LIC's Nav Jeevan Shree Plan 912 Calculator
Non-Par, Non-Linked, Life, Individual, Savings Plan (UIN: 512N387V01)
📊 Policy Illustration
Year-wise Benefit Illustration
| Year | Age | Premium Paid | GA Accrued | Total GA | Death Benefit |
|---|
Insurance is an essential part of financial planning, offering protection and assured savings. When it comes to reliable life insurance in India, LIC (Life Insurance Corporation of India) is a trusted name. One of its newest offerings is the LIC Nav Jeevan Shree Plan 912, designed for those seeking a safe and flexible way to combine life cover with guaranteed savings.
What is LIC Nav Jeevan Shree Plan 912?
LIC Nav Jeevan Shree Plan 912 is a limited premium, non-linked, non-participating endowment plan introduced by LIC. It is a plan where the policyholder pays premiums for a limited duration but receives life cover and benefits for a longer policy term.
The key features include:
- Premium Payment Term (PPT): Choose to pay premiums for 6, 8, 10, or 12 years.
- Policy Term: Ranges from 10 to 20 years, based on the premium payment term.
- Guaranteed Additions: A fixed percentage of the annual premium is added to the policy every year.
- Life Cover: Death benefit is payable as per the chosen option by the policyholder.
- Flexible Payout Options: Maturity and death benefits can be paid as lump sums or installments.
- Loan Facility: The policyholder can avail loans against this policy during the term.
- Minimum Entry Age: 30 days; Maximum Entry Age: 60 years (depending on the PPT and policy term).
- Minimum Sum Assured: ₹5,00,000 with no upper limit.
The plan is designed to help policyholders accumulate savings with guaranteed additions while providing life insurance protection for their family.
Why Choose LIC Nav Jeevan Shree Plan 912?
This plan is ideal for individuals looking for:
- Guaranteed Savings: The plan offers a guaranteed addition to the sum assured every year, giving a predictable growth in the policy value.
- Limited Premium Payment: Unlike traditional plans with premiums payable throughout the policy term, here you can pay premiums for a short period and remain covered for a longer duration.
- Flexibility in Terms: You can customize your policy term and premium payment duration depending on your financial capacity.
- Life Cover with Security: Your family gets assured financial support in case of death.
- Option for Payouts in Installments: Beneficiaries have the flexibility to receive death benefits in installments, easing financial management.
- Loan Facility: Helps in emergencies without breaking your savings plan.
Features and Benefits of LIC Nav Jeevan Shree Plan 912
Guaranteed Additions
One of the standout benefits of this plan is the guaranteed additions credited annually on the premiums paid. It does not depend on market fluctuations, offering a reliable savings growth. The guaranteed addition percentage depends on the policy term as below:
| Policy Term (Years) | Guaranteed Addition (% of Annual Premium) |
|---|---|
| 10 to 13 | 8.5% |
| 14 to 17 | 9.0% |
| 18 to 20 | 9.5% |
These additions are accumulated and paid either on maturity or in the event of death during the policy term.
Death Benefit Options
The plan offers two options regarding the death benefit payout to suit the policyholder’s financial goals:
- Option 1: The death benefit payable is the higher of 7 times the annual premium or the basic sum assured.
- Option 2: The death benefit payable is the higher of 10 times the annual premium or the basic sum assured.
Additionally, death benefits can be received as:
- A lump sum amount
- Installments payable over 5, 10, or 15 years (this installment payout can be chosen at inception or during the policy term).
Maturity Benefit
On survival till the end of the policy term, the policyholder receives:
- The basic sum assured
- Guaranteed additions accrued over the years
The total maturity benefit is the sum of the above amounts.
Premium Payment Flexibility
Policyholders can choose to pay premiums annually for 6, 8, 10, or 12 years based on their budget and needs. The policy term extends beyond the premium payment term, up to 20 years.
Loan Facility
The policyholder can avail loans against the policy after a stipulated period, providing financial liquidity in emergencies.
Tax Benefits
Premiums paid and benefits received are eligible for tax benefits under prevailing Indian tax laws, subject to conditions.
