In July 2025, Sat Pal Bhanoo, Chief Executive Officer (CEO) & Managing Director (MD) (In-Charge) of Mumbai (Maharashtra) based Life Insurance Corporation of India (LIC) has launched two non-par, non-linked individual plans namely, Nav Jeevan Shree and Nav Jeevan Shree Single Premium.
- These new offerings are a combination of savings and protection features designed to cater financial requirements of buyers at various stages of life.
- Apart from these two new offerings, LIC has launched the Critical Illness Health Rider, a non-linked, individual health rider that can be integrated to eligible base plans. It offers financial support upon diagnosis of pre-specified critical illnesses.
Key Points:
i.LIC’s Nav Jeevan Shree (Plan 912) is designed to cater to the all needs of individuals, who aspire to fulfill their dreams, goals, responsibilities as well as to provide security.
ii.While, LIC’s Nav Jeevan Shree Single Premium (Plan 911), a single premium policy is meant to build corpus and to offer life insurance.
iii.For both plans, minimum age at entry should be 30 days (completed) while, maximum age should be 60 years.
iv.For both plans, minimum maturity age at maturity should be 18 years (completed) and maximum age at maturity should be 75 years.
v.Both these plans can be purchased offline through licensed agents, corporate agents, brokers, insurance marketing firms, Point of Sale Person’s-Life Insurance (POSP-LI) as well as online directly through LlC official website.
Key Features of Nav Jeevan Shree Plan (912):
i.LIC’s Nav Jeevan Shree (912) is an endowment plan that provides guaranteed additions of 8.5% to 9.5% of the annual premium.
- LIC has also clarified that the actual rate of the guaranteed additions is based on the term of the policy.
ii.Premiums can be paid for 6, 8, 10 and 12 years depending on the term of the plan.
iii.The minimum term of the plan is 10 years while the maximum term is 20 years. It offers flexibility to its buyers by giving them an option to pay premiums for 6,8,10 and 12 years which further depends on the term of the plan.
iv.Under this plan, the minimum basic sum assured is Rs 5 lakh while there is no maximum limit, subject to board approved underwriting policy.
v.Offers flexibility to select from two ‘Sum Assured on Death’ options at the time of policy inception, based on individual risk coverage needs.
Key Features of Nav Jeevan Shree Single Premium (Plan 911):
i.Under this single premium plan, guaranteed additions will accrue at the rate of Rs 85 per Rs 1,000 basic sum assured at the end of each policy year from the inception till the end of policy term.
ii.The minimum policy term for this plan is 5 years while the maximum term is 20 years.
iii.The minimum basic sum assured is Rs 1 lakh while there is no maximum limit, subject to board approved underwriting policy.
iv.The policy can be surrendered at any point during its term, with the policyholder receiving the higher amount between the Guaranteed Surrender Value and the Special Surrender Value.
v.Offers flexibility to select from two ‘Sum Assured on Death’ options at the time of policy inception, based on individual risk coverage needs.
About LIC’s Critical Illness Health Rider:
i.It aims to reduce financial burden in case the Life Assured is diagnosed as suffering from any of the 15 pre-specified critical illnesses, provided policy and rider are active.
ii.Minimum age at entry should be 18 years (completed) while, maximum age should be 65 years.
iii.Under this new offering of LIC, the minimum basic sum assured is Rs 1 lakh.
- While, maximum sum assured is an amount equal to the sum assured on death under the base plan but is required to not exceed an overall limit of Rs 25 lakh critical illness sum assured taking all existing policies of the Life Assured under this rider and the critical illness sum assured under the new proposal into consideration.
About Life Insurance Corporation of India (LIC):
LIC is a statutory corporation fully owned by the Government of India(GoI). It was established under the LIC Act of 1956.
Chief Executive Officer (CEO) & Managing Director (MD) – Sat Pal Bhanoo(Additional-Charge)
Headquarters- Mumbai, Maharashtra
Established- 1956
