LIC Nav Jeevan Shree - Single Premium (Plan 911)

Life Insurance Corporation of India (LIC) has launched an innovative plan called the Nav Jeevan Shree Single Premium Plan 911 designed to provide a perfect blend of savings and life insurance protection with the convenience of a single premium payment. This plan is ideal for individuals seeking a hassle-free, one-time investment that grows steadily with guaranteed returns over a fixed tenure.

What is LIC Nav Jeevan Shree Single Premium Plan 911?

LIC Nav Jeevan Shree Plan 911 is a non-linked, non-participating endowment plan offering financial protection and savings in one policy. As the name suggests, it requires a single premium payment, after which the policy remains active for a chosen term ranging from 10 to 20 years. One of the key highlights is the guaranteed additions that accumulate every policy year at a fixed rate, adding to the maturity value.

Instead of paying premiums annually or monthly, the plan asks for just one single payment upfront, making it convenient for those who have lump sum funds they want to invest securely.

Key Features of LIC Nav Jeevan Shree Plan 911

• Premium Payment: Single premium payment only at the start of the policy.
• Policy Term: Flexible terms from 10 to 20 years.
• Guaranteed Additions: ₹85 per ₹1,000 of Basic Sum Assured added every year.
• Minimum Basic Sum Assured: ₹1,00,000.
• Death Benefit Options: Choose between:
  • Option 1: 10 times the single premium.
  • Option 2: 1.25 times the single premium.
• Surrender Value: Policy can be surrendered anytime; higher of Guaranteed Surrender Value or Special Surrender Value will be paid.
• Loan Facility: Available on the policy amount after a lock-in period.

Eligibility Criteria

• Entry Age: From 30 days to 60 years (Option 1), and 30 days to 40 years (Option 2).
• Policy Term: 10 to 20 years.
• Minimum Sum Assured: ₹1,00,000.

How Does the LIC Nav Jeevan Shree Single Premium Plan Work?

Once you pay the single premium, the policy starts accumulating guaranteed additions every year. These additions are fixed amounts calculated based on ₹85 per ₹1,000 of the Basic Sum Assured. For example, if you have a basic sum assured of ₹5,00,000, then annually, your policy will accumulate ₹42,500 (₹85 x 500) under guaranteed additions.

At maturity, you get the sum of the Basic Sum Assured plus all accrued guaranteed additions. In case of unfortunate death during the policy tenure, the nominee receives the sum assured on death, which depends on the option chosen at policy inception (either 10 times or 1.25 times the single premium paid) plus the accrued guaranteed additions until that year.

Benefits of the LIC Nav Jeevan Shree Plan 911

• Hassle-Free Investment: Single premium payment eliminates the need for multiple premium payments.
• Guaranteed Returns: Fixed guaranteed additions every year provide assured growth.
• Life Cover Protection: Death benefit options offer financial security for your family.
• Flexible Policy Term: Choose a term that suits your financial goals from 10 to 20 years.
• Loan Facility: Access a loan against the policy if required.
• Surrender Option: Exit the plan anytime with surrender value benefits.
• Non-Linked Plan: The plan is not linked to market performance, so returns are stable and guaranteed.

Importance of LIC Nav Jeevan Shree Plan 911 Calculator

A calculator for LIC Nav Jeevan Shree Plan 911 is an essential tool that helps prospective policy buyers to get an estimate of:

• The premium amount payable (though it’s a single payment, to decide the adequate sum assured).
• Maturity benefits expected.
• Death benefits payable.
• Guaranteed additions over the policy term.
• Surrender values at different points in time.

Using this calculator, individuals can customize their policy details such as age, sum assured, and policy term, to see a sample illustration of their investment growth and returns. The calculator simplifies the decision-making process by providing transparent and clear forecast numbers.

How to Use the LIC Nav Jeevan Shree Plan 911 Calculator?

The calculator asks for inputs like:

• Your age.
• Policy term (in years).
• Basic sum assured amount.

Once these details are input, the calculator will:

• Compute the single premium payable.
• Calculate the yearly guaranteed additions.
• Show the cumulative guaranteed additions over the term.
• Display the final maturity amount including sum assured and guaranteed additions.
• Show death benefit amounts based on the selected option.

This helps in understanding how much to invest and what returns to expect without reading through complicated documents.

Example Illustration

Let’s consider an example for better clarity.

• Age: 30 years
• Policy Term: 15 years
• Basic Sum Assured: ₹5,00,000

Using the calculator:

• Single premium payable might be around ₹4,91,000 (approximate).
• Annual guaranteed addition: ₹85 × 500 = ₹42,500.
• Total guaranteed additions over 15 years = ₹42,500 × 15 = ₹6,37,500.
• Maturity amount = Basic Sum Assured + Guaranteed Additions = ₹5,00,000 + ₹6,37,500 = ₹11,37,500.

If the insured dies during the policy term, the nominee will get:

• Death benefit as per the option chosen (10 or 1.25 times the premium), plus guaranteed additions for that year.

Who Should Buy LIC Nav Jeevan Shree Plan 911?

• People with lump sum amount to invest for long-term savings.
• Those seeking guaranteed returns with life cover.
• Risk-averse investors who want stable, non-market linked benefits.
• Individuals who want to avoid recurring premium payments.
• Those who want to build a corpus for future financial goals like children’s education, marriage, or retirement.

Comparing LIC Nav Jeevan Shree Plan 911 with Other Savings Options

How to Purchase LIC Nav Jeevan Shree Single Premium Plan 911?

• Visit the nearest LIC branch or authorized LIC agents.
• Purchase online on official LIC website.
• Choose the policy term, sum assured, and payment option.
• Pay the single premium upfront.
• Receive the policy documents confirming coverage.

It’s advised to thoroughly read policy brochures and understand terms. For detailed information, visit the official LIC page on Nav Jeevan Shree here.

FAQs about LIC Nav Jeevan Shree Plan 911

Conclusion

The LIC Nav Jeevan Shree Single Premium Plan 911 is an excellent option for those looking for a simple, guaranteed, and risk-free long-term investment combined with life insurance protection with just a one-time premium payment. Using a dedicated LIC Nav Jeevan Shree Plan 911 calculator helps potential buyers understand premium and maturity benefits tailored to individual parameters, aiding in informed financial planning.