CONTEST TOGETHER AGAINST CORRUPTION
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LIC's Navjeevan is a non-linked, participating Endowment Life Assurance plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.
Policyholder can choose to pay the premium either as Lumpsum (Single Premium) or for a Limited period of 5 years.
This plan is available for Online as well as Offline purchase.
Death benefit payable in case of death of the Life Assured before the stipulated Date of Maturity provided the policy is inforce shall be as under:
i. On death during first five policy years: Before the date of commencement of risk: Refund of premium(s) paid without interest shall be payable.
On or after the date of commencement of risk: ?Sum Assured on Death? shall be
ii. On death after completion of five policy years but before the stipulated Date of Maturity: ?Sum Assured on Death? along with Loyalty Addition, if any, shall be payable.
Where, For Single premium payment, "Sum Assured on Death" is defined as higher of:
For Limited premium payment, ?Sum Assured on Death? is defined as higher of:
If the life proposed is aged 45 years (nearer birthday) and above, he/she has two options to choose ?Absolute amount Assured to be paid on Death? depending upon specific needs and planning:
If the life proposed is aged below 45 years (nearer birthday), only Option 1 is available.
Annualized Premium mentioned above shall be the tabular annual premium corresponding to chosen Basic Sum Assured based on the age of the Life Assured.
The death benefit under Limited Premium payment shall not be less than 105% of total premiums paid excluding taxes, extra amount if charged under the policy due to underwriting decision and rider premium, if any, as on date of death.
On the life assured surviving to the end of the policy term, provided all due premiums have been paid, ?Sum Assured on Maturity? along with Loyalty Addition, if any, shall be payable.
The ?Sum Assured on Maturity? shall be equal to Basic Sum Assured.
Basic Sum Assured shall be in multiples of amounts specified below:
Premiums can be paid either in lumpsum or for a limited period of 5 years. In case of Limited Premium payment, premium can be paid with modes of premium payment yearly, half-yearly, quarterly or monthly.
However, a grace period of one month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.