# 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.

## 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 Assured | 200000 |
---|---|

Death Sum Assured | 1138000 |

Death Claim before 5 years | 1138000 |

Death Claim after 5th policy year but before 12th policy year | 1138000+ Loyalty Addition (LA) |

Maturity after 12 Years | 200000 + Loyalty Addition (LA) |

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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.

Mode | Premium | GST (@4.5%) | Total |
---|---|---|---|

Yearly | 54900 | 2471 | 57371 |

Half Yearly | 27450 | 1235 | 28685 |

Quarterly | 13725 | 618 | 14343 |

Monthly | 4575 | 206 | 4781 |

Basic Sum Assured | 500000 |
---|---|

Death Sum Assured (Yearly Mode) | 584000 |

Death Claim before 5 years | 584000 |

Death Claim after 5th policy year but before 15th policy year | 584000+ Loyalty Addition (LA) |

Maturity after 15 Years | 500000 + 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.

Mode | Premium | GST (@4.5%) | Total |
---|---|---|---|

Yearly | 58720 | 2642 | 61362 |

Half Yearly | 29360 | 1321 | 30681 |

Quarterly | 14680 | 661 | 15341 |

Monthly | 4893 | 220 | 5113 |

Basic Sum Assured | 400000 |
---|---|

Death Sum Assured (Yearly Mode) | 425040 |

Death Claim before 5 years | 425040 |

Death Claim after 5th policy year but before 10th policy year | 425040+ Loyalty Addition (LA) |

Maturity after 10 Years | 400000 + Loyalty Addition (LA) |

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