About LIC Nav Jeevan Shree 911
LIC Nav Jeevan Shree 911 (Plan No. 911) is a Single Premium, Non-Linked, With-Profit, Endowment Plan offered by Life Insurance Corporation of India. It is a specially crafted savings-cum-protection plan that provides a guaranteed maturity benefit, life insurance coverage, and bonus benefits, all by paying a one-time lump sum premium.
This plan is best suited for individuals looking to invest a lump sum amount to receive guaranteed returns in the future along with life cover protection.
Key Features of LIC Nav Jeevan Shree 911
| Feature | Details |
|---|---|
| Plan Type | Single Premium, Non-Linked, With-Profits |
| Plan Number | 911 |
| Premium Type | Single Premium only (Pay once) |
| Policy Term | 10, 15, or 20 years |
| Minimum Entry Age | 18 years |
| Maximum Entry Age | 60 years |
| Minimum Sum Assured | ₹50,000 |
| Maximum Sum Assured | No limit (in multiples of ₹5,000) |
| Maturity Benefit | Sum Assured + Bonus |
| Death Benefit | Sum Assured on Death + Bonus |
| Loan Facility | Available after 1 policy year |
| Surrender Value | Available after 1 policy year |
| Bonuses | Simple Reversionary Bonus + Final Additional Bonus (FAB) |
| Tax Benefits | Available under Sections 80C and 10(10D) |
Key Benefits of LIC Nav Jeevan Shree Plan
1. Single Premium Convenience
You pay only once at the start of the policy. No recurring premiums. Ideal for salaried or retired individuals with lump sum money.
2. Maturity Benefit
If the policyholder survives till the end of the policy term:
Sum Assured on Maturity + Simple Reversionary Bonus + Final Additional Bonus (if any)
3. Death Benefit
If the policyholder dies during the term:
Sum Assured on Death + Accrued Bonuses (if any)
- Sum Assured on Death is higher of:
- Basic Sum Assured
- 125% of Single Premium (excluding GST and rider premium)
4. Loan Facility
Loan available after 1 policy year. Maximum loan value depends on surrender value.
5. Surrender Benefit
Guaranteed Surrender Value (GSV) available after 1 year. The GSV depends on year of surrender and bonus accumulation.
Bonuses
- Simple Reversionary Bonus: Declared every year during policy term.
- Final Additional Bonus (FAB): Paid at maturity or on death (if applicable) depending on term and sum assured.
Sample Illustration of LIC Nav Jeevan Shree Plan 911
Let’s assume the following details:
- Name: Mr. Anil Kumar
- Age: 35 years
- Policy Term: 15 years
- Sum Assured: ₹2,00,000
- Premium Paid (One-time): ₹1,03,600 (approx.)
- Option: Regular Plan with Bonus participation
Benefits Table (Expected)
| Year | Premium Paid | Death Benefit (approx.) | Maturity Benefit (approx.) |
|---|---|---|---|
| 1 | ₹1,03,600 | ₹2,50,000 (SA + Bonus*) | — |
| 5 | — | ₹2,80,000 (SA + Accum. Bonus*) | — |
| 10 | — | ₹3,20,000 (SA + Bonus*) | — |
| 15 | — | — | ₹3,60,000 (SA + Bonuses) |
Bonuses are estimated based on historical rates. Actual may vary.
Real-Life Example
Let’s consider Mrs. Kavita Sharma, aged 40 years, wants to invest in a single premium LIC plan.
Policy Details:
| Particulars | Details |
|---|---|
| Age | 40 years |
| Plan Term | 15 years |
| Sum Assured | ₹3,00,000 |
| Single Premium Paid | ₹1,55,400 (approx.) |
Scenario 1: Kavita survives till maturity
- She will receive:
- Sum Assured: ₹3,00,000
- Expected Bonus: ₹1,35,000 – ₹1,80,000
- Total Maturity Benefit: ₹4,35,000 – ₹4,80,000 (approx.)
Scenario 2: Kavita dies in 8th year
- Her nominee will receive:
- Death Sum Assured: ₹3,00,000 or 125% of Premium = ₹1,94,250 (whichever higher)
- Accumulated Bonus: ₹80,000 (approx.)
- Total Death Benefit: ₹3,80,000 (approx.)
Eligibility Summary
| Criteria | Requirement |
|---|---|
| Minimum Entry Age | 18 years |
| Maximum Entry Age | 60 years |
| Policy Term | 10, 15, or 20 years |
| Premium Payment Mode | Single Premium Only |
| Minimum Sum Assured | ₹50,000 |
| Maximum Sum Assured | No Limit |
Important Points to Remember
- This is a Single Premium Plan – pay once, get insured for the full term.
- LIC’s bonus rates vary every year; returns may fluctuate.
- Suitable for individuals wanting safe investment + life cover.
- Loans and early surrender options available after 1 policy year.
- Ideal for one-time investments like retirement corpus, gratuity, or inheritance.
Final Verdict: Who Should Buy LIC Nav Jeevan Shree Plan 911?
This plan is perfect for:
- Individuals with a lump sum amount to invest
- People nearing retirement who want guaranteed returns + insurance
- Anyone seeking safe, tax-free investment over medium term
- Parents or grandparents investing for child’s education or marriage
Tax Benefits
- Premium: Deduction under Section 80C (up to ₹1.5 lakh)
- Maturity / Death Benefit: Tax-free under Section 10(10D) (if conditions met)
