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LIC’s Nav Jeevan Shree (Plan 912): A Complete Guide to
India’s Popular Endowment Insurance Plan
Life insurance is not only about protection; it is also
about disciplined savings, long-term financial security, and peace of mind for
your family. In India, the Life Insurance Corporation of India (LIC) has been a
trusted name for decades. Among its many products, LIC’s Nav Jeevan Shree
(Plan 912) stands out as a popular endowment insurance plan designed
to provide both life cover and savings benefits.
In this detailed guide, we will explain LIC Nav Jeevan
Shree 912 in simple language, covering its features, benefits, eligibility,
premium details, maturity benefits, death benefits, riders, tax advantages, and
who should consider buying this plan. This article is written to meet SEO
best practices and Google AdSense content quality guidelines, making
it suitable for informational and educational purposes.
What Is LIC’s Nav Jeevan Shree (Plan 912)?
LIC’s Nav Jeevan Shree (Plan 912) is a participating,
non-linked, endowment life insurance plan. This means:
- It
offers guaranteed life cover for a fixed policy term
- It
is not linked to the stock market, so returns are stable
- It
is a participating plan, so policyholders may receive bonuses
declared by LIC
The plan is designed for individuals who want financial
protection for their family along with a savings component that
provides a lump sum amount at maturity.
Key Highlights of LIC Nav Jeevan Shree 912
Here are the major highlights of the plan:
- Combination
of insurance + savings
- Available
for limited policy terms
- Death
benefit payable during the policy term
- Maturity
benefit payable at the end of the policy
- Eligibility
for simple reversionary bonuses
- Option
to add LIC riders for enhanced protection
- Tax
benefits under the Income Tax Act (as per prevailing rules)
Type of Plan: Endowment Insurance Explained
Before going deeper, it is important to understand what an endowment
plan is.
An endowment insurance plan provides:
- Life
cover – Financial protection to the nominee if the policyholder dies
during the policy term
- Savings
benefit – A lump sum payout if the policyholder survives the policy
term
LIC Nav Jeevan Shree 912 follows this structure, making it
suitable for conservative investors who prefer low risk and guaranteed
benefits.
Eligibility Criteria for LIC Nav Jeevan Shree 912
Eligibility conditions help determine who can buy this
policy.
Minimum and Maximum Age
- Minimum
age at entry: 20 years
- Maximum
age at entry: 50 years (varies slightly based on policy term)
Policy Term Options
LIC Nav Jeevan Shree is usually offered with limited
policy term choices, such as:
- 10
years
- 15
years
Maximum Age at Maturity
- Generally
up to 65 years
These limits ensure that the policy remains affordable and
aligned with long-term financial planning goals.
Sum Assured Under LIC Nav Jeevan Shree
The Sum Assured is the guaranteed amount chosen by
the policyholder at the time of purchase.
- Minimum
Sum Assured: Usually starts from ₹1,00,000
- Maximum
Sum Assured: No fixed upper limit (subject to LIC’s underwriting
rules)
The premium payable depends on the chosen Sum Assured, age,
and policy term.
Premium Payment Details
Premium Payment Mode
Premiums can be paid through different modes, such as:
- Yearly
- Half-yearly
- Quarterly
- Monthly
Premium Payment Term
Premiums are generally payable throughout the policy term.
Factors Affecting Premium
The premium amount depends on:
- Age
of the policyholder
- Policy
term
- Sum
Assured
- Mode
of premium payment
Premiums for LIC Nav Jeevan Shree are usually higher than
pure term plans, because this policy includes a savings component.
Death Benefit Under LIC Nav Jeevan Shree 912
If the policyholder dies during the policy term, the death
benefit is paid to the nominee.
Death Benefit Includes:
- Sum
Assured on Death, plus
- Accrued
simple reversionary bonuses, if any
- Final
additional bonus, if declared
Sum Assured on Death
The Sum Assured on Death is generally the higher of:
- Basic
Sum Assured, or
- A
multiple of the annualized premium (as defined by LIC)
This ensures that the family receives meaningful financial
support in case of an unfortunate event.
Maturity Benefit of LIC Nav Jeevan Shree
If the policyholder survives till the end of the policy
term, the maturity benefit is paid.
