LIC Nav Jeevan Shree Plan 911 & 912 – Full Details, Benefits, Comparison & Examples
LIC has introduced an innovative savings and protection plan named “Nav Jeevan Shree,” available in two flexible modes—Single Premium (Plan 911) and Limited Premium (Plan 912). Both offer robust financial security with attractive guaranteed returns. This detailed guide will help you clearly understand both options.
Quick Highlights
- Type: Non-Linked, Non-Par Endowment Plans
- Premium Options: Single Premium (911) | Limited Premium (912)
- Guaranteed Additions: High guaranteed additions annually
- Flexible Terms: Policy terms from 5 to 20 years
- Settlement Options: Maturity/Death benefits in installments
- Loan & Surrender: Available with attractive terms
Plan 911 - Single Premium
Premium Mode: One-time single payment
Guaranteed Additions: ₹85 per ₹1000 Sum Assured each year
Death Benefit Options:
Option I: Higher of 1.25 times premium or Basic Sum Assured
Option II: 10 times Single Premium
Eligibility: 30 days to 60 years (Option I), 30 days to 40 years (Option II)
Policy Term: 5 to 20 years
Minimum Sum Assured: ₹1,00,000
Plan 912 – Limited Premium
Premium Mode: Annual premiums for 6, 8, 10, or 12 years
Guaranteed Additions: 8.5% to 9.5% of annual premium (custom enhancements up to 9.7%)
Death Benefit Options:
Option I: 7 times annual premium or Basic Sum Assured
Option II: 10 times annual premium or Basic Sum Assured
Eligibility: 30 days to 60 years (varies by PPT)
Policy Term: 10 to 20 years
Minimum Sum Assured: ₹5,00,000
Table of Contents
Maturity Benefits - Nav Jeevan Shree - Single and Limited premium plans
Plan 911 - Nav Jeevan Shree - Single Premium Plan
The maturity benefit shall be payable on completion of the policy term. It will consist of the Sum Assured along with the accrued Guaranteed Additions.
Guaranteed Additions accrue at ₹85 per ₹1,000 of Basic Sum Assured every policy year throughout the term. In case of death during the policy term, the full year’s Guaranteed Addition is payable.
Plan 912 - Nav Jeevan Shree - Limited Premium
Here, the maturity amount shall be paid after the completion of the term. The maturity amount is the total of the Sum Assured and the accrued Guaranteed Additions.
Guaranteed Additions and Applicable Modifications
The basic guaranteed additions, which are provided as a percentage of the Tabular annual premium, are as follows:
| Policy Term | Rate of Guaranteed Additions (% of Tabular Annual Premium) |
|---|---|
| 10 to 13 | 8.50 % |
| 14 to 17 | 9.00 % |
| 18 to 20 | 9.50 % |
LIC offers various incentives on Guaranteed Additions, depending on the Policy Term and the level of Basic Sum Assured, as detailed below:
| PPT (years) | Incentive for High Sum Assured (Rate of Guaranteed Addition as % of Total Tabular Annual Premium) | ||||
|---|---|---|---|---|---|
| 5,00,000 to < 7,00,000 | 7,00,000 to < 10,00,000 | 10,00,000 to < 15,00,000 | 15,00,000 to < 20,00,000 | 20,00,000 & above | |
| 6 | Nil | 0.07% | 0.08% | 0.10% | 0.12% |
| 8 | Nil | 0.10% | 0.12% | 0.20% | 0.25% |
| 10 | Nil | 0.12% | 0.15% | 0.25% | 0.30% |
| 12 | Nil | 0.15% | 0.20% | 0.30% | 0.35% |
If the proposal is completed under Online Sale without any assistance from an Agent or Intermediary, the policyholder will be eligible for an incentive under the Base Plan (applicable to both Option-I and Option-II).
