LIC Nav Jeevan Shree (Plan No. 912, UIN 512N387V01 – regular premium) is a non‑linked, non‑participating, individual savings plan with guaranteed additions. It combines life cover with fixed, guaranteed growth of savings, making it suitable for investors who want clarity of returns rather than market‑linked volatility.
LIC also offers LIC Nav Jeevan Shree – Single Premium (Plan 911, UIN 512N390V01), a one‑time‑investment endowment variant with similar guaranteed features.
Key features
- Non‑linked, non‑participating: No equity exposure, no bonuses; benefits are driven by guaranteed additions plus sum assured.
- Guaranteed Additions: A fixed percentage/amount is added every year on the Basic Sum Assured or premium for an in‑force policy throughout the policy term; these accrue and are paid on maturity or death.
- Flexible terms (Plan 912): Choice of premium paying terms of 6, 8, 10 or 12 years and policy terms typically ranging from 10 to 20 years, allowing alignment with medium‑term goals.
- Life cover for full term: In case of death during the policy term, Sum Assured on Death plus accrued guaranteed additions are paid to the nominee.
- Existing policyholder incentive: Extra benefit/credit for existing LIC customers or nominees of recently matured policies, linked to PPT (for example, 0.05%–0.15% as per current communication).
- Single‑premium option (Plan 911): For clients preferring one‑time payment, with two death‑sum‑assured choices (e.g., 1.25x or 10x single premium) impacting cover and pricing.
Eligibility and basic parameters (Plan 912 – regular premium)
As per LIC press release and public product information (you should lift the exact table from the latest brochure/CIS while publishing).
- Minimum Basic Sum Assured: ₹5,00,000.
- Maximum Basic Sum Assured: No upper limit; subject to underwriting, in defined multiples.
- Policy Term: 10 to 20 years (specific term options as per brochure).
- Premium Paying Term (PPT): 6, 8, 10 or 12 years.
- Entry age and maturity age: Vary by PPT/term; upper entry ages are set so that the policy can run the chosen term while staying within LIC’s age limits.
- Premium payment modes: Yearly, half‑yearly, quarterly and monthly (NACH/ECS), as per LIC norms.
For LIC Nav Jeevan Shree – Single Premium (Plan 911), typical parameters include:
- Single premium at inception only.
- Policy term: Usually from 5 to 20 years.
- Sum Assured on Death option: Choice between 1.25x or 10x single premium, decided at inception and not changeable later.
Benefits at a glance
Maturity benefit
If the life assured survives the policy term and the policy is in force, on maturity LIC pays:
- Basic Sum Assured, plus
- Total accrued Guaranteed Additions.
This creates a guaranteed corpus for goals such as children’s education, house down payment, or retirement buffer.
Death benefit
If death occurs during the policy term while the policy is in force, the nominee receives:
- Sum Assured on Death, plus
- Accrued Guaranteed Additions,
subject to a minimum of 105% of total premiums paid (for regular‑pay) or similar regulatory minimums, excluding taxes, extra and rider premiums.
For the single‑premium version, Sum Assured on Death is as per the option chosen (e.g., 1.25 times or 10 times of the single premium) plus guaranteed additions.
Who should consider LIC Nav Jeevan Shree?
- Existing LIC clients who want a new plan with guaranteed additions, and may also benefit from existing‑policyholder incentives.
- Conservative savers looking for medium‑term, guaranteed endowment‑type returns and life cover, without equity or bonus uncertainty.
- Investors preferring short/medium PPT (6–12 years) but needing protection and guaranteed growth for 10–20 years.
- One‑time investors (for Plan 911) who want a single‑premium policy with fixed maturity value and clearly defined death‑benefit multiple.
Example: A 40‑year‑old existing LIC policyholder chooses Plan 912 with 10‑year PPT and 16‑year term; she pays premiums from 40 to 50, enjoys cover and guaranteed additions till 56, and at maturity receives Basic Sum Assured plus all guaranteed additions, with returns locked‑in from day one.
Important points and disclaimers
- LIC Nav Jeevan Shree is non‑participating; there are no reversionary/loyalty bonuses, only guaranteed additions plus sum assured, so IRR is stable but typically moderate.
- Surrender value, paid‑up value, loan eligibility and rider options (if any) are governed by LIC’s rules and detailed in the official Sales Brochure, Customer Information Sheet and policy document.
- Existing‑policyholder incentives, guaranteed‑addition rates and age/term grids may change; always refer to the latest LIC Nav Jeevan Shree brochure and press release before advising clients.
- Tax treatment of premiums and benefits (e.g., under sections 80C and 10(10D) of the Income‑tax Act) is subject to conditions and may change; clients should seek personalised tax advice.