Launched by Sat Pal Bhanoo, CEO and Managing Director (In-Charge) of LIC, the newly introduced offerings are LIC’s Nav Jeevan Shree (Plan 912) and LIC’s Nav Jeevan Shree Single Premium (Plan 911). These plans are designed to help individuals build a robust financial corpus while also offering life insurance coverage, making them especially relevant in today’s uncertain interest rate environment due to their guaranteed additions throughout the policy term, said a company statement.
Nav Jeevan Shree (Plan 912) product is a limited premium endowment plan that provides guaranteed additions ranging from 8.50% to 9.50% of the total tabular annual premium, depending on the policy term selected. It caters especially to younger individuals looking to fulfill long-term life goals and financial responsibilities.
Premiums can be paid over 6, 8, 10, or 12 years, with policy terms ranging from 10 to 20 years. The minimum entry age is 30 days, and the maximum is 60 years, depending on the premium payment term. The plan requires a minimum basic sum assured of ₹5,00,000, with no upper limit subject to underwriting approval. Guaranteed additions accrue annually for in-force policies and are paid out at the end of each policy year.
LIC’s Nav Jeevan Shree Single Premium (Plan 911) scheme is tailored for customers seeking a one-time investment with life insurance protection. This plan provides guaranteed additions of ₹85 per ₹1,000 of Basic Sum Assured at the end of each policy year, continuing from the inception to the end of the policy term. The plan is available to individuals aged between 30 days and 60 years under Option I, and up to 40 years under Option II, with maturity ages ranging up to 75 years. Policy terms range from 5 to 20 years, with a minimum sum assured of ₹1,00,000 and no maximum cap, subject to underwriting.
While Nav Jeevan Shree facilitates regular premium to build corpus, Nav Jeevan Shree – Single Premium facilitates lump sum payment to provide for life insurance and attractive option to generate targeted corpus for individual needs.
