LIC Nav Jeevan Shree Single Premium Plan

LIC Nav Jeevan Shree Single Premium: An Overview

LIC Nav Jeevan Shree Single Premium (Plan No. 911) is an LIC single premium endowment plan that is non-participating and non-linked, meaning it does not share in company profits and is not tied to market performance. Under this LIC new plan, policyholders are required to make a one-time LIC premium payment at the beginning, after which no further payments are needed for the remainder of the policy. The plan offers a fixed policy term ranging from 10 to 20 years.

As a unique offering by LIC of India, it provides a guaranteed sum assured on maturity, along with guaranteed additions payable annually throughout the term. In the event of death during the policy term, a sum assured on death is payable, with two options available at inception: either 10 times or 1.25 times the single premium. This LIC one time investment plan offers the convenience of single-payment coverage with fixed returns. The Nav Jeevan Shree LIC plan 911 can be purchased offline as well as online. 

Key Features of the LIC Nav Jeevan Shree Single Premium Plan

• The LIC Nav Jeevan Shree Single Premium plan requires a single premium payment at the beginning of the policy.

• It offers a policy term ranging from 10 to 20 years.

• Two Sum Assured on Death options are available at policy inception:

  • Option 1: 10 times the single premium.

  • Option 2: 1.25 times the single premium.

• This LIC endowment plan provides guaranteed additions every policy year, payable at maturity or on death.

• The LIC new plan is eligible for a high sum assured rebate based on the chosen sum assured amount.

• This single premium endowment plan offers a loan facility after three months or upon expiry of the free-look period.

• It also offers an installment option for maturity and death benefits instead of a lump sum.

Eligibility Criteria- Single Premium Nav Jeevan Shree LIC Plan

LIC Nav Jeevan Shree Single Premium Plan Benefits

1. Death Benefit

   Under LIC Nav Jeevan Shree Single Premium plan, the proposer must select one of the two available options for the Sum Assured on Death at the time of policy inception. This choice affects both the premium payable and the benefits under the policy and, once selected, cannot be changed later.

   The two available options are:

   • Option I: The Sum Assured on Death is the higher of 1.25 times the Tabular Single Premium or the Basic Sum Assured.

   • Option II: The Sum Assured on Death is 10 times the Tabular Single Premium.

   The Death Benefit will be paid either as a lump sum or in installments, based on the option exercised by the policyholder or life assured.

   Instalment Option

   Under the LIC Nav Jeevan Shree Single Premium plan, the Death Benefit can be received in installments over 5, 10, or 15 years instead of a lump sum. This option is available under both in-force and paid-up LIC insurance policies. It can be exercised either by the policyholder (if the Life Assured is a minor) or by the Life Assured (if aged 18 years or older) during their lifetime. The instalments can be chosen as a fixed amount or as a percentage of the total claim, and may be received fully or partially. Instalments are paid in advance at the following frequencies selected:

   Monthly: Rs 5,000

   Quarterly: Rs 15,000

   Half-Yearly: Rs 25,000

   Yearly: Rs 50,000

2. Maturity Benefit

   If the Life Assured survives until the stipulated date of maturity, the Sum Assured on Maturity, along with accrued Guaranteed Additions, will be payable. The Sum Assured on Maturity is equal to the Basic Sum Assured under the policy.

   Settlement Option

   The Settlement Option in this LIC single premium endowment plan allows the policyholder to receive the Maturity Benefit in instalments over 5, 10, or 15 years, instead of receiving a lump sum at once. Instalments are paid in advance at the chosen frequency. This option offers flexibility in receiving benefits from the plan, and instalments must meet the minimum amount requirement based on the selected mode of payment.

   Monthly: Rs 5,000

   Quarterly: Rs 15,000

   Half-Yearly: Rs 25,000

   Yearly: Rs 50,000

3. Guaranteed Additions

   Under the LIC Nav Jeevan Shree Single Premium plan, Guaranteed Additions accrue at a fixed rate throughout the policy term. These additions are calculated at the rate of ₹85 per ₹1,000 of Basic Sum Assured. They are payable at the end of each policy year, starting from the first policy anniversary and continuing until the end of the policy term. These additions are fixed and do not vary based on market conditions, as the plan is non-participating and non-linked, ensuring certainty in benefit amounts.

