LIC Nav Jeevan Shree Plan 912: Policy Details & Complete Guide
Get complete details on the LIC Nav Jeevan Shree policy, including maturity benefits, eligibility, and tax advantages. Plan your future with expert guidance from Nila Safe Life Solutions.
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8/7/20268 min read
LIC Nav Jeevan Shree – Plan 912
Life is full of uncertainties, but your family’s financial security doesn’t have to be one of them. For Indian families, Life Insurance Corporation of India (LIC) has always been a symbol of trust, security, and long-term wealth creation. If you are looking for a reliable way to protect your loved ones while building a substantial savings corpus, understanding the details of the LIC Nav Jeevan Shree policy is the perfect place to start.
Whether you are a young professional starting your career, a parent planning for your child’s education, or someone looking toward a peaceful retirement, LIC Nav Jeevan Shree (Plan 912) offers a balanced combination of guaranteed protection and wealth accumulation. In this comprehensive guide, we will explore everything you need to know about this plan, its unique features, and how it can be a cornerstone of your family’s financial planning.
What is LIC Nav Jeevan Shree?
LIC Nav Jeevan Shree (Plan 912) is a traditional, participating, non-linked endowment life insurance plan. This means it is not linked to the stock market, ensuring that your hard-earned money remains secure from market volatility.
Purpose of the policy: The primary goal of this policy is to provide life protection and savings. It ensures that, in the unfortunate event of the policyholder’s demise, the family receives a guaranteed lump sum to maintain their standard of living. If the policyholder survives the policy term, they receive a maturity amount to fulfil their life goals.
Type of plan: Non-linked, participating, individual life insurance savings plan.
Main features: It offers regular premium payments, bonuses declared by LIC, customizable policy terms, and excellent liquidity through loan options.
Who it is designed for: This policy is designed for individuals who meet LIC’s eligibility requirements and seek safe, disciplined, long-term wealth creation, along with reliable life cover. It is ideal for salaried employees, business owners, and parents.
Key Features
Understanding the core features of this policy will help you see why it is a preferred choice for many Indian households:
Life Cover: Provides a guaranteed death benefit to the nominee, helping maintain the family’s financial stability in your absence.
Savings Element: Acts as a disciplined savings tool, helping you accumulate a large corpus over time.
Maturity Benefit: Offers a lump sum payout at the end of the policy term, including the basic sum assured and bonuses.
Death Benefit: Pays the sum assured on death along with vested simple reversionary bonuses and final additional bonus.
Bonus Eligibility: As a participating plan, it may earn annual simple reversionary bonuses and a final additional bonus.
Loan Facility: Offers a loan against the policy to help manage sudden financial emergencies without breaking the policy.
Tax Benefits: Premiums paid and maturity returns may be eligible for tax deductions under prevailing tax laws.
Riders: Optional add-on covers are available for enhanced protection.
Surrender Value: The policy acquires a guaranteed surrender value after a specific number of premiums have been paid.
Revival Options: Lapsed policies can be easily revived within a specific period (usually 5 years) from the date of the first unpaid premium.
Benefits of the Policy
Investing in LIC Nav Jeevan Shree comes with a multitude of advantages that go beyond basic life insurance:
Guaranteed Financial Security: The plan gives you peace of mind knowing your family will not face financial hardship if you are no longer around.
Wealth Creation for Life Goals: The maturity amount can support milestones such as a child’s higher education, marriage, or a home purchase.
Protection Against Market Volatility: Since it is a non-linked plan, your returns are not dependent on stock market fluctuations.
Liquidity When You Need It: The loan facility provides access to funds during emergencies without surrendering your life cover.
Customizable Planning: You can choose a policy term and premium frequency that align with your income cycle and financial goals.
Eligibility Criteria
Before investing, it is important to check whether you meet LIC’s eligibility requirements for this plan.
Premium Details
LIC has designed this plan to be highly flexible, but you should first confirm that you meet the eligibility requirements.