Maturity Benefit Includes:
- Basic
Sum Assured, plus
- Accrued
simple reversionary bonuses, plus
- Final
additional bonus (if applicable)
The maturity amount can be used for:
- Retirement
planning
- Children’s
education or marriage
- Loan
repayment
- Long-term
savings goals
Bonus Structure in LIC Nav Jeevan Shree
Since this is a participating policy, LIC may declare
bonuses based on its performance.
Types of Bonuses:
- Simple
Reversionary Bonus
- Declared
annually
- Added
to the policy benefits
- Final
Additional Bonus
- Payable
at maturity or death
- Depends
on policy term and Sum Assured
Bonuses are not guaranteed but LIC has a long history
of consistently declaring bonuses.
Riders Available with LIC Nav Jeevan Shree
To enhance protection, LIC allows policyholders to add optional
riders by paying an extra premium.
Common LIC riders include:
- Accidental
Death and Disability Benefit Rider
- Accident
Benefit Rider
- Premium
Waiver Benefit Rider (subject to conditions)
Riders provide additional coverage but are optional and
subject to LIC’s rules at the time of purchase.
Loan Facility Under the Policy
LIC Nav Jeevan Shree offers a loan facility after the
policy acquires a surrender value.
Key Points:
- Loan
amount depends on the surrender value
- Interest
is charged on the loan
- Unpaid
loan amount is deducted from the claim payout
This feature provides liquidity in times of financial need.
Surrender Value of LIC Nav Jeevan Shree
If the policyholder decides to discontinue the policy after
a certain period, a surrender value may be payable.
Types of Surrender Value:
- Guaranteed
Surrender Value
- Special
Surrender Value (as decided by LIC)
Surrendering a policy early may result in lower returns,
so it is generally advised to continue till maturity.
Tax Benefits of LIC Nav Jeevan Shree 912
LIC Nav Jeevan Shree offers tax benefits under Indian income
tax laws, subject to prevailing rules.
Tax Benefits Include:
- Premium
paid may be eligible for deduction under Section 80C
- Maturity
and death benefits may be tax-exempt under Section 10(10D)
Tax laws may change, so policyholders should consult a tax
advisor for current applicability.
Who Should Buy LIC Nav Jeevan Shree?
This plan may be suitable for:
- Individuals
seeking safe, long-term savings
- People
who prefer guaranteed returns over market-linked plans
- First-time
insurance buyers
- Conservative
investors
- Those
planning for medium-term financial goals
Who Should Avoid This Plan?
This plan may not be ideal for:
- Investors
seeking high returns
- People
looking only for low-cost life cover (term insurance may be better)
- Individuals
comfortable with market-linked risks
LIC Nav Jeevan Shree vs Term Insurance
|
Feature |
Nav Jeevan Shree 912 |
Term Insurance |
|
Life Cover |
Yes |
Yes |
|
Savings |
Yes |
No |
|
Premium |
Higher |
Lower |
|
Maturity Benefit |
Yes |
No |
|
Risk Level |
Low |
Low |
Both have different objectives and should be chosen based on
financial goals.
Important Things to Consider Before Buying
Before purchasing LIC Nav Jeevan Shree, consider:
- Your
financial goals
- Affordability
of premiums
- Alternative
investment options
- Long-term
commitment
Always read the policy brochure and terms &
conditions carefully.
Disclaimer
This article is for educational and informational
purposes only. Policy features, benefits, and tax rules are subject to
change as per LIC of India and Government regulations. Readers are advised to
verify details from official LIC sources or consult a licensed insurance
advisor before making any purchase decision.
Final Thoughts
LIC’s Nav Jeevan Shree (Plan 912) is a traditional endowment
insurance plan that offers a balanced combination of protection and savings.
It is designed for individuals who value stability, guaranteed benefits, and
disciplined long-term savings.
While it may not deliver high returns like market-linked
plans, its strength lies in security, trust, and predictability, which
are essential elements of sound financial planning.
If you are looking for a reliable insurance plan backed by
India’s most trusted insurer, LIC Nav Jeevan Shree 912 can be a meaningful
addition to your financial portfolio—provided it aligns with your personal
goals and budget.