About Nav Jeevan Shree 912
LIC’s Nav Jeevan Shree 912 is a Non-Linked, With-Profits, Individual Life Assurance plan introduced by Life Insurance Corporation of India (LIC). It is a limited premium payment plan offering both protection and savings. This plan is ideal for individuals who wish to secure their family’s financial future while simultaneously building a savings corpus.
LIC Nav Jeevan Plan is customizable and gives flexibility in premium payment options along with the bonus benefits. It’s specially suited for people who want a short premium paying term and life cover for the policy term.
Key Features of LIC Nav Jeevan Plan 912
| Feature | Details |
|---|---|
| Plan Type | Non-Linked, With-Profit, Endowment |
| Plan Number | 912 |
| Launch Date | 2019 (still available in 2025) |
| Premium Payment Options | Single Premium or Limited Premium (5 years only) |
| Policy Term | 10 to 18 years |
| Premium Paying Term (PPT) | 1 year (Single Premium) or 5 years (Limited) |
| Minimum Entry Age | 90 days (completed) |
| Maximum Entry Age | 65 years (Single Premium), 60 years (Limited Premium) |
| Minimum Sum Assured | ₹1,00,000 |
| Maximum Sum Assured | No Limit (in multiples of ₹5,000) |
| Maturity Benefit | Sum Assured on Maturity + Bonuses |
| Death Benefit | Sum Assured on Death + Bonuses |
| Loan Facility | Available |
| Surrender Value | Available after 1 year (Single Premium) or 2 years (Limited Premium) |
| Riders Available | Accidental Death and Disability Benefit Rider |
Options in LIC Nav Jeevan Plan
There are two options to choose from under the plan:
Option 1: Sum Assured on Death is 10 times the Annualized Premium
- Provides higher death benefit.
- Suitable for those looking for more life cover.
- Eligible for tax benefits under Section 80C and Section 10(10D).
Option 2: Sum Assured on Death is 7 times the Annualized Premium
- Lower premium compared to Option 1.
- Suitable for those prioritizing savings over high life cover.
Benefits of LIC Nav Jeevan Plan
1. Death Benefit
- If Death occurs during the policy term:
- Option 1: 10 times of Annualized Premium or Sum Assured on Maturity or 105% of total premiums paid — whichever is highest.
- Option 2: 7 times of Annualized Premium or Sum Assured on Maturity or 105% of total premiums paid — whichever is highest.
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. Bonus
- Participates in LIC’s profit-sharing; receives Simple Reversionary Bonuses annually and Final Additional Bonus (FAB) on maturity/death (if applicable).
4. Loan Facility
- Loan is available after 1 year (Single Premium) or after 2 full premiums (Limited Premium).
5. Surrender Value
- If surrendered early, the policyholder gets Guaranteed Surrender Value + Bonus (if applicable) after minimum period.
Sample Benefit Illustration (Limited Premium Option – Option 1)
Let’s assume:
- Age: 30 years
- Sum Assured: ₹5,00,000
- Policy Term: 15 years
- Premium Paying Term: 5 years
- Premium Option: Option 1 (Death Sum Assured = 10x Premium)
Estimated Premium and Benefits Table
| Year | Premium Paid | Death Benefit (approx.) | Maturity Benefit (approx.) |
|---|---|---|---|
| 1 | ₹1,06,150 | ₹5,00,000 + Bonus | |
| 2 | ₹1,06,150 | ₹5,00,000 + Bonus | |
| 3 | ₹1,06,150 | ₹5,00,000 + Bonus | |
| 4 | ₹1,06,150 | ₹5,00,000 + Bonus | |
| 5 | ₹1,06,150 | ₹5,00,000 + Bonus | |
| 6-15 | – | ₹5,00,000 + Bonus | |
| End of Year 15 | – | – | ₹7,00,000 – ₹7,50,000 (Expected) |
📌 Note: The maturity benefit includes Sum Assured + Reversionary Bonus + Final Additional Bonus. Actual bonuses depend on LIC’s performance.
Example Scenario
Let’s take a detailed real-life example for Mr. Raj, aged 35 years.
Policy Details:
- Plan: LIC Nav Jeevan 912 (Option 1)
- Age: 35 years
- Policy Term: 15 years
- Premium Paying Term: 5 years
- Sum Assured: ₹4,00,000
- Premium (Yearly): ₹85,000 approx.
- Total Premium Paid: ₹4,25,000 over 5 years
Scenario 1: If Raj dies in the 4th year
- Death Benefit: Higher of:
- 10 x Annualized Premium = ₹8,50,000
- Sum Assured on Maturity = ₹4,00,000
- 105% of premiums paid = ₹4,46,250
- So, Nominee receives: ₹8,50,000 + Bonus
Scenario 2: If Raj survives till maturity
- Maturity Amount = ₹4,00,000 (Sum Assured) + Bonuses
- Expected total maturity = ₹6,50,000 to ₹7,00,000
Why Choose LIC Nav Jeevan Plan?
- Short premium commitment – only 5 years
- Dual benefit of insurance and savings
- Ideal for risk-averse individuals
- Life cover even during premium-free years
- Bonus participation enhances returns
Eligibility Conditions – Summary
| Criteria | Details |
|---|---|
| Minimum Entry Age | 90 days (completed) |
| Maximum Entry Age | 65 years (Single Premium), 60 years (Limited) |
| Minimum Sum Assured | ₹1,00,000 |
| Maximum Sum Assured | No Limit |
| Policy Term | 10 to 18 years |
| Premium Payment Term | 1 year (Single) or 5 years |
Important Points to Remember
- Bonuses are not guaranteed; depend on LIC’s valuation performance.
- Tax benefits under Section 80C (Premium) and 10(10D) (Maturity/Death Benefit).
- Option 1 has higher premium but also higher insurance cover.
- Loans and surrenders are allowed under conditions.
Final Verdict
LIC’s Nav Jeevan Plan 912 is best suited for:
- People looking for short-term premium commitments
- Individuals wanting a combination of savings and life insurance
- Parents, salaried individuals, and self-employed professionals
- Those who want to invest in a secure and guaranteed plan
This plan not only secures your family in your absence but also rewards you for survival with attractive maturity benefits.
