LIC’s Nav Jeevan Shree
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LIC’s Nav Jeevan Shree
LIC's Nav Jeevan Shree is a Non-Par, Non-Linked, Life, Individual, Savings under a single premium payment plan with Guaranteed Additions.
Key Features:
✅ Single Premium Payment: Pay only once and get life cover for the entire policy term.
✅ Guaranteed Sum Assured: A lump sum payout at maturity or on death with Guaranteed Addition at the rate of Rs. 85 per Rs. 1000/-
Basic Sum Assured throughout the Policy Term..
✅ Bonus Participation: Eligible to receive Simple Reversionary Bonuses and Final Additional Bonus, if any, declared by LIC.
✅ Flexible Policy Terms: Choose a policy term that suits your financial goals (10 to 25 years).
✅ Loan Facility: Policy loan available after a specific period.
Benefits:
🔹 Death Benefit: In case of the policyholder’s unfortunate demise during the policy term, the nominee will receive the Higher of Sum Assured/1.25 times of Single premium along with Simple Reversionary Bonuses and Final Additional Bonus, if any.
🔹 Maturity Benefit: On survival till the end of the policy term, the Sum Assured along with Simple Reversionary Bonuses and Final Additional Bonus, if any shall be payable.
🔹 Tax Benefits: Premium paid and benefits received may be eligible for tax benefits as per prevailing tax laws.
Eligibility Criteria:
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Minimum Entry Age: 30 days (completed)
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Maximum Entry Age: 60 years (nearer birthday) under Option I 40 years (nearer birthday) under Option II
65 years (nearer birthday) minus Policy Term, in case of policies procured through POSP-LI/CPSC-SPV. -
Maximum maturity age: 75 years (nearer birthday) under Option I 60 years (nearer birthday) under Option II
65 years (nearer birthday), in case of policies procured through POSP-LI/CPSC-SPV. -
Minimum age at Maturity: 18 years (completed)
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Minimum Sum Assured: ₹100,000/-
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Maximum Sum Assured: No limit (subject to underwriting)
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Policy Term: Minimum 5 years and Maximum 20 years.
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Date of commencement of risk: In case the age of Life Assured at entry is less than 8 years, risk will commence after 2 years from the date of commencement of policy.
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Rider Benefits: i. LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02). ii. LIC’s New Term Assurance Rider (UIN: 512B210V02)
Why Choose This Plan?
This plan is suitable for those looking for a one-time investment option with guaranteed returns and life cover protection. It is an ideal choice for securing future financial needs and building a disciplined savings corpus in a single step.