LIC’s Navjeevan Plan 853 Calculator
The LIC’s Navjeevan Plan 853 Calculator is a useful tool that helps policyholders estimate premiums, maturity benefits, and death benefits under the LIC Navjeevan Plan. By entering a few basic details, users can quickly understand the financial benefits available under the policy and make informed decisions before purchasing the plan.
What is LIC Navjeevan Plan 853?
LIC Navjeevan Plan 853 was a non-linked, non-participating life insurance plan introduced by the Life Insurance Corporation of India (LIC). The plan was designed to provide a combination of life protection and guaranteed savings benefits through flexible premium payment options.
Policyholders could choose either a single premium payment or a limited premium payment option, making the plan suitable for individuals looking for guaranteed returns along with life insurance coverage.
Plan Launch and Withdrawal Details
| Particular | Details |
|---|---|
| Plan Name | LIC Navjeevan Plan |
| Plan Number | 853 |
| Plan Type | Non-Linked, Non-Participating Life Insurance Plan |
| Launch Date | 1 March 2019 |
| Withdrawal Date | 31 January 2020 |
Although the plan is no longer available for new purchases, existing policyholders continue to receive benefits according to their policy terms.
Key Features of LIC Navjeevan Plan 853
- Guaranteed maturity benefit on survival till policy maturity.
- Life insurance protection throughout the policy term.
- Choice between Single Premium and Limited Premium payment options.
- Flexible policy terms ranging from 10 to 18 years.
- Optional rider benefits available for enhanced protection.
- Simple plan structure without market-linked risks.
- Suitable for individuals seeking guaranteed returns and financial security.
Premium Payment Options
Single Premium Option
Under this option, the entire premium is paid at the beginning of the policy. No further premium payments are required during the policy term.
Limited Premium Option
Under this option, premiums are paid for a fixed period of 5 years, while the policy benefits continue for the selected policy term.
Sum Assured Details
| Parameter | Details |
|---|---|
| Minimum Basic Sum Assured | ₹1,00,000 |
| Maximum Basic Sum Assured | No Limit (Subject to Underwriting) |
The premium amount depends on factors such as age, policy term, sum assured, and chosen premium payment option.
Policy Term
| Criteria | Value |
|---|---|
| Minimum Policy Term | 10 Years |
| Maximum Policy Term | 18 Years |
Policyholders can select a term based on their financial goals and protection requirements.
Benefits of LIC Navjeevan Plan 853
Death Benefit
In the unfortunate event of the policyholder’s death during the policy term, the nominee receives the applicable Sum Assured on Death.
For Single Premium Policies
The Death Benefit is generally calculated as:
- 10 times the Tabular Single Premium, subject to policy conditions.
For Limited Premium Policies
The Death Benefit is the higher of:
- 10 times the Annualized Premium, or
- 105% of Total Premiums Paid up to the date of death.
This ensures meaningful financial support for the nominee during difficult times.
Maturity Benefit
If the policyholder survives until the end of the policy term, LIC pays the Basic Sum Assured as the maturity benefit.
The maturity amount is guaranteed and is payable as a lump sum upon completion of the policy term.
Optional Rider Benefit
Policyholders could enhance their coverage by choosing the LIC Accidental Death and Disability Benefit Rider.
This rider provides additional financial protection in case of:
- Accidental Death
- Permanent Disability due to an Accident
The rider benefit is available by paying an additional premium and is subject to LIC’s rider terms and conditions.
Eligibility Criteria of LIC Navjeevan Plan 853
| Parameter | Details |
|---|---|
| Minimum Entry Age | 90 Days (Completed) |
| Maximum Entry Age | 65 Years (Nearest Birthday) |
| Minimum Basic Sum Assured | ₹1,00,000 |
| Maximum Basic Sum Assured | No Limit (Subject to Underwriting) |
| Premium Payment Term | Single Premium or 5 Years |
| Policy Term | 10 to 18 Years |
| Maximum Maturity Age | 75 Years |
The eligibility conditions make LIC Navjeevan Plan 853 suitable for a wide range of individuals looking for guaranteed protection and savings benefits with flexible premium payment options.
