LIC’s Nav Jeevan Shree (Plan 912)
based on the benefit illustration for Bharat Nayal (Age 34) with a Basic Sum Assured (BSA) of ₹10 Lakh, Policy Term of 20 years, and Option 2:
Plan Overview
Type: Non-linked, non-participating endowment plan.
Unique ID (UIN): 512N387V01.
Objective: Combines life cover with guaranteed savings.
Key Feature: Guaranteed Additions (GA) of ₹85 per ₹1,000 BSA annually.
Policy Details
| Parameter | Value |
|---|---|
| Proposer/Policyholder | Bharat Nayal |
| Life Assured | Bharat Nayal (Age 34) |
| Policy Term | 20 years |
| Premium Payment Term (PPT) | 12 years (Yearly mode) |
| Basic Sum Assured (BSA) | ₹10,00,000 |
| Option Chosen | Option 2 (Higher death benefit) |
| Annual Premium (Excl. GST) | ₹95,900 |
| Total Premium with GST | ₹1,00,216 (1st year), ₹98,058 (2nd year onwards) |
Benefits Breakdown
1. Death Benefit
Option 2: 10 × Annual Premium + Accrued Guaranteed Additions.
Example (Year 1): ₹10,09,302 = (10 × ₹95,900) + ₹9,302 (GA for 1 year).
Year 20: ₹26,18,600 = (10 × Premium) + ₹16,18,600 (Total GA).
2. Maturity Benefit
Payable at End of Term (Year 20):
₹26,18,600 = ₹10,00,000 (BSA) + ₹16,18,600 (Total GA for 20 years).
3. Guaranteed Additions (GA)
Annual GA: ₹85 per ₹1,000 BSA = ₹85,000/year (₹10L × ₹85/₹1,000).
Total GA in 20 Years: ₹16,18,600 (₹85,000 × 19 + ₹85,000 × 0.2 for partial year).
4. Surrender Value
Higher of Guaranteed (GSV) or Special Surrender Value (SSV):
Year 5: ₹3,02,022 (SSV) vs. ₹2,63,513 (GSV) → Payable: ₹3,02,022.
Year 10: ₹10,60,583 (SSV).
Premium Payment & Charges
GST: 4.5% (1st year), 2.25% (subsequent years).
Total Premium Paid Over 12 Years: ~₹11.5L (₹95,900 × 12 + GST).
Key Notes
Riders: None attached in this illustration.
Surrender Rules:
SSV is non-guaranteed and reviewed as per IRDAI guidelines.
Surrender allowed anytime, but values are low in initial years.
Loan: Available after 3 months of policy issuance.
Why Choose This Plan?
Guaranteed Returns: Fixed GA ensures predictable growth.
Life Cover: High death benefit (10× premium under Option 2).
Tax Benefits: Premiums eligible under Section 80C, maturity under 10(10D).
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