LIC's Nav Jeevan Shree - Single Premium (Plan No. 911)
A Single Premium, Non-Linked, Non-Participating, Individual Life Insurance Savings Plan that offers guaranteed benefits and financial protection with a one-time payment.
About This Policy
LIC's Nav Jeevan Shree - Single Premium (Plan 911) is designed for individuals who wish to pay a premium once and secure long-term protection and guaranteed returns. As a non-participating plan, its benefits are fixed and not dependent on LIC's profits. The policy accrues Guaranteed Additions at a rate of ₹85 per ₹1,000 of Basic Sum Assured at the end of every policy year, significantly boosting the final maturity and death payout. It offers two death benefit options at inception to suit different protection needs.
Key Features
Policy Benefits
Death Benefit
Sum Assured on Death + Accrued Guaranteed Additions. The 'Sum Assured on Death' depends on the option chosen at inception: * **Option I:** Higher of (1.25 times of Tabular Single Premium) or (Basic Sum Assured). * **Option II:** 10 times of Tabular Single Premium.
Maturity Benefit
Sum Assured on Maturity (equal to Basic Sum Assured) + Accrued Guaranteed Additions.
Survival Benefit
Not applicable (Maturity Benefit is paid on survival).
Tax Benefits
Premiums paid qualify for deduction under Sec 80C. Maturity/Death benefit is tax-free under Sec 10(10D).