This incentive will be provided in the form of an increase in the Rate of Guaranteed Additions. The enhanced Guaranteed Additions, expressed as a percentage of the Total Tabular Annual Premium in respect of premiums paid, are as follows:
| Premium Payment Term (PPT) (years) | Rate of Guaranteed Addition (as % of Total Tabular Annual Premium) |
|---|---|
| 6 and 8 | 0.75% |
| 10 and 12 | 1.25% |
Incentive for Existing Policyholder and Nominee / Beneficiary of the Deceased Policyholder
This incentive is provided in the form of an increase in the Rate of Guaranteed Additions. It is applicable to different categories of existing policyholders, including the nominee or beneficiary of a deceased policyholder, for the Base Plan (under both Option-I and Option-II).
The eligible categories are as follows:
An existing policyholder who has a policy with the Corporation that matured within one year prior to registering a new proposal under this product, and who purchases this plan either on his/her own life or on the life of any of the family members*.
The nominee/beneficiary of a deceased policyholder of the Corporation, where the date of death is within one year prior to registering a new proposal under this product.
An existing policyholder having an in-force policy with the Corporation.
(*Family members include Grandparents, Parents, Spouse, Children, or Grandchildren.)
The incentives in terms of Guaranteed Additions, expressed as a percentage of Total Tabular Annual Premium in respect of premiums paid, are as follows:
.
| Premium Payment Term (PPT) (years) | Rate of Guaranteed Addition (as % of Total Tabular Annual Premium) |
|---|---|
| 6 | 0.05% |
| 8 | 0.10% |
| 10 | 0.12% |
| 12 | 0.15% |
Death Benefits - Nav Jeevan Shree
Option I: Higher of 1.25 × Tabular Single Premium or Basic Sum Assured
Option II: 10 × Tabular Single Premium
Plus accrued Guaranteed Additions
For minors (<8 yrs): Return of Single Premium (excluding taxes, extras, riders) before commencement of risk
Option I: Higher of 7 × (Tabular Annual Premium × Modal Factor) or Basic Sum Assured
Option II: Higher of 10 × (Tabular Annual Premium × Modal Factor) or Basic Sum Assured
Plus accrued Guaranteed Additions
Minimum: 105% of Total Premiums Paid
For minors (<8 yrs): Return of Total Premiums Paid (excl. taxes, extras, riders) before commencement of risk
LIC Nav Jeevan Shree (Plan 911) — Customised Example
Age 0 · Policy Term 19 years · Premium Payment Term Single · Basic Sum Assured ₹10,00,000
Key Figures
| Age | Year | Premium (₹) | Cum. Premium (₹) | GA – Year (₹) | Cum. GA (₹) | Natural Cover (₹) | Accidental Cover (₹) | Loan (₹) | Cash Value (₹) | Returns (₹) |
|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 1 | 8,13,550 | 8,91,550 | 85,000 | 85,000 | 8,13,550 | 8,13,550 | 7,56,018 | – | – |
| 1 | 2 | – | 8,91,550 | 85,000 | 1,70,000 | 16,27,100 | 16,27,100 | 4,05,098 | 8,10,195 | – |
| 2 | 3 | – | 8,91,550 | 85,000 | 2,55,000 | 13,69,438 | 13,69,438 | 5,20,810 | 8,68,016 | – |
