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LIC’s Nav Jeevan Shree – Single Premium (Plan No. 911):
Complete Guide, Benefits, Returns & Eligibility
Introduction
Life Insurance Corporation of India (LIC) is one of the most
trusted and widely recognized insurance providers in India. Over the decades,
LIC has introduced various life insurance and savings-oriented plans to meet
the diverse financial needs of individuals. One such plan is LIC’s Nav
Jeevan Shree – Single Premium (Plan No. 911).
This policy is designed for individuals who want to make a one-time
investment and enjoy life insurance coverage along with guaranteed
maturity benefits. It is particularly suitable for those who prefer
simplicity, low maintenance, and assured returns without the hassle of
recurring premium payments.
In this detailed guide, we will cover everything you need to
know about LIC’s Nav Jeevan Shree (Plan 911), including features, benefits,
eligibility criteria, maturity value, surrender rules, tax benefits, and
whether this policy is right for you.
What Is LIC’s Nav Jeevan Shree – Single Premium (Plan No.
911)?
LIC’s Nav Jeevan Shree is a non-linked,
non-participating, individual, single premium life insurance plan. This
means:
- Non-linked:
It is not linked to the stock market
- Non-participating:
No bonuses are declared
- Single
premium: Premium is paid only once
- Guaranteed
benefits: Benefits are predefined and assured
The plan offers life insurance protection during the
policy term and a guaranteed lump sum payout on maturity, provided
the policyholder survives the policy term.
Key Objectives of LIC Nav Jeevan Shree (Plan 911)
The main objectives of this policy are:
- To
provide financial security through life insurance cover
- To
offer guaranteed maturity benefits
- To
enable one-time investment with long-term benefits
- To
ensure peace of mind with predictable returns
Key Features of LIC’s Nav Jeevan Shree – Plan 911
1. Single Premium Payment
The policyholder pays the premium only once at policy
inception. There are no future premium obligations, making it easy to
manage.
2. Guaranteed Maturity Benefit
On survival till the end of the policy term, the
policyholder receives a Guaranteed Maturity Amount, which includes:
- Basic
Sum Assured
- Guaranteed
Additions (if applicable)
3. Life Insurance Coverage
If the policyholder dies during the policy term, the nominee
receives a death benefit, ensuring financial protection for the family.
4. Fixed Policy Term Options
The plan offers predefined policy terms, allowing
individuals to choose a duration that aligns with their financial goals.
5. No Market Risk
Since the policy is non-linked, returns are not affected
by market volatility, making it a safe investment option.
Eligibility Criteria
Minimum and Maximum Entry Age
- Minimum
Entry Age: 18 years
- Maximum
Entry Age: As specified by LIC at the time of policy purchase (varies
by policy term)
Policy Term
- Fixed
terms as notified by LIC (for example, 10 years, 15 years, etc.)
Minimum Sum Assured
- As
per LIC guidelines (varies from time to time)
Premium Details
Since this is a single premium plan, the premium
amount depends on:
- Age
of the policyholder
- Policy
term selected
- Sum
Assured
- Applicable
GST and taxes
There are no recurring payments, which makes it
suitable for individuals with surplus funds.
Benefits of LIC Nav Jeevan Shree – Plan 911
1. Death Benefit
In case of the policyholder’s death during the policy term,
the nominee receives the Death Benefit, which is generally the higher
of:
- Basic
Sum Assured
- Guaranteed
Death Benefit amount (as defined in policy terms)
This ensures financial stability for the family.
2. Maturity Benefit
If the policyholder survives the policy term, the Maturity
Benefit is paid, which includes:
- Basic
Sum Assured
- Guaranteed
Additions (if applicable)
The maturity amount is paid as a lump sum, making it
useful for retirement planning, children’s education, or other long-term goals.
3. Guaranteed Returns
Unlike market-linked products, this plan provides certainty
of returns, which is ideal for risk-averse individuals.
4. Loan Facility
After completion of a specified period, policyholders may be
eligible for a loan against the policy, subject to LIC rules.
5. Tax Benefits
Policyholders can avail tax benefits as per prevailing
income tax laws.