LIC Nav Jeevan Shree Plan 912 Eligibility and Terms
| Criteria | Details |
|---|---|
| Minimum Entry Age | 30 days |
| Maximum Entry Age | 60 years (varies with PPT) |
| Policy Term | 10 to 20 years |
| Premium Payment Term (PPT) | 6, 8, 10, or 12 years |
| Minimum Sum Assured | ₹5,00,000 |
| Maximum Sum Assured | No limit |
Benefits Summary Table
| Benefit | Details |
|---|---|
| Premium Payment Term | 6, 8, 10, or 12 years |
| Policy Term | Up to 20 years |
| Guaranteed Additions Rate | 8.5% – 9.5% of annual premium depending on term |
| Death Benefit Options | 7 times or 10 times of annual premium |
| Maturity Benefit | Basic sum assured + accrued guaranteed additions |
| Payout Flexibility | Lump sum or installments |
| Loan Facility | Available after waiting period |
| Tax Benefits | Applicable as per Income Tax Act |
How to Use LIC Nav Jeevan Shree Plan 912 Calculator?
The LIC Nav Jeevan Shree Plan 912 Calculator is an online or offline tool that helps you estimate the premium payable and benefits receivable under the policy. Here’s how to use it simply:
- Enter Your Age: Your age at the time of policy application.
- Select Policy Term: Choose the policy duration between 10 to 20 years.
- Choose Premium Payment Term: Select 6, 8, 10, or 12 years for paying premiums.
- Input Sum Assured: Decide how much sum assured you want (minimum ₹5,00,000).
- Select Premium Mode: Typically annual payment mode.
- Calculate Premium: The calculator will compute the annual premium based on inputs.
- View Maturity Value: The expected maturity benefit amount will be displayed.
- Death Benefit Estimate: Based on chosen options, death benefit payouts are also calculated.
This calculator saves time and helps understand your financial commitment and expected returns clearly.
Benefits of Using the LIC Nav Jeevan Shree Plan 912 Calculator
- Clarity on Premiums: Know your annual premium before buying.
- Estimate Returns: Helps plan your finances by showing expected maturity values.
- Compare Options: Enables you to compare policy terms and sum assured options.
- Custom Planning: Adjust inputs to suit your financial goals and budget.
- Instant Calculation: Get quick results without manual computation.
Practical Example of Using the LIC Nav Jeevan Shree Plan 912 Calculator
Suppose a 30-year-old individual wants to buy this plan with:
- Policy Term: 20 years
- Premium Payment Term: 12 years
- Sum Assured: ₹10,00,000
Using the calculator, one can find:
- Annual premium payable
- Guaranteed additions accrued annually
- Maturity benefit expected at policy maturity
- Death benefit based on chosen option
- Loan eligibility if needed in future
This example helps visualize the benefits and plan suitability before purchase.
Important Points to Remember
- Suicide Clause: If the insured commits suicide within 12 months from policy start or revival, only a refund of 80% of premiums paid is payable.
- Policy Revival: Lapsed policies can be revived under certain conditions.
- No Market Risk: The plan is non-linked; guaranteed additions are irrespective of market performance.
- Tax Rules: Tax benefits and liabilities should be checked with current tax laws.
How to Buy LIC Nav Jeevan Shree Plan 912?
The plan can be purchased either:
- Offline: Through LIC agents and branches.
- Online: Directly on the official LIC India website or authorized portals.
Ensure you use LIC’s official sources to avoid fraud. The LIC website provides all details, documents, and calculators for planning your purchase.
Frequently Asked Questions
What is LIC Nav Jeevan Shree Plan 912?
It is a limited premium, non-linked endowment plan by LIC offering life cover and guaranteed savings with flexible premium payment and policy term options.
What is the minimum age to buy this plan?
The minimum entry age is 30 days, making it suitable for all ages starting from infants.
How long do I need to pay premiums for under this plan?
You can choose to pay premiums for 6, 8, 10, or 12 years based on your preference.
What is the policy term for LIC Nav Jeevan Shree Plan 912?
The policy term can range between 10 and 20 years depending on your selected premium payment term.
Can I avail of a loan against this policy?
Yes, you can avail loans against the policy after a specified waiting period as per LIC guidelines.
Conclusion
Choosing the right life insurance plan is a crucial step towards securing your financial future. LIC Nav Jeevan Shree Plan 912 offers an attractive combination of guaranteed savings and life cover with flexible premium payment and policy terms. The plan is tailored for those who want to complete premium payments early but enjoy longer protection.