| 3 | 4 | – | 8,91,550 | 85,000 | 3,40,000 | 14,54,438 | 14,54,438 | 5,57,915 | 9,29,858 | – |
| 4 | 5 | – | 8,91,550 | 85,000 | 4,25,000 | 15,39,438 | 15,39,438 | 5,97,731 | 9,96,219 | – |
| 5 | 6 | – | 8,91,550 | 85,000 | 5,10,000 | 16,24,438 | 16,24,438 | 6,93,698 | 10,67,228 | – |
| 6 | 7 | – | 8,91,550 | 85,000 | 5,95,000 | 17,09,438 | 17,09,438 | 7,43,168 | 11,43,336 | – |
| 7 | 8 | – | 8,91,550 | 85,000 | 6,80,000 | 17,94,438 | 17,94,438 | 7,95,924 | 12,24,499 | – |
| 8 | 9 | – | 8,91,550 | 85,000 | 7,65,000 | 18,79,438 | 18,79,438 | 8,52,614 | 13,11,714 | – |
| 9 | 10 | – | 8,91,550 | 85,000 | 8,50,000 | 19,64,438 | 19,64,438 | 9,83,639 | 14,05,199 | – |
| 10 | 11 | – | 8,91,550 | 85,000 | 9,35,000 | 20,49,438 | 20,49,438 | 10,53,809 | 15,05,442 | – |
| 11 | 12 | – | 8,91,550 | 85,000 | 10,20,000 | 21,34,438 | 21,34,438 | 11,28,612 | 16,12,303 | – |
| 12 | 13 | – | 8,91,550 | 85,000 | 11,05,000 | 22,19,438 | 22,19,438 | 12,09,200 | 17,27,429 | – |
| 13 | 14 | – | 8,91,550 | 85,000 | 11,90,000 | 23,04,438 | 23,04,438 | 12,95,237 | 18,50,339 | – |
| 14 | 15 | – | 8,91,550 | 85,000 | 12,75,000 | 23,89,438 | 23,89,438 | 13,87,580 | 19,82,257 | – |
| 15 | 16 | – | 8,91,550 | 85,000 | 13,60,000 | 24,74,438 | 24,74,438 | 14,86,899 | 21,24,141 | – |
| 16 | 17 | – | 8,91,550 | 85,000 | 14,45,000 | 25,59,438 | 25,59,438 | 15,93,302 | 22,76,146 | – |
| 17 | 18 | – | 8,91,550 | 85,000 | 15,30,000 | 26,44,438 | 26,44,438 | 17,07,446 | 24,39,208 | – |
| 18 | 19 | – | 8,91,550 | 85,000 | 16,15,000 | 27,29,438 | 27,29,438 | 18,30,500 | 26,15,000 | – |
| 19 | 20 | – | 8,91,550 | – | 16,15,000 | – | Maturity: ₹26,15,000 | |||
LIC Nav Jeevan Shree (Plan 912) — Customised Example
Age 30 · Policy Term 20 years · Premium Payment Term 12 years
(Basic Sum Assured ₹10,00,000)
Key Figures
| Age | Year | Premium (₹) | Cum. Premium (₹) | GA – Year (₹) | Cum. GA (₹) | Natural Cover (₹) | Accidental Cover (₹) | Loan (₹) | Cash Value (₹) | Returns (₹) |
|---|---|---|---|---|---|---|---|---|---|---|
| 30 | 1 | 96,550 | 95,150 | 9,230 | 9,230 | 10,09,230 | 20,09,230 | 29,476 | – | – |
| 31 | 2 | 96,550 | 1,90,300 | 18,459 | 27,689 | 10,27,689 | 20,27,689 | 36,565 | 73,130 | – |
| 32 | 3 | 96,550 | 2,85,450 | 27,689 | 55,378 | 10,55,378 | 20,55,378 | 1,05,747 | 1,32,184 | – |
| 33 | 4 | 96,550 | 3,80,600 | 36,918 | 92,296 | 10,92,296 | 20,92,296 | 1,67,054 | 2,08,818 | – |
| 34 | 5 | 96,550 | 4,75,750 | 46,148 | 1,38,444 | 11,38,444 | 21,38,444 | 2,40,669 | 3,00,836 | – |
| 35 | 6 | 96,550 | 5,70,900 | 55,377 | 1,93,821 | 11,93,821 | 21,93,821 | 3,29,873 | 4,12,341 | – |
| 36 | 7 | 96,550 | 6,66,050 | 64,607 | 2,58,428 | 12,58,428 | 22,58,428 | 4,34,588 | 5,43,235 | – |
| 37 | 8 | 96,550 | 7,61,200 | 73,836 | 3,32,264 | 13,32,264 | 23,32,264 | 5,55,168 | 6,93,960 | – |
| 38 | 9 | 96,550 | 8,56,350 | 83,066 | 4,15,330 | 14,15,330 | 24,15,330 | 6,91,826 | 8,64,782 | – |
