LIC NAVJEEVAN Table No 853 5 Year Plan or Single Premium

Friday, April 5, 2019

LIC Of INDIA

LIC NAVJEEVAN Table No 853 5 Year Plan or Single Premium | Features, Benefits Reviews, Premium, Maturity and Risk Cover

LIC NAVJEEVAN PLAN 853 is a Non-Linked, With Profits, Endowment Assurance Plan.

Premium Paying options – 5 years Limited Premium Paying Term or Single Premium.

Absolute Death Benefit options under 5 years Limited Premium Paying term for age at entry 45 years and above only:

  • 10 times of Tabular Premium. 
  • 7 times of Tabular Premium.


COMMENCEMENT OF RISK:

For age at entry less than 8 years : One day before completion of 2 years from DOC or one day before Policy Anniversary after completion of age of 8 years, whichever is earlier.

For age at entry 8 years or more: Risk will commence immediately.

DEATH BENEFIT:

Before Commencement of Risk: Refund of Premiums paid excluding GST & extra Premium.
After Commencement of Risk: Sum Assured on Death + Loyalty Additions if any
Loyalty Addition is payable after completion of 5 policy years only.


Sum Assured on Death

Under Single Premium: Higher of 10 times of Single Premium before rebates & taxes or Basic SA.

Under 5 years Limited PPT: Higher of 10 times / 7 times of Annualized Premium or Basic SA.

Annualized premium = Basic Premium after Modal Loading and before rebates, and excluding GST, extra premium and rider premiums.


LIC NAVJEEVAN PLAN 853 MATURITY BENEFIT

Basic SA + Loyalty Additions if any.


LIC NAVJEEVAN PLAN 853 Features & Conditions

Premium Paying Term Single Premium 5 years Option 1 5 years Option 2
Min Age at Entry 90 days 90 days 45 yrs nbd
Max Age at Entry 44 yrs nbd 60 yrs nbd 65 yrs nbd
Min Maturity Age
18 yrs lbd
Max Maturity Age 62 yrs nbd 75 yrs nbd 80 yrs nbd
Minimum SA
1,00,000
SA Multiples:  
Up to 9 lacs 20,000 20,000 20,000
Above 9 lacs 50,000 25,000 25,000
Maximum SA
No Limit


Settlement Options:

  • Maturity in 5/10/15 years, option to be exercised 3 months before maturity.
  • Death Claim in 5/10/15 years, option to be exercised by proposer during his lifetime.


Grace Period: One month, but Min 30 days while 15 days for monthly mode.

Paid Up/ Surrender/Policy Loan:

Single Premium: After 3 months from Completion.
5 years PPT: After payment of premium of 2 full years.
Revivals: Within 2 years of FUP.
Back Dating: Interest will be charged for exact period of back dating. i.e. from DOC to Date of Payment.
Proposal Form: 506, 507 or 508.

LIC NAVJEEVAN PLAN 853 Tax Benefits

  • Under Single Premium & Option-1 of 5 years Premium Paying Term:
On Basic Premiums : u/s 80C
Maturity/Death claim : u/s 10(10D)

  • Under Option -2 of 5 years PPT:
On Basic Premium : u/s 80C upto 10% of SA

LIC NAVJEEVAN PLAN 853 Death and Maturity Benefits Example

Single Premium

Age at Entry: 35 years, SA-10,00,000, Policy Term-18 years.
Tabular Single Premium per 1000 SA = 493.15
Death Benefit = Higher of 10 times of Tabular Single Premium or Basic SA
Under Single Premium 10 times of Tabular Premium will always be higher
Death Benefit = 10 x 493.15 x 1000
= 49,31,500 + Loyalty Additions in case of death after 5 years
Maturity Benefit = Basic SA + Loyalty Addition
= 10,00,000 + 1,50,000 (150 x 500)
= 11,50,000

5 years Premium Paying Term Option-1

Age at Entry: 35 years, SA-10,00,000, Policy Term-18 years, Mode- Half Yearly
Tabular Annual Premium per 1000 SA = 102.55
Loading for Half Yearly mode – 2% = 102.55 x 1.02 = 104.60
Death Benefit = Higher of 10 times of Tabular Annual Premium or Basic SA
Under 5 years PPT option 1- 10 times of Tabular Premium will always be higher
Death Benefit = 10 x 104.60 x 1000
= 10,46,000 + Loyalty Additions in case of death after 5 years
Maturity Benefit = Basic SA + Loyalty Addition
= 10,00,000 + 1,85,000 (185 x 1000)
= 11,85,000

5 years Premium Paying Term Option-2

Age at Entry: 60 years, SA-10,00,000, Policy Term-18 years, Mode- Quarterly
Tabular Annual Premium per 1000 SA = 121.80
Loading for Quarterly mode – 3% = 121.80 x 1.03 = 125.454
Death Benefit = Higher of 7 times of Tabular Annual Premium or Basic SA
7 times of Tabular Premium =7 x 125.454 x 1000 = 8,78,178 (less than Basic SA)
Death Benefit = Basic SA + Loyalty Additions
= 10,00,000 + Loyalty Additions in case of death after 5 years
Maturity Benefit = Basic SA + Loyalty Addition
= 10,00,000 + 1,85,000 (185 x 1000)
= 11,85,000

2 comments :

Unknown said...

Haw i gate proposal form for table no 853 ?

Satyendra Gupta said...

I will add it soon.

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