LIC’s Nav Jeevan Shree (Plan No. 912) – A Comprehensive Guide

Introduction

LIC’s Nav Jeevan Shree (Plan No. 912) is a limited premium, non-linked, non-participating endowment plan designed to provide guaranteed returns along with life coverage. It is an ideal choice for individuals seeking a disciplined savings plan with flexible premium payment terms and assured maturity benefits.

Key Features of LIC Nav Jeevan Shree

Limited Premium Payment Term (PPT): Pay premiums for a short duration (6, 8, 10, or 12 years) and enjoy long-term benefits.
Guaranteed Additions: Earn fixed returns throughout the policy term.
Two Death Benefit Options: Choose between higher coverage (7x or 10x annual premium).
Flexible Policy Term: Ranges from 10 to 20 years.
Loan & Surrender Options: Available after one year.
Optional Riders: Enhance coverage with accidental death, disability, or term riders.

Eligibility & Policy Details

Parameter	Details
Minimum Entry Age	30 days
Maximum Entry Age	60 years
Minimum Maturity Age	18 years
Maximum Maturity Age	75 years
Minimum Sum Assured	₹5,00,000
Maximum Sum Assured	No limit
Premium Payment Term (PPT)	6, 8, 10, or 12 years
Policy Term	10 to 20 years (varies based on PPT)

Benefits of LIC Nav Jeevan Shree

1. Maturity Benefit

• Receive Sum Assured + Accrued Guaranteed Additions.

• Example: For a ₹20 lakh policy with 20-year term, GA could be ₹33.59 lakh (as per illustration).

2. Death Benefit

• Option I: Higher of 7x Annualized Premium or Basic Sum Assured (BSA).

• Option II: Higher of 10x Annualized Premium or BSA.

• Minimum Death Benefit: 105% of total premiums paid.

3. Guaranteed Additions (GA)

• GA rates vary based on policy term:

• 10–13 years: 8.5% of annual premium

• 14–17 years: 9% of annual premium

• 18–20 years: 9.5% of annual premium

4. Additional Benefits

• Loan Facility: Available after 1 year.

• Surrender Value: Allowed after 1 year (with at least 2 premiums paid).

• Revival Option: Lapsed policies can be revived within 5 years.

Premium Payment Modes & Grace Period

• Payment Modes: Annual, Half-Yearly, Quarterly, Monthly (via NACH).

• Grace Period:

• 30 days (Annual/Half-Yearly/Quarterly).

• 15 days (Monthly).

Optional Riders (Extra Premium)

• Accidental Death & Disability Rider (ADDR)

• Accident Benefit Rider (ABR)

• New Term Assurance Rider

• Premium Waiver Benefit Rider (for minors)

Why Choose LIC Nav Jeevan Shree?

Guaranteed Returns: No market risks, fixed maturity benefits.
Flexible Premium Terms: Choose between 6 to 12 years of premium payments.
High Life Cover: Option for 10x annual premium as death benefit.
Tax Benefits: Premiums eligible under Section 80C, maturity benefits under Section 10(10D) (subject to conditions).

Example Scenario

Policyholder Age	Sum Assured	PPT	Policy Term	Total Premium Paid	Maturity Benefit
40 years	₹20,00,000	12 years	20 years	₹23,52,000	₹53,59,244 (SA + GA)

Conclusion

LIC’s Nav Jeevan Shree (Plan 912) is a secure, high-return endowment plan that combines savings with life insurance. 

With guaranteed additions, flexible payment terms, and multiple rider options, it is an excellent choice for long-term wealth creation with financial security.