| 39 | 10 | 96,550 | 9,51,500 | 92,295 | 5,07,625 | 15,07,625 | 25,07,625 | 8,44,466 | 10,55,583 | – |
| 40 | 11 | 96,550 | 10,46,650 | 1,01,525 | 6,09,150 | 16,09,150 | 26,09,150 | 10,12,834 | 12,66,043 | – |
| 41 | 12 | 96,550 | 11,41,800 | 1,10,755 | 7,19,905 | 17,19,905 | 27,19,905 | 11,96,062 | 14,95,078 | – |
| 42 | 13 | – | 11,41,800 | 1,10,755 | 8,30,660 | 18,30,660 | 28,30,660 | 12,81,974 | 16,02,468 | – |
| 43 | 14 | – | 11,41,800 | 1,10,755 | 9,41,415 | 19,41,415 | 29,41,415 | 13,73,813 | 17,17,266 | – |
| 44 | 15 | – | 11,41,800 | 1,10,755 | 10,52,170 | 20,52,170 | 30,52,170 | 14,72,451 | 18,40,564 | – |
| 45 | 16 | – | 11,41,800 | 1,10,755 | 11,62,925 | 21,62,925 | 31,62,925 | 15,78,306 | 19,72,883 | – |
| 46 | 17 | – | 11,41,800 | 1,10,755 | 12,73,680 | 22,73,680 | 32,73,680 | 16,91,706 | 21,14,633 | – |
| 47 | 18 | – | 11,41,800 | 1,10,755 | 13,84,435 | 23,84,435 | 33,84,435 | 18,13,389 | 22,66,736 | – |
| 48 | 19 | – | 11,41,800 | 1,10,755 | 14,95,190 | 24,95,190 | 34,95,190 | 19,44,244 | 24,30,305 | – |
| 49 | 20 | – | 11,41,800 | 1,10,755 | 16,05,945 | 26,05,945 | 36,05,945 | 20,84,757 | 26,05,946 | – |
| 50 | 21 | – | 11,41,800 | – | 16,05,945 | – | Maturity: ₹26,05,946 | |||
⚖️ Comparison with Similar Plans
| Feature | Nav Jeevan Shree 911 (Single Premium) | Nav Jeevan Shree 912 (Limited Premium) | Jeevan Anand (Popular Alternative) |
|---|---|---|---|
| Premium Payment | Single | 6, 8, 10, 12 years | Regular (throughout term) |
| Guaranteed Additions | Yes (fixed) | Yes (fixed) | Bonuses (variable) |
| Risk Cover | Up to 10× Single Premium | 7× or 10× Annual Premium | Whole life (after term) |
| Best Suited For | Lump-sum investors | Regular savers (short PPT) | Long-term cover seekers |
Why Consider Nav Jeevan Shree?
- Guaranteed Additions — fixed, no market risk.
- Flexibility of Single Premium (Plan 911) or Limited Premium (Plan 912).
- High Sum Assured incentives for larger investments.
- Settlement option for maturity proceeds (5 / 10 / 15 years).
Frequently Asked Questions (FAQs)
Can I surrender early?
Yes. Both plans acquire a surrender value after minimum premiums are paid (1 year in 911, 2 years in 912). Guaranteed Surrender Value or Special Surrender Value applies.
What happens if I stop paying premiums (for 912)?
If at least 2 years’ premiums are paid, the policy becomes paid-up with reduced benefits. If less, policy lapses without value.
Is loan available under these plans?
Yes. Both 911 and 912 offer loan against policy once surrender value is available. Loan limit depends on policy value.
Are Guaranteed Additions taxable?
No, they are part of maturity or death benefit. These are tax-free under Section 10(10D) subject to prevailing tax rules.
Which option is better: Option I or Option II?
Option I gives lower premiums but lesser cover. Option II ensures higher life cover (10× premium) and may suit those needing protection + tax benefits (to qualify u/s 80C & 10(10D)).
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