LIC Navjeevan Plan

Death benefit :

The death benefit will be given out to the policyholder in the following cases. First, the sum assured on death shall be paid out to the nominee if the policyholder has completed five policy years but has passed away before the stipulated date of maturity. Second, if the occurrence of death has happened before the risk commencement date, the insurer shall refund all premiums (that has been paid so far) to the insured. The sum assured on death (death benefit) shall be payable only post the date of commencement of risk. Upon death of the policyholder, the sum assured is given out along with any applicable Loyalty Additions.

Maturity benefit :

If the policyholder has survived the entire term of the policy and has also paid all his/her premiums diligently, he/she will receive the maturity benefit or sum assured on maturity from the insurer. Loyalty Addition, if applicable, shall also be provided along with the maturity benefit.

Participation in Profit :

If the policyholder has successfully completed five policy years and has diligently paid off all premiums, then the policy shall be eligible for certain Loyalty Additions, depending on LIC's experience and terms and conditions.

Rider benefits:

If the policyholder passes away in an accident, the insurer shall pay the Accident Benefit Rider Sum Assured in lump-sum to his/her family members. This rider shall be payable along with the base plan's death benefit (sum assured on death). The Accident Benefit Sum Assured amount shall be equal to the base plan's death benefit subject to a maximum amount of Rs.1 lakh.

Features of LIC Navjeevan Plan

The following are some of the features of the plan:

1. The plan can be purchased on the official website of LIC - www.licindia.in.
2. The plan has two premium payment options. You can either pay the premium in lump-sum (single premium) or over the period of five years.
3. The policy can be purchased as early as 90 days (minimum entry age).
4. If the policyholder is more than 45 years old, he/she will have two options to choose from for his/her Absolute Amount Assured, which is payable on the incident of death.
5. If the policyholder is less than 45 years old, he/she will have only one option.

Eligibility Criteria of LIC Navjeevan Plan

Minimum entry age:

1. In case of single premium - 90 days (policyholder should have completed 90 days)
2. In case of limited premium option 1 - 90 days (policyholder should have completed 90 days)
3. In case of limited premium option 2 - 45 years (as on the nearest birthday of the policyholder)

Maximum entry age:

1. In case of single premium - 44 years (as on the nearest birthday)
2. In case of limited premium option 1 - 60 years (as on the nearest birthday)
3. In case of limited premium option 2 - 65 years (as on the nearest birthday)

Maximum age of maturity:

1. In case of single premium - 62 years (as on the nearest birthday)
2. In case of limited premium option 1 - 75 years (as on the nearest birthday
3. In case of limited premium option 2 - 80 years (as on the nearest of the policyholder)

• Minimum sum assured amount: Rs.1 lakh
• Maximum sum assured amount: No limits (as per LIC's policies)
• Total term of the policy: 10 years to 18 years
• Payment mode: Lump-sum payment (single premium), half-yearly, yearly, quarterly, and monthly

Reading through the terms and conditions of the policy in detail and in advance is always recommended.