New Delhi: LIC has launched the “Navjeevan Plan”, a new assurance policy which offers a combination of protection and savings plan for people.
According to LIC, the “Navjeevan Plan” is a non-linked, participating Endowment Life assurance plan. Also, this plan is a comprehensive plan which provides financial support to the family in case of unfortunate death of the policyholder at any time before maturity and a lump sum amount after maturity would go to the survivors of the policyholder.
The policyholder can choose to pay the premium either as lumpsum (single premium) or for a limited period of five years. The plan is available for ages 90 days to 65 years with an option to choose risk sum assured from age 45 years onwards. It can be purchased offline as well as online.
The plan is Income Tax compliant. This plan also takes care of liquidity needs through its loan facility.