LIC Nav Jeevan (853) Premium Calculator

LIC Nav Jeevan is a unique plan where one can opt for single premium or regular premium payment for just 5 years. The maturity term can be chosen between 10 years to 18 years. Following calculator allows to learn about this plan by calculating its benefits as per your age and sum assured.

Accidental & Disability Rider


LIC NavJeevan (853) Benefits Details with Example

A. Premium and Maturity Details for Single Premium

In the single premium option, a policy holder aged between 90days to 44 years, can pay a single premium and choose maturity period between 10 to 18 years. After completion of maturity period (policy term), policy holder gets Basic Sum Assured + Loyalty Addition. In case of death during policy term, nominee gets Death Sum Assured (10 times of Single Premium). This can be understood with an example of a policy with, Basic Sum Assured: 200000, Policy term: 12 Years and Age: 27 Years.

Premium (Single) GST (@ 4.5%) Total Premium
109800 4941 114741
Basic Sum Assured200000
Death Sum Assured1138000
Death Claim before 5 years1138000
Death Claim after 5th policy year but before 12th policy year1138000+ Loyalty Addition (LA)
Maturity after 12 Years200000 + Loyalty Addition (LA)

Advertisement

In Limited premium, there are two options, option-1 and option-2. Option-1 is only available to persons aged between 90days to 60 years whereas option-2 is specifically available for 45-65 years age group. A policyholder has to opt one of the two options in a policy. Both options have regular premium payment term as 5 years (fixed), but policy holders can choose maturity period (Policy Term) of their choice between 10-18 years.

B.Premium and Maturity Details for Limited Premium Option-1

In option-1, premium needs to be paid for 5 years and maturity period can be chosen between 10-18 years. The Death Sum Assured in option-1, is 10 times of annulised premium OR Basic Sum Assured, whichever is higher. Benefits of a policy with, Basic Sum Assured: 500000, Premium Paying Term: 5 Years, Policy term: 15 Years and Age: 24 Years is illustrated below.

ModePremiumGST (@4.5%)Total
Yearly54900247157371
Half Yearly27450123528685
Quarterly1372561814343
Monthly45752064781
Basic Sum Assured500000
Death Sum Assured (Yearly Mode)584000
Death Claim before 5 years584000
Death Claim after 5th policy year but before 15th policy year584000+ Loyalty Addition (LA)
Maturity after 15 Years500000 + Loyalty Addition (LA)

C.Premium and Maturity Details for Limited Premium Option-2

The option-2 is only available to 45-65 years age group. Premium in this option needs to be paid for 5 years and maturity period can be chosen between 10-18 years. The Death Sum Assured in option-2, is 7 times of annulised premium OR Basic Sum Assured, whichever is higher. Benefits of a policy with, Basic Sum Assured: 400000, Premium Paying Term: 5 Years, Policy term: 10 Years and Age: 45 Years is illustrated below.

ModePremiumGST (@4.5%)Total
Yearly58720264261362
Half Yearly29360132130681
Quarterly1468066115341
Monthly48932205113
Basic Sum Assured400000
Death Sum Assured (Yearly Mode)425040
Death Claim before 5 years425040
Death Claim after 5th policy year but before 10th policy year425040+ Loyalty Addition (LA)
Maturity after 10 Years400000 + Loyalty Addition (LA)

Advertisement

Comments & Reviews (8)

Wrote :

07-04-2019 22:56:30

SA 500000, TERM 18 YEARS, OPTION 2 ,AGE 2 YRS CALCULATION IS AS UNDER BASIC RATE @ 1000 SA IS 125.35 SA REBATE RS 7/- AD &D ON 8 YEARS RS 1.50 125.35+150-7= 119.85 119.85*500=59925 59928*1.0450=62622 SIR BUT YOUR PREMIUM IS 63222 KINDLY CLARIFY WHERE I AM WRONG.

