Endowment Plans
LIC's Nav Jeevan Shree (912)
Limited-pay savings plan with yearly Guaranteed Additions and life cover
- Entry age
- 30 days (completed) to 60 years (nearer birthday) for PPT 6, 8 and 10; 59 years for PPT 12; 57 years for PPT 15. Through POSP-LI/CPSC-SPV: 65 years minus policy term.
- Policy term
- 10 to 20 years (PPT 6: 10-20; PPT 8 and 10: 15-20; PPT 12: 16-20; PPT 15: 18-20)
- Premium paying term
- Limited: 6, 8, 10, 12 or 15 years
- Min. sum assured
- ₹5,00,000
Plan overview
LIC's Nav Jeevan Shree is a non-participating, limited premium endowment plan that combines life cover with savings. You pay premiums for 6, 8, 10, 12 or 15 years, and Guaranteed Additions build up every year, so the maturity and death benefits are fixed at the start. It suits people who want a predictable lump sum for future goals without market or bonus uncertainty.
New to endowment plans? Read our simple guide: What Is an Endowment Plan? A Simple Guide →Key benefits
- Pay premiums for only 6, 8, 10, 12 or 15 years; policy term of 10 to 20 years
- Guaranteed Additions of 8.50% to 9.50% of Total Tabular Annual Premium paid, added every policy year
- Two death cover options: higher of Basic Sum Assured or 7 / 10 times the annual premium
- Death benefit is never less than 105% of total premiums paid
- Extra Guaranteed Additions for high sum assured, online purchase and existing LIC policyholders
- Maturity and death benefit can be taken in instalments over 5, 10 or 15 years
- Entry from 30 days of age, so it can be taken for children too
Eligibility at a glance
- Plan number
- 912
- UIN
- 512N387V02
- Plan type
- Non-Par, Non-Linked, Life, Individual, Savings Plan
- Entry age
- 30 days (completed) to 60 years (nearer birthday) for PPT 6, 8 and 10; 59 years for PPT 12; 57 years for PPT 15. Through POSP-LI/CPSC-SPV: 65 years minus policy term.
- Maximum maturity age
- 75 years (nearer birthday); 65 years through POSP-LI/CPSC-SPV
- Policy term
- 10 to 20 years (PPT 6: 10-20; PPT 8 and 10: 15-20; PPT 12: 16-20; PPT 15: 18-20)
- Premium paying term
- Limited: 6, 8, 10, 12 or 15 years
- Minimum sum assured
- ₹5,00,000
- Maximum sum assured
- No limit (subject to underwriting); Sum Assured on Death up to ₹25 lakh through POSP-LI/CPSC-SPV
- Premium payment modes
- Yearly, Half-yearly, Quarterly, Monthly (NACH only), Salary deduction
How the plan works
LIC's Nav Jeevan Shree (Plan 912) is a non-participating, non-linked limited premium endowment plan. You choose a premium paying term (PPT) and a policy term, and pay premiums only for the PPT while cover continues for the full policy term. Because it is a non-par plan, all death and maturity benefits are fixed at the outset and the policy does not share in bonuses or surplus. Instead, Guaranteed Additions are added at the end of every policy year.
| Premium paying term | Policy term allowed | Maximum entry age (nearer birthday) |
|---|---|---|
| 6 years | 10 to 20 years | 60 years |
| 8 years | 15 to 20 years | 60 years |
| 10 years | 15 to 20 years | 60 years |
| 12 years | 16 to 20 years | 59 years |
| 15 years | 18 to 20 years | 57 years |
- Minimum entry age: 30 days (completed); minimum maturity age 18 years (completed); maximum maturity age 75 years (nearer birthday).
- Minimum Basic Sum Assured: ₹5,00,000, in multiples of ₹10,000. No upper limit, subject to underwriting.
- For a child under 8 years at entry, risk cover starts 2 years from policy commencement or from the policy anniversary on or after age 8, whichever is earlier. The policy vests in the child at age 18.
Guaranteed Additions
For an in-force policy, Guaranteed Additions accrue at the end of each policy year as a percentage of the Total Tabular Annual Premium paid:
| Policy term | Rate of Guaranteed Additions |
|---|---|
| 10 to 13 years | 8.50% |
| 14 to 17 years | 9.00% |
| 18 to 20 years | 9.50% |
Once all premiums for the PPT are paid, Guaranteed Additions keep accruing until maturity at the in-force rate. The rate is increased further by any incentives you qualify for (see Other key terms).
Death benefit
At the start you choose one of two "Sum Assured on Death" options. The choice affects premium and cannot be changed later.
| Option | Sum Assured on Death |
|---|---|
| Option I | Higher of 7 times the annual premium (Tabular Annual Premium x modal factor) or Basic Sum Assured |
| Option II | Higher of 10 times the annual premium (Tabular Annual Premium x modal factor) or Basic Sum Assured |
If the life assured dies during the policy term after risk has started, the nominee receives the Sum Assured on Death plus accrued Guaranteed Additions. The Guaranteed Addition for the year of death is counted for the full year. The death benefit will not be less than 105% of total premiums paid till death.
