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As on: Jun 27, 2019 05:23 AM
LIC launches its news Endowment Plan 'Navjeevan' with Regular and Single Premium options
26-Mar-19   15:40 Hrs IST

For the first time, the Life Insurance Corporation (LIC) of India has introduced an endowment insurance plan that has options of paying both regular and single premium to help individuals looking to make last-minute tax-saving investments.

LIC's Navjeevan plan is a non-linked with profit endowment assurance plan, which is available for individuals from the age of 90 days (completed) to as high as 65 years. However, the single premium option is available to persons between 90 days (completed) and 44 years (nearer birthday) of age.

The plan is not market-linked and the insured persons are eligible to get part of profit earned by the Corporation in the form of Bonus.

Along with insurance benefits, the maturity returns under the single premium option vary from about 3 per cent (for a 44-year old person opting for a term of 10 years) to over 6.5 per cent (for a 8-year old child opting for a term of 10 years).

So, a taxpayer may avail handsome returns and that too with sovereign guarantee, by proposing insurance for his/her minor child along with 80C benefit for himself/herself. Otherwise, by choosing the single-premium option to insure his/her own life, along with the 80C benefit, a taxpayer may avail insurance cover for the opted term (from 10 to 18 years) without any chance of getting it lapsed due to non payment of subsequent premiums on time.

Moreover, under single premium option, loan facility is available under this plan just after completion of 3 months from issuance of the policy.