- Premium
Paid: Eligible for deduction under Section 80C
- Maturity/Death
Benefit: Generally tax-free under Section 10(10D) (subject to
conditions)
Disclaimer: Tax benefits are subject to changes in tax laws.
Consult a tax advisor for accurate information.
Guaranteed Additions Explained
Some versions of the plan may offer Guaranteed Additions,
which are added to the policy value at a predefined rate.
Key points:
- Guaranteed
Additions are fixed and declared at policy inception
- They
are payable along with maturity or death benefit
- They
enhance the overall return of the policy
Surrender Value
When Can You Surrender the Policy?
The policy can be surrendered after completion of a
minimum policy duration, as specified by LIC.
What Happens on Surrender?
- The
policyholder receives a Guaranteed Surrender Value or Special Surrender
Value, whichever is higher
- Surrender
value is lower than maturity value, especially in early years
Surrendering the policy early may lead to financial loss,
so it should be considered carefully.
Free Look Period
LIC provides a Free Look Period, usually of 15
days (or 30 days for policies purchased online).
During this period:
- The
policyholder can review terms and conditions
- If
dissatisfied, the policy can be returned
- Premium
is refunded after deducting applicable charges
Who Should Buy LIC Nav Jeevan Shree (Plan 911)?
This plan is suitable for:
- Individuals
with lump sum funds
- Risk-averse
investors
- People
looking for guaranteed returns
- Those
who prefer simple insurance-cum-savings plans
- Individuals
planning for medium to long-term goals
Who Should Avoid This Plan?
This plan may not be ideal for:
- Investors
seeking high market-linked returns
- Individuals
who prefer short-term liquidity
- People
looking for pure term insurance at low cost
LIC Nav Jeevan Shree vs Term Insurance
|
Feature |
Nav Jeevan Shree (911) |
Term Insurance |
|
Premium |
One-time |
Regular |
|
Returns |
Guaranteed |
No maturity benefit |
|
Risk |
Low |
Low |
|
Coverage Cost |
Higher |
Very low |
|
Purpose |
Savings + Insurance |
Pure protection |
LIC Nav Jeevan Shree vs Fixed Deposit
|
Feature |
LIC Plan 911 |
Bank FD |
|
Life Cover |
Yes |
No |
|
Returns |
Guaranteed |
Guaranteed |
|
Tax Benefit |
Yes |
Limited |
|
Liquidity |
Low |
Medium |
|
Tenure |
Fixed |
Flexible |
Important Policy Exclusions
- Death
due to suicide within a specified period
- Fraud
or misrepresentation
- Policy
lapses due to non-compliance
Always read the policy brochure and terms &
conditions carefully before investing.
Frequently Asked Questions (FAQs)
1. Is LIC Nav Jeevan Shree a good investment?
It is a good option for individuals seeking safe,
guaranteed returns with life insurance coverage.
2. Is this plan market-linked?
No. It is a non-linked plan, so returns are not
affected by stock market fluctuations.
3. Can I take a loan against this policy?
Yes, subject to LIC’s loan rules and policy conditions.
4. Is the maturity amount taxable?
Generally, maturity benefits are tax-free under Section
10(10D), subject to prevailing tax laws.
5. Can NRIs buy this plan?
Eligibility depends on LIC’s NRI policy guidelines at the
time of purchase.
Things to Consider Before Buying
- Compare
with other LIC and non-LIC plans
- Understand
lock-in and surrender conditions
- Assess
your liquidity needs
- Align
the policy term with your financial goals
Final Verdict: Should You Invest in LIC Nav Jeevan Shree
(Plan No. 911)?
LIC’s Nav Jeevan Shree – Single Premium (Plan 911) is a safe,
stable, and predictable insurance-cum-investment plan. It is best suited
for individuals who want peace of mind, guaranteed returns, and life
coverage without worrying about recurring premiums.
While it may not generate high returns like equity-based
products, it excels in security, reliability, and simplicity—qualities
that many conservative investors value highly.
Disclaimer
This article is for educational and informational
purposes only. Policy features, benefits, and tax laws may change over
time. Always refer to the official LIC policy document or consult a licensed
insurance advisor before making any financial decision.