LIC's Navjeevan Plan 853 Calculator
Non-Linked Participating Endowment Assurance Plan
Launch Date: 18th March 2019 | Status: Active
📋 Plan Highlights
Plan Type: Non-Linked, With-Profit Endowment Assurance Plan
Premium Payment: Single Premium or 5 Year Limited Premium
Policy Term: 10 to 18 years
Minimum Sum Assured: ₹1,00,000 (No Maximum Limit)
Premium Calculator
📊 Calculation Results
Premium Breakdown
📌 Important Notes:
- Loyalty Additions are subject to the policy being in force for at least 5 years
- Actual maturity amount will include Loyalty Additions as declared by LIC
- Death claim includes Loyalty Additions if death occurs after 5 policy years
- Premium calculations are based on standard rates and may vary based on medical conditions
LIC Navjeevan Plan 853 Calculator is a unique tool designed to make understanding and calculating benefits under the LIC Navjeevan Plan much easier for users.
What is LIC Navjeevan Plan 853?
LIC Navjeevan Plan 853 is a non-linked, non-participating, life assurance plan offered by Life Insurance Corporation of India (LIC). The plan was designed to provide risk cover and savings to policyholders in a flexible manner. This policy allows the proposer to choose between two premium payment options: Single Premium and Limited Premium Payment. The plan is ideal for those who want assured returns along with protection for their loved ones.
Launch and Withdraw Dates
- Launch Date: The LIC Navjeevan Plan 853 was launched on March 1, 2019.
- Withdraw Date: This plan was officially withdrawn on January 31, 2020. After this date, new policies under this plan cannot be purchased.
LIC Navjeevan Plan 853 Overview
This plan is well-suited to those seeking a simple, hassle-free life insurance product, with the flexibility to choose how they want to pay their premiums.
Key features:
- Flexible premium payment options (Single or Limited).
- Sum Assured on Death higher than basic sum assured.
- Optional rider benefits for enhanced protection.
- Guaranteed maturity benefit at the end of the policy term.
Features and Highlights
Premium Payment Options
- Single Premium: Pay entire premium in one go at the start of the policy.
- Limited Premium: Pay premiums over a fixed term of 5 years.
Sum Assured
- Minimum Basic Sum Assured: ₹100,000
- Maximum: No limit, but subject to underwriting limits.
- Premium varies according to age, term, payment mode, and chosen option.
Policy Term
- Minimum Policy Term: 10 years
- Maximum Policy Term: 18 years
Benefits of LIC Navjeevan Plan 853
Death Benefit
If the policyholder passes away during the term of the policy, the nominee receives the Sum Assured on Death. The Sum Assured on Death is higher than the basic sum assured.
- For Single Premium: Sum Assured on Death is 10 times the Tabular Single Premium.
- For Limited Premium: It is the higher of:
- 10 times annualized premium
- 105% of all premiums paid till the date of death
Maturity Benefit
On surviving till the end of the term, the policyholder receives Basic Sum Assured as the maturity benefit.
Rider Options
Policyholders can choose the LIC Accidental Death and Disability Benefit Rider for added security. This rider provides additional financial support in the event of accidental death or disability.
Eligibility Criteria
| Parameter | Details |
|---|---|
| Minimum Age at Entry | 90 days (completed) |
| Maximum Age at Entry | 65 years (nearest birthday) |
| Minimum Basic Sum Assured | ₹1,00,000 |
| Maximum Basic Sum Assured | No limit (subject to underwriting) |
| Premium Payment Term | Single/5 years |
| Policy Term | 10 to 18 years |
| Maximum Maturity Age | 75 years |
Sample Premium Rates
Premium calculation rates are available in the official LIC policy documents, but the calculator streamlines the process for users. Below is a rough guideline:
| Age at Entry | Policy Term | Basic Sum Assured | Single Premium (approx.) | Limited Premium (5 years, annual) |
|---|---|---|---|---|
| 25 | 10 years | ₹2,00,000 | ₹1,67,870 | ₹21,884 |
| 35 | 15 years | ₹3,00,000 | ₹2,52,980 | ₹31,815 |
Actual rates may vary depending on the individual’s profile.
How LIC Navjeevan Plan 853 Calculator Works
The LIC Navjeevan Plan 853 Calculator is built to help users quickly estimate premiums, maturity amounts, and potential benefits based on parameters they input. The calculator generally requires:
- Age of policyholder at entry
- Chosen policy term
- Premium payment option (single or limited)
- Basic Sum Assured
Calculation Logic
Premium calculation for Single Premium payment: Single Premium=Tabular Rate (per ₹1,000 SA)×(1,000Sum Assured)
Premium calculation for Limited Premium: Annual Premium=Tabular Rate (per ₹1,000 SA)×(1,000Sum Assured)
These rates are defined by LIC for respective age, term, and payment mode.
