy holder at any time. A lump sum amount of money will be given to the nominees of the policyholder after maturity.
The individual has the option to pay the premium in a lump sum amount (Single Premium) or as a Limited Premium payment for 5 years.
Features of Navjeevan Policy
- Yearly, half-yearly, quarterly and monthly option if you choose Limited Premium payment.
- Both online and offline plan purchase available.
- In case of Limited Premium payment option you will get 5% discount on the total premium during 5 years period, if purchased online. 2% discount if you chose Single Premium payment option,
- Individuals of age 90 days accomplished to 65 years are eligible.
- Plan period is 10 to 18 years.
- Surrender anytime if you paid a Single Premium, However you need to complete 2 years in case of Limited Premium.
- Up to 80% of loan facility is available under this plan.
- Sun assured is minimum rs.1 Lakh. Maximum sum has no limit.
Eligibility
| Minimum age at entry | Single premium : 90 days (completed) Limited premium : 90 days (completed) under Option 1 Limited premium :45 years (nearer birthday) under Option 2 |
| Maximum age at entry | Single premium : 44 years (nearer birthday) Limited premium : 60 years (nearer birthday) under Option 1 Limited premium: 65 years (nearer birthday) under Option 2 |
| Minimum Maturity Age | 18 years (completed) |
| Maximum Maturity Age | Single premium : 62 years (nearer birthday) Limited premium : 75 years (nearer birthday) under Option 1 Limited premium: 80 years (nearer birthday) under Option 2 |
| Minimum Basic Sum Assured | Rs.1, 00,000/- |
| Maximum Basic Sum Assured | No Limit |
| Policy Term | 10 to 18 years |
What are the Option 1 and Option 2 in LIC’s Plan no.853
The above table mentioned Option 1 and Option 2 at various places. Let’s see what they actually mean.
These options are only applicable to Limited Premium Payment method. In case you choose Single Premium option, the death sum assured is 10 times of your Single Premium.
*Below are the options for Limited Premium Payment.
1. If your age is below 45 years.
You will receive the 10 times of your annual premium as a death benefit.
2. If you age is above 45 years.
In this case you have provided two options-
Option 1- You can choose for 10 times of annualized premium as a death benefit.
Option 2- You can choose for 7 times of annualized premium as a death benefit.
LIC Navjeevan Plan No. 853 Benefits
There are many benefits in LIC Navjeevan Plan No.853. For better wellbeing LIC always try its best to offer the most beneficial services for their customers. Following are the benefits which you will get in this LIC’s Plan No.853.
- Death benefits-
# If death occurs before the 5 years completion of the policyholder then there will be two scenarios. If death occurs before the commencement of the life risk, LIC will refund the premiums without interest applied. And in case death occurs after commencement of the life risk, then nominee will receive Sum Assured as a death benefit.
# If death occurs after the 5 years completion of the policyholder Sum Assured on Death along with the Loyalty Addition will be payable.
- Maturity Benefits under LIC Navjeevan Plan No.853-
Sum Assured with Loyalty Addition will be given if the policyholder survives until the end of policy period.
- Participation in profit-
Depending on the Corporation experience the policies under LIC Plan No.853 will be liable for Loyalty Addition at the time of exit in form of Death during maturity or policy term. Only in the case if policyholder survived till the end period.
- Optional Rider Benefits.
Above are all the major features of the LIC Plan No.853. In case of more information kindly contact the nearest LIC office branch or LIC Customer Care Number.
I’m Shiv Kumar, a graduate with a passion for finance, marketing, and technology. My journey into finance started with a desire to understand money management and investing.
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