Wrote :

08-04-2019 14:08:59

Hi, You can use premium calculator on official website of LIC, link is given below.
https://ebiz.licindia.in/D2CPM/#qni/basicinfo

Write CommentReply

Wrote :

26-03-2019 13:01:30

if we opt accidental insurance than sum insured should be doubled my age 31 years Gwalior.

Wrote :

26-03-2019 13:13:34

Not necessarily, because death sum assured is higher of 10 times of annualized premium and basic sum assured (option-1). But the rider provides cover equals to basic sum assured. This is the reason why it will not be double in case of accident in all possible cases.

Write CommentReply

Wrote :

24-03-2019 14:10:09

Sir Plz explain Death sum assured by ACCIDENT?? How much different between natural death and accident death?

Wrote :

24-03-2019 20:10:18

Death Sum assured or assured sum on death will be same in case of normal or accidental death if accidental benefit & Disability Benefit is not taken. If rider is taken then extra amount equal to basic sum assured is also paid along with death claim of basic plan.

Wrote :

31-03-2019 11:20:05

Thanks sir

Write CommentReply

Wrote :

21-03-2019 16:44:45

Death benefit will continue after expiry of policy like Jeevan Anand?

Wrote :

21-03-2019 17:04:02

No, it will stop after maturity. Death benefit will be during policy term only.

Wrote :

21-03-2019 17:50:59

Thanks for your response.

Write CommentReply

Wrote :

21-03-2019 12:34:57

AS PER MY CALCULATION IN TERM THE PREMIUM CALCULATION IS WRONG MORE THAN 18 YEARS, I THINK ACCIDENT BENEFIT IS NOT ADDED KINDLY CHECK

Wrote :

21-03-2019 13:16:09

Thanks for your feedback, we are not getting your point clearly. Rider will applicable when policy holder is 18 years or above.

Write CommentReply

Wrote :

20-03-2019 15:37:39

What are the basic difference between option 1 and option 2.

Wrote :

20-03-2019 16:48:05

1. Option-1 is available for a policy holder who is 90days to 60 years old while option-2 is available to a policy holder who is 45-65 years old only.
2. In option-1, Assured sum on death, is higher of, 10% of annualized premium and basic Basic Sum assured, while in option-2, Assured amount on death, is 7% of Annualized Premium and Basic Sum assured.
For Option-1, for basic sum assured 100000, the annual premium is 15020, so assured amount on death will be 10*15020=150200 not 100000.

Wrote :

21-03-2019 11:09:06

Premium is high.

Wrote :

22-03-2019 14:27:55

Yes, it is limited premium plan where premiums are paid for less number of years than maturity years, this is the reason why premium shall be higher. Another reason is 10% or 7% times annualized death claim.

Write CommentReply

Wrote :

19-03-2019 16:17:25

Sir, Your website and content is really great help to all of us sir. Your content and explanation is so detailed. No other site will give with this much of clarity. When ever LIC introduces a policy, I will not even check LIC website. Instead I will check your site almost 10 times a day. Thank you so much sir for all your efforts and information. NavJeevan policy info also very useful. Thanks, Srikrishna

Wrote :

20-03-2019 02:36:11

Thanks for your appreciation, we will also recommend to go through LIC website/other sources for more information. We try to explain policy in simple words and prefer to make users learn by calculating benefits. In process we might miss few things, however in case of any doubt or further clarification, please leave your query in the comment box.

Write CommentReply

Wrote :

18-03-2019 16:00:08

What is the definition of "Loyalty Addition" in this policy of Nav Jeevan?? How can we calculate the approximate maturity amount after 10 years for age 30 as of today??

Wrote :

18-03-2019 17:11:29

Loyalty addition is one time profit sharing by the insurer in case of death or maturity along with assured amount (basic sum assured in this plan). It is difficult to tell exact LA rate at this point of time. We will update with loyalty addition rate of similar plan which has completed 5 years, because, LA is applicable only after 5 years. For understanding LA, you may read following article.
Difference Between Bonus and Loyalty Addition in LIC Policies.

Write CommentReply

Write Comment & Reviews

Advertisement

Advertisement