LIC Nav Jeevan Shree Plan 912

LIC Nav Jeevan Shree 912- An Overview

LIC Nav Jeevan Shree (Plan No. 912) is a limited-premium, non-participating endowment plan that offers a combination of guaranteed savings and life insurance protection. It is designed for individuals seeking financial stability through fixed, predictable returns. A key feature of this LIC new plan is the Guaranteed Additions, payable at the end of each policy year as a percentage of the annual premium. The plan does not offer any bonuses through profit sharing to the policyholders. In the unfortunate event of the policyholder’s death during the policy term, the nominee receives the Sum Assured on Death and all accrued Guaranteed Additions.

The Nav Jeevan Shree LIC endowment plan offers flexibility in premium payment, with options to pay over 6, 8, 10, or 12 years. Depending on the chosen payment term, the policy term can extend from 10 to 20 years. The plan can be purchased offline or online through the official website of LIC of India.

Key Features of LIC Nav Jeevan Shree Plan

• LIC Nav Jeevan Shree is one of the LIC policies that provide a combination of savings and protection.

• A fixed percentage of your annual LIC premium is added to your policy every year. These guaranteed additions accrue till maturity or death.

• The Nav Jeevan Shree LIC plan allows users to choose from 6, 8, 10, or 12 years of regular premium payment term and 10-20 years of policy term. 

• The maturity/ death benefit is payable in a lump sum or in installments. 

• The plan provides enhanced protection with riders by paying additional premiums. 

• The Nav Jeevan Shree LIC plan 912 offers attractive incentives for higher sum assured and for existing policyholders and Nominees/Beneficiaries of the deceased policyholder.

• This LIC endowment plan provides a loan facility for policyholders' emergency needs. 

Eligibility Criteria of LIC Nav Jeevan Shree 912

LIC Nav Jeevan Shree Plan Benefits

1. Death Benefit

   LIC Nav Jeevan Shree (Plan No. 912) provides a death benefit based on the option chosen at policy inception. This is a USP of this LIC new plan where the policyholder can choose between two options for the Sum Assured on Death, depending on their financial goals and protection needs.

   • Option I: Sum Assured on Death will be the higher of:

     7 times the Tabular Annual Premium (adjusted for mode of payment), or the Basic Sum Assured.

   • Option II: Sum Assured on Death will be the higher of:

     10 times the Tabular Annual Premium (adjusted for mode of payment), or the Basic Sum Assured.

   Instalment Payout Option

   This option allows the Death Benefit to be paid in installments for 5, 10, or 15 years, rather than as a single lump sum. It can be chosen under both in-force and paid-up policies. The option may be exercised by the policyholder (if the Life Assured is a minor) or by the Life Assured (if 18 years or older), during their lifetime. The benefit amount can be received in full or in part, and may be specified as a fixed amount or a percentage of the total claim.

   Instalments are paid in advance at the frequency selected, monthly, quarterly, half-yearly, or yearly, in the following minimum amounts:

   Monthly: Rs 5,000

   Quarterly: Rs 15,000

   Half-Yearly: Rs 25,000

   Yearly: Rs 50,000

2. Maturity Benefit

   Upon surviving an active policy’s term, the policyholder will receive the Sum Assured on Maturity, equal to the Basic Sum Assured, along with the accrued Guaranteed Additions accumulated throughout the policy term.

   Settlement Option

   The Settlement Option allows the policyholder to receive the Maturity Benefit in installments instead of a lump sum. The installments can be received over 5, 10, or 15 years, with payments made in advance. The policyholder can choose to receive instalments in the following minimum instalment amounts:

   Monthly: Rs 5,000

   Quarterly: Rs 15,000

   Half-Yearly: Rs 25,000

   Yearly: Rs 50,000

3. Guaranteed Additions

   Under LIC Nav Jeevan Shree, as long as the policy remains in force, Guaranteed Additions will accrue at the end of each policy year. These additions are calculated as a fixed percentage of the total tabular annual premium and vary depending on the length of the policy term:

   • For policy terms of 10 to 13 years – 8.50%

   • For 14 to 17 years – 9.00%

   • For 18 to 20 years – 9.50%

   These additions ensure that savings under the plan grow consistently over time. If the policy qualifies for additional incentives, such as opting for a higher Basic Sum Assured, purchasing online, or being an existing LIC policyholder, the rate of Guaranteed Additions will be further increased accordingly.

   In the event of the Life Assured’s death during the term, the Guaranteed Addition for that policy year will still be paid in full. Moreover, once all premiums have been paid (fully paid-up policy), these Guaranteed Additions will continue to accrue every year as per the applicable rate for in-force policies.

Enhanced Protection With Optional Riders

There are four optional riders you can choose from in the Nav Jeevan Shree LIC plan. However, you can select only one of the two accident-related riders (Accidental Death and Disability Benefit Rider or Accident Benefit Rider) along with the other two riders if you are eligible..

1. Accidental Death and Disability Benefit Rider

   You can add this rider anytime during your premium paying period, as long as you have at least 5 years left to pay and you are under 65 years old. In case of accidental death, your nominee will get an extra lump sum amount along with the death benefit. Additionally, if you become disabled due to an accident, you will get monthly payments for 10 years, and your future premiums for this rider and part of your basic sum assured will be waived. If the life assured is a minor, this rider can only be added after they turn 18 and you ask for it.