Step-by-Step Guide to Using the Calculator
- Enter your Age: Provide your age at the time of policy purchase.
- Choose Policy Term: Enter desired coverage duration (between 10 and 18 years).
- Select Premium Payment Mode: Single or limited premium.
- Input Basic Sum Assured: The amount of life cover you want.
- Calculate: The tool automatically calculates premium and expected benefits.
Example Calculations
Example 1: Single Premium Calculation
- Age at entry: 30 years
- Policy term: 12 years
- Sum Assured: ₹2,00,000
Calculator output:
- Single Premium payable: ₹1,69,500
- Death Benefit: ₹16,95,000 (10x premium)
- Maturity Amount: ₹2,00,000
Example 2: Limited Premium Calculation
- Age at entry: 40 years
- Policy term: 15 years
- Basic Sum Assured: ₹3,00,000
Calculator output:
- Annual Premium: ₹31,200 per year (5 years)
- Death Benefit: Higher of (₹3,12,000 or 10 × ₹31,200 = ₹3,12,000)
- Maturity Amount: ₹3,00,000
Advantages of LIC Navjeevan Plan 853
- Simple application process: No complicated paperwork or medical exams in most cases for healthy individuals.
- Flexible premium payment: Choose mode as per convenience.
- Guaranteed maturity benefits: Assured returns at the end of tenure.
- Life cover for financial protection: The nominee receives a sizable benefit upon the policyholder’s death.
- Optional riders: Improve coverage with accident/disability protection.
Disadvantages and Limitations
- The plan does not participate in profits.
- Withdrawn as of January 31, 2020 – not available for new purchase.
- Limited range of rider options compared to newer LIC plans.
- Returns are stable but not as high as some investing-based insurance products.
When and Why to Use a LIC Navjeevan Plan 853 Calculator
The calculator is most useful for:
- Policyholders wanting to review benefits and plan payouts.
- New users exploring similar plan calculations for withdrawn options.
- Financial planners advising clients on older LIC plans.
- Anyone who wants a realistic estimate of returns and coverage under the policy.
Tips for Accurate Calculation
- Always enter correct details (age, sum assured, term) for best results.
- Compare outputs for both single premium and limited premium options.
- Use premium calculators only for estimation; final premium may include taxes and rider costs.
Should You Consider Similar Plans?
Since LIC Navjeevan Plan 853 is no longer available, consider active LIC insurance plans with similar features:
| Plan Name | Type | Premium Payment | Maturity Benefit | Available |
|---|---|---|---|---|
| LIC Jeevan Amar | Term/Non-part | Regular/Single | None | Yes |
| LIC Jeevan Labh | Endowment | Regular | Yes | Yes |
| LIC Tech Term | Term/Online | Regular/Single | None | Yes |
Key Points to Remember
- LIC Navjeevan Plan 853 was launched on March 1, 2019 and withdrawn on January 31, 2020.
- Two payment options: Single Premium and Limited Premium (5 years).
- Maturity benefit equals Basic Sum Assured.
- Death benefit is generous compared to premium paid.
- Plan is best suited for those seeking simple life insurance without investment exposure.
Frequently Asked Questions (FAQs)
What is LIC Navjeevan Plan 853?
LIC Navjeevan Plan 853 is a non-linked, with-profit endowment assurance plan offering life coverage and savings benefits with flexible premium payment options—either single premium or a limited five-year premium.
Who is eligible for this plan?
The plan is open to anyone aged at least 90 days up to 44 years (for single premium) or 60/65 years (for limited premium, depending on the option chosen).
What are the payment modes available?
Premium can be paid either as a one-time single payment or through yearly payments for five years, based on the customer’s preference.
What is the available policy term?
The policy term can be chosen between 10 and 18 years, allowing flexibility for short or longer-term planning.
What is the minimum and maximum sum assured?
The minimum sum assured is ₹1,00,000, with no maximum cap, but certain increment rules apply depending on the sum assured level.
What is the death benefit under the policy?
The death benefit is the higher of the basic sum assured or 10 times the premium (depending on the payment mode), plus loyalty addition if applicable after 5 policy years.
Conclusion
The LIC Navjeevan Plan 853 Calculator is an invaluable aid for anyone trying to understand benefits and calculate premiums or payouts for this withdrawn LIC policy. It simplifies the process so you can focus on what matters most: protecting your family and planning your finances with confidence.
For future investments, always confirm plan status on the LIC Official Website, consult with certified LIC agents, and compare other available plans in the market for best results.