Premium Payment Options: You can choose to pay premiums yearly, half-yearly, quarterly, or monthly through NACH or salary deduction.
Factors Affecting Premium: Your premium amount will depend on your age at entry, the chosen Basic Sum Assured, the chosen Policy Term, and any additional riders you select.
The chosen Basic Sum Assured.
The chosen Policy Term.
Any additional riders you select.
LIC also offers rebates on high sum-assured amounts and for choosing yearly or half-yearly premium payment modes, making the plan more cost-effective.
Policy Benefits Explained
Let us break down the exact financial benefits you and your family stand to receive:
Death Benefit: If the policyholder passes away during the policy term, the nominee receives the Sum Assured on Death plus vested simple reversionary bonuses and final additional bonus, if any. This provides immediate financial relief.
Maturity Benefit: On surviving the policy term, the policyholder receives the basic sum assured along with accumulated simple reversionary bonuses and the final additional bonus.
Bonus System: LIC shares its profits with participating policyholders through an annual simple reversionary bonus. Depending on the term and performance, an additional final bonus may also be paid at maturity or upon death.
Riders Available
To customise your protection, you can explore LIC Nav Jeevan Shree riders and add‑on covers. These are optional benefits you can attach to your base policy for a small extra premium:
LIC’s Accidental Death and Disability Benefit Rider provides an additional lump sum if death occurs due to an accident and support in case of permanent disability.
LIC’s New Term Assurance Rider offers an extra death benefit, increasing the total payout to your family.
LIC’s Premium Waiver Benefit Rider: Highly recommended if the policy is bought for a minor. If the premium-paying parent dies, all future premiums are waived, and the policy continues with all benefits intact.
Tax Benefits
One of the biggest advantages of investing in this policy is the tax relief it offers.
Premium Deductions: The premiums you pay provide LIC Nav Jeevan Shree tax benefits under Section 80C of the Income Tax Act, allowing you to claim deductions up to ₹1.5 Lakhs per financial year.
Tax-Free Returns: The maturity amount, death benefit, and bonuses received are generally entirely tax-free under Section 10(10D) of the Income Tax Act.
(Note: Tax laws are subject to change. Always consult your financial advisor or CA for the latest updates.
How to Buy the Policy
Purchasing this plan is a straightforward process when guided by a professional.
Buying through an LIC Agent:
The best way to buy this policy is through a trusted, authorised LIC agent, such as Sundhari S (Mahila Career Advisor). An advisor will:
Analyse your financial needs.
Suggest the right Sum Assured and Policy Term.
Help you fill out the proposal form.
Ensure smooth processing and quick policy issuance.
Documents Required:
Identity Proof (Aadhaar Card, PAN Card, Passport)
Address Proof (Aadhaar, Utility Bill)
Income Proof (Salary Slips, ITR – required for high sum assured)
Recent Passport-Size Photographs
Bank details (Cancelled Cheque for NEFT mandate)
Medical Examination: Depending on your age and the chosen Sum Assured, LIC may require a standard medical check-up, which is typically arranged by the corporation.
Real-Life Example
Let’s look at a practical example using a simplified LIC Nav Jeevan Shree maturity calculator concept for India.
Customer Profile: Mr Ramesh, a 30-year-old salaried employee, wants to build a retirement corpus while protecting his family.
Sum Assured Chosen: ₹10,00,000
Policy Term: 25 Years
Premium Paying Term: 25 Years
Approximate Annual Premium: ₹39,500 (plus applicable taxes)
Likely Benefits:
Total Premium Paid over 25 Years: Approx. ₹9,87,500
Guaranteed Life Cover: ₹10,00,000 + accumulated bonuses from day one.
Expected Maturity Return: At age 55, Mr Ramesh will receive the Basic Sum Assured (₹10,00,000) + Accumulated Bonuses over 25 years + Final Additional Bonus. Depending on LIC’s bonus rates, the maturity amount can be significantly higher than the premiums paid, providing him with a robust retirement fund.
