LIC’s Nav Jeevan Shree – Single Premium Plan (UIN: 512N390V01) is a Non-Linked, Non-Participating, Single Premium Life Insurance Plan tailored for individuals who want to invest once and enjoy guaranteed benefits for the entire policy term. It offers life cover, guaranteed additions, and maturity benefits — all secured through a single payment.
Key Features of LIC Nav Jeevan Shree Single Premium Plan
• Single Premium Payment: One-time investment with no recurring payments.
• Flexible Sum Assured on Death Options:
o Option I: Higher of 1.25 times the single premium or Basic Sum Assured.
o Option II: 10 times the single premium.
• Guaranteed Additions: ₹85 per ₹1,000 of Basic Sum Assured per year.
• Tax Benefits: Eligible under Section 80C and 10(10D) of the Income Tax Act (as per prevailing laws).
• Loan Facility: Available after 3 months of policy issuance or after the free-look period.
Plan Eligibility Criteria For LIC Nav Jeevan Shree Single Premium Plan
Particulars Details
Minimum Age at Entry As per LIC underwriting norms
Maximum Age at Entry As per LIC underwriting norms
Policy Term Defined at policy inception
Premium Payment Mode Single Premium only
Minimum Sum Assured As per plan rules
Maximum Sum Assured No limit (subject to underwriting)
Benefits Under the LIC Nav Jeevan Shree Single Premium Plan
1. Death Benefit
• If the life assured passes away during the policy term after the risk commencement:
o The Sum Assured on Death is paid along with accrued Guaranteed Additions.
• For minors (age below 8 years):
o If death occurs before risk commencement: Refund of single premium (excluding taxes & extras).
2. Maturity Benefit
• On survival till the end of the policy term:
o Basic Sum Assured + Accrued Guaranteed Additions is paid.
3. Guaranteed Additions
• ₹85 per ₹1,000 Basic Sum Assured per year.
• Accrue from the inception of the policy until the end of the term.
Settlement Options for Benefits
1. Death Benefit in Installments
Nominees can opt to receive the death benefit in equal installments over:
• 5 years
• 10 years
• 15 years
2. Maturity Benefit in Installments
Policyholders may choose to receive the maturity amount in installments over:
• 5 years
• 10 years
• 15 years
Loan Facility in LIC Nav Jeevan Shree Single Premium Plan
• Loans can be availed after:
3 months from policy issuance OR
After the free-look period (whichever is later).
• Interest is applicable; policy may be foreclosed if interest is unpaid and loan exceeds surrender value.
Surrender Benefit
• Policy can be surrendered anytime during the term.
• Surrender Value = Higher of:
o Guaranteed Surrender Value (including Guaranteed Additions), or
o Special Surrender Value (SSV), as declared by LIC.
Exclusions
• Suicide Clause:
o Within 12 months from commencement of risk: Only 80% of the single premium or surrender value (whichever is higher) is payable.
o Not applicable if the policyholder is below 8 years of age at the time of entry.
Free Look Period
• Policyholders get a 30-day free-look period from the date of receipt of the policy to return it if not satisfied.
FAQs about LIC Nav Jeevan Shree Single Premium Plan
1. What is the major advantage of LIC Nav Jeevan Shree Single Premium Plan?
It allows you to invest just once and get guaranteed returns and life cover — ideal for lump sum investors.
2. What are the options for death benefit in LIC Nav Jeevan Shree Single Premium Plan?
You can choose:
• Option I: 1.25x Single Premium or Basic Sum Assured (whichever is higher).
• Option II: 10x Single Premium.
3. Can I get a loan under LIC Nav Jeevan Shree Single Premium Plan?
Yes, after 3 months of policy issuance or post free-look period.
4. What if the policyholder dies before the age of 8?
If the risk has not commenced, only the single premium (excluding tax and rider premium) is returned.
5. Are there any riders available in LIC Nav Jeevan Shree Single Premium Plan?
No specific riders are bundled by default. Riders may be opted if applicable as per policy schedule.
6. Is it possible to receive maturity in parts instead of a lump sum?
Yes, settlement options allow you to receive maturity benefits over 5, 10, or 15 years.
7. How are Guaranteed Additions calculated?
They are ₹85 per ₹1,000 of Basic Sum Assured per year, accrued till maturity.
8. How do I surrender this policy?
Visit your nearest LIC branch or apply online. Surrender Value will be the higher of GSV or SSV.
Related Article-LIC Micro Bachat Plan 2025: Secure Your Future with Affordable Savings and Life Cover
Conclusion
LIC Nav Jeevan Shree Single Premium Plan is a smart choice for investors seeking hassle-free investment, guaranteed returns, and life cover — all in one. With the convenience of single premium payment and the security of LIC’s trust, it’s a future-ready plan ideal for long-term financial security.
To know more or to invest, visit www.licindia.in or your nearest LIC branch.