ChatGPT
Claude
Perplexity
Overview
LIC Navjeevan is a newly launched, non-linked, with-profit endowment insurance plan by the Life Insurance Corporation of India. It is a comprehensive plan that offers financial support to the family in case of the policyholder's unfortunate death at any time before maturity, and a lump sum amount to the policyholder's survivors after maturity.
Under the LIC Navjeevan Plan, the insured has the option to pay the premium either as a lump sum (single premium) or as a limited premium with a premium payment term of 5 years. Interested individuals can easily buy the plan through the online application process or by visiting the nearest branch.
The plan is available for individuals aged between 90 days and 65 years, with an option to choose a higher sum assured from age 45 years onwards. It is an income tax-compliant plan and also addresses liquidity needs with its loan facility.
LIC Navjeevan Plan offers a range of benefits, including:
- Annuity Options
- Whole life cover
- Multiple riders to choose from
- Loan facility
- Participation in profits
Key Features
How to Buy LIC Navjeevan Plan Online via PolicyX.com
- Visit the official website of PolicyX.com.
- Click on the 'Investment' tab.
- A new page will appear on the screen.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
Benefits of LIC Navjeevan Plan
There are various benefits to buying the LIC Navjeevan Plan. Let’s understand each of them in detail:
- Death Benefit: On death during the first five policy years, the benefit is payable before the maturity time. All premiums would be refunded before the risk commencement date.
- Maturity Benefits: If the insured survives till the end of the policy period, provided all due premiums have been paid, the Sum Assured on Maturity, along with Loyalty Addition, will be payable.
- Participation in Profits: If you have paid all premiums for at least 5 years, your policy may become eligible for a Loyalty Addition. The amount depends on LIC's performance and is paid when the policy ends, either on maturity or in case of the policyholder's death during the policy term.
Additional Benefits
Available Online
You can purchase LIC Navjeevan Plan online either through the official website of LIC or PolicyX.com.
Loan Facility
You can avail of a loan against your LIC Navjeevan Plan for a certain period at the prevailing interest rate.
Avail Death Benefit in Installments
Your family has the option to avail death benefits in easy installments for a set tenure.
Tax Benefits
LIC Navjeevan Plan offers term insurance tax benefits under section 80C of the Income Tax Act, 1961 for up to 1.5 lakhs of the total premium paid in the same financial year.
Inclusions
How to Buy LIC Navjeevan Plan Online via LIC Website
- Visit the official website of Life Insurance Corporation of India.
- Hover over 'Wealth Creation'.
- Click on 'LIC Navjeevan Plan'.
- Click on 'Buy Online' and you will be redirected to a new page.
- Enter your name and contact information. One of their representatives will reach out to you and discuss the quotes.
- Once discussed, you can make the premium payment and get the policy documents.
Exclusions
- In case the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. Either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, is paid.
Documents Required to Buy LIC Navjeevan Plan
Here is the list of documents required to buy the LIC Navjeevan Plan:
- Photo ID Proof: Passport, Aadhaar card, PAN card, Driving license.
- Age Proof: Passport, Aadhaar card, PAN card, Driving license.
- Address Proof: Utility bill, passport, voter ID, ration card.
- Medical Records: Medical records of the policyholder if requested.
- Income Proof: Bank statement, last three months' salary slips (if you are salaried).
Plan At a Glance
| What’s Good Here | What’s Missing |
|---|---|
| Death Benefits | Premium Offset |
| Maturity Benefits | High sum assured rebate |
| Loan Facility | Auto cover continuance |
| Profit Participation | Top-up premium |
In a Nutshell
If you are looking for an endowment plan that provides death benefits to your family in case of your uncertain demise, along with maturity benefits, you should consider the LIC Navjeevan Plan. If you are still confused about whether buying this plan is right for you or not, you can contact us at PolicyX.com.
For more information related to this plan, you can visit PolicyX.com, or call us at 1800 - 420 - 0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.