   In the event of the death of the Life Assured during the policy term, the Guaranteed Additions for the full policy year in which the death occurs will still be payable and paid along with the Sum Assured on Death. On maturity, the total accrued Guaranteed Additions for all policy years will be paid in addition to the Sum Assured on Maturity.

Enhanced Protection With Optional Riders

The Nav Jeevan Shree LIC plan offers two optional riders, provided the eligibility conditions are met.

1. Accidental Death and Disability Benefit Rider

   This rider provides financial protection in case of death or disability due to an accident. It can be added to the base policy at any time during the premium payment term, as long as the policyholder is below 65 years of age and there are at least five years of premium-paying term remaining. In the unfortunate event of accidental death, an additional lump sum amount is payable to the nominee, over and above the regular death benefit provided by the base plan.

   In the case of accidental permanent disability, the rider ensures financial support through monthly payments for a period of 10 years. Moreover, all future premiums for this rider, as well as the corresponding portion of the basic sum assured under the base policy, will be waived. If the Life Assured is a minor, this rider can only be added upon request when the minor reaches the age of 18.

2. New Term Assurance Rider

   The New Term Assurance Rider can be added only at the time of policy purchase and cannot be added later during the policy term. This rider offers additional life cover for the entire duration of the base policy and enhances the overall protection under the plan. If the Life Assured passes away during the policy term, the rider ensures that the nominee receives an extra sum assured as specified under this rider, in addition to the death benefit payable under the main policy.

LIC Nav Jeevan Shree Single Premium Plan Details

1. Free-Look Period

   The free-look period, 30 days from the date of receipt of the physical or electronic policy document (whichever is earlier), is provided to review the Nav Jeevan Shree LIC plan's terms and conditions. If not satisfied, the plan can be returned to LIC.

2. Loan Facility

   A policy loan facility is available, provided the policy has acquired surrender value. The loan can be availed during the policy term, subject to certain conditions. The loan becomes available after three months from the date of issuance of the LIC insurance policy or the expiry of the free-look period, whichever is later.

3. Rebates

   The Nav Single Premium Nav Jeevan Shree LIC plan offers rebates based on the Basic Sum Assured, policy term, and purchase channel. Higher sum assured amounts attract rebates on the tabular premium under both Option I and Option II. Policies bought online without agent assistance receive a 2% rebate on the single premium. Additionally, existing LIC policyholders or nominees of deceased policyholders may receive further rebates, with up to ₹6 per ₹1,000 of Basic Sum Assured.

4. Waiting Period

   If the policy is purchased offline and the Life Assured dies within the first 90 days from the commencement of risk (and death is not due to an accident), LIC will refund the single premium paid, excluding any rider and tax components. However, in case of death due to an accident during this waiting period, the full death benefit under the chosen option will be payable. 

5. Surrender

   The policyholder can surrender the plan at any time during the policy term. Upon surrender, the LIC will pay a Surrender Value, which will be the higher of the Guaranteed Surrender Value along with the surrender value of any accrued Guaranteed Additions, or (b) the Special Surrender Value, as applicable.

Exclusions

Suicide

If the Life Assured (sane or insane) commits suicide within 12 months from the commencement of risk, the death benefit will be limited to 80% of the total single premium paid, excluding taxes, rider premiums (except Term Assurance Rider), and any extra premiums. No other claim under the LIC insurance policy shall be entertained in such cases. 

This exclusion does not apply if the age at entry is below 8 years.

Summing Up

LIC Single Premium Nav Jeevan Shree (Plan No. 911) offers a stress-free, one-time investment solution for individuals looking for guaranteed returns along with life cover. By paying just once, you can secure your family’s future and build savings without the hassle of recurring premiums. The guaranteed additions in this LIC single premium endowment plan ensure steady growth, while optional riders and flexible payout options make it a smart choice for those who value both convenience and protection.

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