Sample Premium Illustration
The actual premium depends on factors such as age, policy term, sum assured, and premium payment option selected. The following figures are indicative examples for illustration purposes only.
| Age at Entry | Policy Term | Basic Sum Assured | Approx. Single Premium | Approx. Limited Premium (5 Years) |
|---|---|---|---|---|
| 25 Years | 10 Years | ₹2,00,000 | ₹1,67,870 | ₹21,884 Per Year |
| 35 Years | 15 Years | ₹3,00,000 | ₹2,52,980 | ₹31,815 Per Year |
Actual premium rates may vary according to LIC’s underwriting guidelines and prevailing premium tables.
How the LIC Navjeevan Plan 853 Calculator Works
The LIC Navjeevan Plan 853 Calculator helps users estimate premiums and policy benefits quickly by using the information entered by the applicant.
Information Required
To generate estimates, the calculator generally requires:
- Age of the Life Assured
- Policy Term
- Premium Payment Option
- Basic Sum Assured
What the Calculator Provides
After processing the inputs, the calculator displays:
- Premium payable
- Total premium outgo
- Death benefit
- Maturity benefit
- Policy summary based on selected parameters
This allows users to compare different coverage options before making a decision.
Premium Calculation Method
Single Premium Option
For single premium policies, the premium is calculated using LIC’s tabular premium rates applicable to the selected age and policy term.
Single Premium = Applicable Rate × (Basic Sum Assured ÷ 1,000)
Limited Premium Option
For limited premium policies, annual premiums are calculated based on LIC’s prescribed rates for the selected term and age.
Annual Premium = Applicable Rate × (Basic Sum Assured ÷ 1,000)
The final premium may also include applicable taxes and other charges as per LIC rules.
How to Use the LIC Navjeevan Plan 853 Calculator
Step 1: Enter Your Age
Provide your age at the time of purchasing the policy.
Step 2: Select Policy Term
Choose a policy duration between 10 and 18 years.
Step 3: Choose Premium Payment Option
Select either:
- Single Premium
- Limited Premium (5-Year Payment Term)
Step 4: Enter Basic Sum Assured
Specify the amount of life cover you wish to obtain.
Step 5: Calculate
Click the calculate option to view the estimated premium and policy benefits.
The calculator instantly generates a detailed illustration based on your selected inputs.
Example Illustration 1 – Single Premium Option
Assumptions
- Age at Entry: 30 Years
- Policy Term: 12 Years
- Basic Sum Assured: ₹2,00,000
Estimated Results
| Benefit | Amount |
|---|---|
| Single Premium Payable | ₹1,69,500 |
| Death Benefit | ₹16,95,000 |
| Maturity Benefit | ₹2,00,000 |
This example shows how a single lump-sum premium can provide life cover along with a guaranteed maturity amount.
Example Illustration 2 – Limited Premium Option
Assumptions
- Age at Entry: 40 Years
- Policy Term: 15 Years
- Basic Sum Assured: ₹3,00,000
Estimated Results
| Benefit | Amount |
|---|---|
| Annual Premium | ₹31,200 |
| Premium Payment Term | 5 Years |
| Death Benefit | ₹3,12,000 |
| Maturity Benefit | ₹3,00,000 |
The limited premium option allows the policyholder to complete premium payments within five years while continuing to enjoy policy benefits for the entire policy term.
Advantages of LIC Navjeevan Plan 853
- Simple and easy application process with minimal documentation requirements.
- Flexible premium payment choices through Single Premium or Limited Premium options.
- Guaranteed maturity benefit payable on successful completion of the policy term.
- Provides financial protection to the family through death benefit coverage.