For a child aged below 8 at entry who dies before risk starts, the premiums paid (excluding taxes, extra premium and rider premium) are returned without interest.
Maturity benefit
If the life assured survives to the end of the policy term and the policy is in force, LIC pays the Basic Sum Assured (Sum Assured on Maturity) plus all accrued Guaranteed Additions.
Optional riders
Available on payment of extra premium (not available for policies bought through POSP-LI/CPSC-SPV). You can take either of the two accident riders, plus the other two subject to eligibility:
- LIC's Accidental Death and Disability Benefit Rider (UIN: 512B209V02)
- LIC's Accident Benefit Rider (UIN: 512B203V03)
- LIC's New Term Assurance Rider (UIN: 512B210V02) - at inception only
- LIC's Premium Waiver Benefit Rider (UIN: 512B204V04) - on the proposer's life where the life assured is a minor
Total rider premiums cannot exceed 30% of the base plan premium.
Loan, surrender & revival
Loan: Available after the first policy year once at least one full year's premium is paid, within the surrender value.
| Policy status | Before 2 full years' premiums | After 2 full years' premiums |
|---|---|---|
| In-force | 50% of surrender value | 80% of surrender value |
| Paid-up | 40% of surrender value | 70% of surrender value |
The loan interest rate for loans sanctioned between 1 May 2025 and 30 April 2026 is 9.50% p.a., compounded half-yearly.
Surrender: You can surrender after the first policy year if at least one full year's premium is paid. Special Surrender Value applies from then; the Guaranteed Surrender Value is acquired after two full years' premiums. LIC pays the higher of the two.
Paid-up: If premiums stop after at least one full year's premium, the policy continues as paid-up with proportionately reduced sum assured and reduced Guaranteed Additions.
Revival: A lapsed policy can be revived within 5 consecutive years from the first unpaid premium (and before maturity) by paying arrears with interest, subject to continued insurability. The revival interest rate for 1 May 2025 to 30 April 2026 is 9.50% p.a., compounded half-yearly.
Other key terms
- Grace period: 30 days for yearly, half-yearly and quarterly modes; 15 days for monthly.
- Free-look period: 30 days from receipt of the policy document.
- Settlement option: Maturity benefit can be received in instalments over 5, 10 or 15 years (minimum instalment ₹5,000 monthly, ₹15,000 quarterly, ₹25,000 half-yearly, ₹50,000 yearly).
- Death benefit in instalments: The policyholder can choose for the nominee to receive the death benefit over 5, 10 or 15 years.
- High sum assured incentive: Extra Guaranteed Additions from 0.07% to 0.40% of Total Tabular Annual Premium for Basic Sum Assured of ₹7,00,000 and above, depending on PPT.
- Online purchase incentive: Extra 0.75% (PPT 6 and 8), 1.25% (PPT 10 and 12) or 1.35% (PPT 15) when bought online without an agent.
- Existing policyholder / nominee incentive: Extra 0.05% to 0.15% depending on PPT.
- Suicide exclusion: Within 12 months of risk commencement, 80% of premiums paid is payable (not applicable if entry age is below 8).
- POSP-LI/CPSC-SPV purchases: 90-day waiting period for non-accidental death, no riders, maximum Sum Assured on Death ₹25 lakh.
Who should buy LIC's Nav Jeevan Shree?
- Savers who want a fixed, known maturity amount rather than bonus-linked returns
- Earners who prefer to finish paying premiums in a short span of 6 to 15 years
- Parents planning a lump sum for a child's future (entry from 30 days of age)
- Existing LIC policyholders and nominees of deceased policyholders, who get extra Guaranteed Additions
- Anyone wanting savings along with life cover of at least 7 times the annual premium
Frequently asked questions
How many years do I need to pay premiums under LIC Nav Jeevan Shree 912?
You choose a premium paying term of 6, 8, 10, 12 or 15 years. Cover continues for the full policy term, which can be 10 to 20 years depending on the PPT.
What are the Guaranteed Additions under this plan?
For an in-force policy, Guaranteed Additions accrue at the end of each policy year at 8.50% (term 10-13 years), 9.00% (term 14-17 years) or 9.50% (term 18-20 years) of the Total Tabular Annual Premium paid. Extra rates apply for high sum assured, online purchase and existing policyholders.
What is the minimum sum assured and entry age?
The minimum Basic Sum Assured is ₹5,00,000 in multiples of ₹10,000, with no upper limit. Entry age is from 30 days up to 60 years (nearer birthday) for PPT 6, 8 and 10; lower for PPT 12 and 15.
What does my family get if I die during the policy term?
The nominee gets the Sum Assured on Death (based on Option I or II) plus accrued Guaranteed Additions. This is never less than 105% of total premiums paid.
Does this plan pay bonus?
No. It is a non-par plan, so it does not get bonuses. Benefits are fixed through Guaranteed Additions instead.
Can I take a loan against this policy?
Yes, after the first policy year once at least one full year's premium is paid. You can borrow up to 50% of the surrender value (80% after two full years' premiums) for in-force policies.