LIC Nav Jeevan Shree – Single Premium (Plan No. 911, UIN 512N390V01) is a non‑linked, non‑participating, single‑premium savings‑cum‑protection plan. You pay only once at the start, get guaranteed additions every year, and receive a lump‑sum at maturity or your nominee receives benefit on death during the policy term.
Key features
- Single premium only: One‑time investment, no future premiums, policy remains in force for the entire term.
- Non‑linked, non‑participating: No market risk and no bonuses; returns are driven by guaranteed additions plus Sum Assured.
- Guaranteed Additions: Fixed, pre‑declared guaranteed additions accrue every policy year on the Basic Sum Assured and are paid along with maturity or death benefits.
- Two death‑sum‑assured options: At inception you choose between lower multiple (e.g., 1.25× single premium) or higher multiple (e.g., 10× single premium) for Sum Assured on Death; this choice affects premium vs cover level.
- Medium‑term horizon: Policy terms typically range from around 5 to 20 years, targeting goals like education, house down payment or retirement buffer.
Eligibility and basic parameters
Exact grid should be lifted from the latest LIC brochure/CIS when you publish, but broadly:
- Plan type: Single‑premium, non‑linked, non‑participating endowment.
- Policy term: Approx. 5 to 20 years (in specific term options as per brochure).
- Minimum Basic Sum Assured: As per LIC’s current matrix (commonly in lakhs, e.g., ₹2,00,000/₹5,00,000), in defined multiples.
- Maximum Basic Sum Assured: No fixed upper cap; subject to underwriting.
- Entry age and maturity age: Vary by term and death‑sum‑assured option; upper entry ages are capped so that term fits within LIC’s age limits.
- Death‑sum‑assured options:
Benefits at a glance
Maturity benefit
If the life assured survives the policy term and the policy is in force, LIC pays at maturity:
- Basic Sum Assured, plus
- Total accrued Guaranteed Additions.
This creates a guaranteed corpus you can plan in advance for your goal amount and target year.
Death benefit
If the life assured dies during the policy term:
- Sum Assured on Death (as per option chosen – e.g., 1.25× or 10× Single Premium), plus
- Accrued Guaranteed Additions
are paid to the nominee, subject to regulatory minimums on death benefit.
Because you pay only once, there is no risk of policy lapse due to missed premiums after inception.
Who should consider LIC Nav Jeevan Shree – Single Premium?
- Investors with lump‑sum surplus (bonus, FD maturity, asset sale, NRI remittance) who want to lock into a guaranteed‑return plan with life cover.
- Conservative savers who dislike premium‑payment discipline risk and prefer a one‑time commitment with known maturity value.
- Parents or HNIs looking to park capital for 5–20 years with guaranteed additions while maintaining basic life cover for that period.
Example: A 45‑year‑old invests a single premium in Nav Jeevan Shree with 10‑year term and higher death‑sum‑assured option; family is covered for the term, and at 10 years she receives Basic Sum Assured plus guaranteed additions, which she can use for a child’s higher education or partial retirement.
Important points and disclaimers
- This is a non‑participating single‑premium plan; there are no bonuses, only guaranteed additions plus sum assured, so returns are stable but moderate.
- Surrender value, loan availability and paid‑up rules follow LIC norms for single‑premium policies and are detailed in the official Sales Brochure, Customer Information Sheet and policy document.
- Death‑sum‑assured multiples, guaranteed‑addition rates and eligibility grids may be updated; always refer to the latest LIC Nav Jeevan Shree – Single Premium brochure before advising clients.
- Tax benefits on premium and on maturity/death proceeds (e.g., under sections 80C and 10(10D) of the Income‑tax Act) are subject to conditions and possible future changes; clients should seek personalised tax advice.