(Disclaimer: Bonuses are not guaranteed and depend on LIC’s future experience. The above is an illustrative example.
LIC Nav Jeevan Shree Maturity Calculator
Below is a simple interactive calculator you can use right here on our website to estimate how this policy works. It is pre-configured to show a result for a standard ₹5,00,000 policy over 20 years.
Advantages and Limitations
When comparing LIC Nav Jeevan Shree vs other endowment plans, it helps to have a clear view of its pros and cons.
Who Should Buy This Policy?
This policy is an incredibly versatile financial instrument suitable for:
Salaried Employees: LIC Nav Jeevan Shree is perfect for salaried employees, creating a disciplined monthly savings habit through salary deductions while saving tax under section 80C.
Parents: Use this plan to align with your children’s future milestones, like their college education or marriage.
Middle-Class Families: Excellent LIC Nav Jeevan Shree for family financial planning, offering guaranteed peace of mind without the stress of market risks.
Self-Employed Individuals: Helps in creating a secure retirement corpus independent of business fluctuations.
First-Time Insurance Buyers: With its simple structure and guaranteed safety, it is the safest first step into life insurance.
Important Points to Consider Before Buying
To maximise the benefits of this plan, keep these tips in mind to avoid common LIC Nav Jeevan Shree investment mistakes:
Choose the Right Term: Explore various LIC Nav Jeevan Shree policy term options. Ensure the term matches the timeline of your financial goals (e.g., if your child is 5, choose a 15-year term for their higher education).
Understand Surrender Rules: Familiarise yourself with the LIC Nav Jeevan Shree surrender value rules. Surrendering an endowment policy in the early years usually results in a loss of the premiums paid. Always view this as a long-term commitment.
Know Your Loan Limits: The LIC Nav Jeevan Shree loan facility explained simply: you can usually take a loan up to 90% of the surrender value for active policies, ensuring you never have to break your investment prematurely.
Never Hide Medical History: Always declare your medical history honestly during the application process to ensure smooth claim settlements for your family in the future.
Frequently Asked Questions
1. Can I pay the premium monthly?
Yes, you can easily pay premiums monthly using the NACH (bank auto-debit) facility, making it very budget-friendly.
2. What happens if I miss a premium payment?
LIC provides a grace period (15 days for monthly mode, 30 days for others). If you still miss it, the policy lapses. However, you can revive it within 5 years by paying the pending premiums with interest.
3. Is LIC Nav Jeevan Shree linked to the stock market?
No, it is a traditional participating plan. Your returns are based on LIC’s declared bonuses, not the stock market, keeping your money 100% safe.
4. Can I take a loan on this policy?
Yes, a loan can be availed once the policy acquires a surrender value, which usually happens after paying premiums for two full years.
5. How is the maturity amount paid out?
The maturity amount is paid as a single tax-free lump sum directly into your registered bank account at the end of the policy term.
Conclusion
LIC Nav Jeevan Shree (Plan 912) is more than just a life insurance policy; it is a promise of security, stability, and growth. By blending comprehensive life cover with disciplined savings compounding, it serves as a robust financial shield for Indian families. Whether you are looking to save tax, build a retirement corpus, or secure your child’s future, this plan offers a reliable and stress-free pathway to achieve your goals.
Secure Your Family’s Financial Future Today
Choosing the right life insurance is one of the most important financial decisions you will ever make. You do not have to navigate it alone. For personalised LIC insurance guidance, expert financial planning, and tailored insurance solutions, reach out today. Let us help you design a secure tomorrow for you and your loved ones.
Contact for Free Consultation & Planning:
Agent: Sundhari S
Designation: Mahila Career Advisor – LIC Tindivanam
Agency/Website: Nila Safe Life Solutions
Phone / WhatsApp: 9865822106
Disclaimer: The information provided in this article is for educational and informational purposes only. Insurance is a subject matter of solicitation. Please read the policy document carefully and consult with an expert financial advisor before purchasing any insurance policy or making investment decisions.
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