The Life Insurance Corporation of India (LIC) has launched two new insurance products: Nav Jeevan Shree and Nav Jeevan Shree Single Premium. These plans aim to attract younger policyholders by offering both savings and life protection features.
Plans Targeted at Youth and Early Planners
LIC said the new offerings are designed for individuals seeking to build financial security while fulfilling their life goals and responsibilities. The plans also feature guaranteed returns, which make them appealing in a volatile interest rate environment.
Key Features of Nav Jeevan Shree (Plan 912)
- Type: Limited premium endowment plan
- Entry Age: 30 days to 60 years
- Premium Payment Terms: 6, 8, 10, or 12 years
- Policy Term: 10 to 20 years
- Minimum Sum Assured: ₹5 lakh
- Guaranteed Additions: Based on percentage of tabular premium
Key Features of Nav Jeevan Shree Single Premium (Plan 911)
- Type: Single premium policy
- Entry Age: 30 days to 60 years
- Policy Term: 5 to 20 years
- Minimum Sum Assured: ₹1 lakh
- Guaranteed Additions: ₹85 per ₹1,000 sum assured, added yearly
Both plans were introduced by LIC CEO and MD (in-charge) Sat Pal Bhanoo. LIC emphasized these offerings provide a balanced approach to saving while ensuring life coverage, especially for young families planning for future responsibilities.