2. Accident Benefit Rider

   This rider can be added anytime during your premium paying period, if you have at least 5 years left and you are under 65 years old. If you die due to an accident, your nominee will get an extra lump sum amount along with the normal death benefit. For minors, this rider can be added after they turn 18 upon request.

3. New Term Assurance Rider

   It can only be added to the base plan while purchasing. It covers you for the entire policy term. If you die during the policy term, your nominee gets an extra sum assured under this rider.

4. Premium Waiver Benefit Rider

   This rider is for policies where the Life Assured is a minor. The proposer (usually a parent) can add this rider during the premium paying term, if at least 5 years remain to pay. It helps by waiving off your future premiums if the proposer dies during the rider term. The rider term depends on the minor’s age or remaining premium paying period, whichever is shorter. If the proposer’s age plus rider term goes beyond 70 years, you cannot add this rider. If the rider ends before the premium paying term of the base policy, you must pay the remaining premiums or else the policy will become paid-up.

LIC Nav Jeevan Shree Plan Details

1. Grace Period

   A grace period of 30 days is provided for annual, half-yearly, or quarterly LIC premium payments, and 15 days for monthly premiums, starting from the first unpaid premium. During this period, the policy remains in force with full risk cover. If the premium remains unpaid after the grace period, the LIC insurance policy will lapse. Rider premiums follow the same grace period rules.

2. Free-Look Period

   A 30-day free-look period is available from the date of receiving the policy document (physical or electronic). If you’re not satisfied, you can cancel within this time frame. LIC will refund the LIC premium payment, minus a proportionate risk premium, any rider charges, medical exam expenses, and stamp duty.

3. Incentives

   • High Sum Assured Incentive: Opt for a higher Basic Sum Assured (BSA) to earn additional Guaranteed Additions, ranging from 0.07% to 0.35% of the annual tabular premium, depending on PPT and coverage amount.

   • Online Sale Incentive: Purchasing the Nav Jeevan Shree LIC plan online without agent help increases your Guaranteed Additions by 0.75% (6‑ and 8‑year PPT) or 1.25% (10‑ and 12‑year PPT).

   • Existing Policyholder Incentive: LIC’s Nav Jeevan Shree rewards holders of existing LIC policies or nominees of recently matured policies with enhanced additions, between 0.05% and 0.15% depending on PPT.

4. Policy Surrender

   A policyholder can surrender this LIC new plan after paying at least one full year’s premium. However, the policy acquires a Guaranteed Surrender Value after two full years, and on surrender, the higher of the Guaranteed or Special Surrender Value is paid.

5. Loan Facility

   Policyholders can apply for a loan on their policy’s surrender value after one full year: up to 50% (in‑force) or 40% (paid‑up) initially, rising to 80% or 70% respectively after two years. The interest rate is currently capped at 9.5% p.a., compounding half-yearly.

6. Waiting Period

   For policies purchased offline, there's a 90-day waiting period from the policy start date. If the life assured passes away (other than due to an accident) during this time, LIC will refund all premiums paid. In case of accidental death within the first 90 days, the full death benefit is payable. This waiting period does not apply to children below 8 years.

7. Revival

   A lapsed policy can be revived up to five years after the first missed payment, before maturity. Revival requires paying all overdue LIC premium payment amounts plus accrued interest (currently 9.5% p.a. for 2025–26), and meeting underwriting requirements.

8. Paid-Up Value

   The policy converts to paid-up status if at least one year of premiums is paid, but further premiums are missed. Benefits such as sum assured and Guaranteed Additions are reduced proportionally to premiums paid. These remain guaranteed, with at least 105% of total premiums paid payable in case of death.

9. Taxes

   Statutory taxes on the LIC premium for both the base plan and opted riders are levied per Government of India regulations and collected separately.

Exclusions

Suicide. 

• If the Life Assured (sane or insane) dies by suicide within 12 months from the policy issuance, only 80% of the total premiums paid (excluding taxes, extra premiums, and rider premiums, except Term Assurance Rider, if any) will be paid to the nominee.

• If the Life Assured (sane or insane) dies by suicide within 12 months from revival the nominee will receive either 80% of total premiums paid (excluding excluding taxes, extra premiums, and rider premiums, except Term Assurance Rider, if any) or the surrender value, whichever is higher. No other benefit will be payable under the policy.

  These exclusions do not apply in the following cases:

• If the Life Assured is under 8 years old at the time of revival. Here, the applicable death benefit is payable.

• If the policy was lapsed without acquiring paid-up value, no benefit will be paid.

Summing Up

LIC’s Nav Jeevan Shree (Plan No. 912) offers peace of mind for those seeking a new LIC plan that prioritises certainty over speculation. With guaranteed additions, flexible payment terms, and full life cover, it’s an excellent choice for anyone looking for an LIC life insurance product that doesn’t rely on market performance. If you are looking for a new LIC policy that protects your family and helps you save confidently for the future, LIC’s Nav Jeevan Shree is a dependable choice backed by the assurance of LIC.

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