LIC Nav Jeevan Plan 853
LIC Nav Jeevan is a non-linked, with profit endowment plan with limited premium payment options. This is the lowest premium paying term policy in LIC with 5 years term of payment. An ideal plan for those who want high coverage by paying one time premium.
This is a special plan with an option to chose Single premium or a Premium payment term of 5 years
Policy term from 10 years to 18 years to chose from Insurance cover up to 10 times (or 7 times as per option above 44 years age) of Tab Premium
- Option to chose Accident Death & Permanent Disability rider
- Maturity = Basic Sum Assured + Loyality Additions
- Settlement Option available for Death Benefit & Maturity Benefit
Other features of LIC Nav Jeevan are :
- Minimum sum assured is Rs. 1,00,000/-
- No limit on maximum sum assured
- Premium payment options: One time or for 5 years
- Policy term 10 years to 18 years
- Guaranteed maturity Benefits along with additional Loyalty Additions
- Liquidity by way of Policy Loans and Surrender Options.
- Single premium with 10 times Life insurance cover
- Single premium plan is available from 90 days to 44 years and maturity from 18 to 62 years
- Option 1 from 90 days to 60 years and maturity is from 18 to 75 years
- Option 2 from 45 to 65 years of age and maturity is from 18 to 85 years
LIC Nav Jeevan – Single Premium,
Single premium plan would suit people looking for tax saving and tax free returns. As this plan offers 10 times life insurance coverage, good for those looking for best one time plans.
Tax savings under 80C of Income Tax Act., returns like maturity, claims are also tax free under section 80C of Income Tax Act.
Case study :
One of my existing client wanted high insurance cover with some decent returns. This plan proved to be best for both the things. Term plans would not give any returns at the end but this plan works like term plan.
Mr Ajay wants to invest one time and have good life insurance cover. He invests around Rs. 5, 93,000/- and gets around Rs. 60 lakhs cover for 11 years. Saves full tax on 80C and on maturity, he gets 100% tax free returns of Rs. 10,80,000/- under section 10 (10 D).
Age : 25 years
Premium paid : Rs. 5,93,821
Term : 11 years
Death sum assured : Rs, 59,47,000/-
Basic sum assured : Rs. 10,00,000/-
Tax Saved under 80C : Rs. 45,000/-
Total Approximate Maturity : Rs. 10,80,000/-
Conclusion : Good plan with life insurance cover and returns of premium paid + guaranteed returns at the end.
Tax saving plan with tax free returns under single premium plan also.
For more details and to buy LIC Nav Jeevan Plan 853, call @ 9886568000