- Optional rider benefits available for additional protection against accidental death or disability.
- Suitable for individuals looking for guaranteed returns without market-linked risks.
- Straightforward policy structure that is easy to understand and manage.
Limitations of LIC Navjeevan Plan 853
- The plan does not participate in LIC’s profits and therefore does not earn bonuses.
- Withdrawn from sale on 31 January 2020 and no longer available for new purchases.
- Fewer rider options compared to some of LIC’s newer insurance products.
- Returns are fixed and may be lower than those offered by certain market-linked investment products.
- Limited flexibility once the policy is issued.
Why Use the LIC Navjeevan Plan 853 Calculator?
The LIC Navjeevan Plan 853 Calculator is useful for:
- Existing policyholders reviewing policy benefits and maturity proceeds.
- Individuals researching discontinued LIC products.
- Financial advisors assisting clients with older LIC policies.
- Comparing Single Premium and Limited Premium options.
- Estimating premiums, death benefits, and maturity values quickly and accurately.
The calculator simplifies policy analysis and helps users understand the overall value of their insurance coverage.
Tips for Accurate Calculations
To obtain reliable estimates from the calculator:
- Enter the correct age at entry.
- Select the appropriate policy term.
- Use the exact Basic Sum Assured mentioned in the policy.
- Compare both premium payment options before making any assessment.
- Remember that displayed figures are indicative and may not include taxes or rider premiums.
Using accurate inputs helps generate more realistic premium and benefit projections.
Similar LIC Plans Available Today
Since LIC Navjeevan Plan 853 is no longer available, individuals seeking similar benefits may consider the following LIC products.
| Plan Name | Plan Type | Premium Payment Option | Maturity Benefit | Available for Purchase |
|---|---|---|---|---|
| LIC Jeevan Amar | Term Insurance | Regular / Single Premium | No | Yes |
| LIC Jeevan Labh | Endowment Plan | Regular Premium | Yes | Yes |
| LIC Tech Term | Online Term Insurance | Regular / Single Premium | No | Yes |
These plans offer varying combinations of protection, savings, and flexibility depending on individual financial goals.
Important Points to Remember
- LIC Navjeevan Plan 853 was launched on 1 March 2019.
- The plan was withdrawn from sale on 31 January 2020.
- Premium payment options included Single Premium and Limited Premium (5 Years).
- Maturity benefit was equal to the Basic Sum Assured.
- Death benefits provided significantly higher protection compared to the premiums paid.
- The plan was designed for individuals seeking guaranteed insurance benefits without exposure to market fluctuations.
Frequently Asked Questions (FAQs)
What is LIC Navjeevan Plan 853?
LIC Navjeevan Plan 853 was a non-linked, non-participating life insurance plan that offered life protection and guaranteed maturity benefits through flexible premium payment options.
Who could purchase this plan?
The plan was available to eligible individuals within the prescribed entry-age limits, subject to LIC’s underwriting guidelines.
What premium payment options were available?
Policyholders could choose between:
- Single Premium
- Limited Premium (5-Year Premium Payment Term)
What was the available policy term?
The policy term ranged from 10 years to 18 years.
What was the minimum Basic Sum Assured?
The minimum Basic Sum Assured under the plan was ₹1,00,000, while the maximum amount was subject to underwriting approval.
What was the death benefit under LIC Navjeevan Plan 853?
The death benefit depended on the premium payment option selected and was generally based on multiples of the premium paid, subject to policy conditions and minimum benefit requirements.
Conclusion
LIC Navjeevan Plan 853 offered a simple combination of life insurance protection and guaranteed maturity benefits through flexible premium payment options. Although the plan has been discontinued for new sales, existing policyholders continue to enjoy the benefits as per their policy conditions.
The LIC Navjeevan Plan 853 Calculator remains a useful tool for estimating premiums, maturity proceeds, and death benefits, helping policyholders understand their coverage and plan their finances more effectively.
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