In the current environment when interest rates are very volatile, these two Plans provide Guaranteed Additions throughout the policy term.
Mumbai: Sat Pal Bhanoo, CEO & MD (In-Charge), Life Insurance Corporation, launched two new plans, LIC’s Nav Jeevan Shree and LIC’s Nav Jeevan Shree Single Premium on Friday.
The two new Plans launched are combinations of savings and protection and are
specially designed to generate an adequate corpus to meet various needs of our life
cycle.
The purpose of LIC’s Nav Jeevan Shree is to cater to the all the needs of individuals specifically of younger generation who wish to fulfill their goals, responsibilities and also provide security.
LIC’s Nav Jeevan Shree – A Single Premium policy is meant for building corpus along with providing life insurance.
In the current environment when interest rates are very volatile, these two Plans provide Guaranteed Additions throughout the policy term.
LIC’s Nav Jeevan Shree
This is a limited premium endowment plan which provides guaranteed additions as a
% of tabular premium. Premiums can be paid in terms of 6, 8, 10 & 12 years.
Minimum Age at Entry is 30 days (completed). Maximum Age at Entry is 60 years
(nearer birthday) for PPT 6,8 and 10 years, 59 years (nearer birthday) for premium payment term (PPT) 12 years.
-Minimum policy term is 10 to 16 years as per PPT opted,
– Maximum policy term is 20 years,
– Premium payment term is 6,8,10 & 12 years,
– Minimum basic sum assured Rs. 5,00,000,
– Maximum basic sum assured – No Limit (subject to underwriting decision)
-Guaranteed additions for an in-force policy during the policy term will accrue at the
end of each policy year.
The rate of guaranteed additions ranging from 8.50% to 9.50% as a % of total tabular annual premium in respect of premiums paid according to the policy terms from 10 to 20 years.
LIC’s Nav Jeevan Shree Single Premium
This is a limited premium endowment plan which provides guaranteed additions as a
% of tabular premium. Premiums can be paid in terms of 6, 8, 10 & 12 years.
This plan is a single premium endowment plan with guaranteed Additions.
Guaranteed Additions shall accrue at the rate of Rs 85 per thousand basic sum
assured at the end of each policy year from the inception till the end of policy term.
-Minimum Age at Entry is 30 days (completed). Maximum age at entry is 60 years
(nearer birthday) under Option-I, 40 years (nearer birthday) under option II
-Minimum age at maturity is 18 years (completed) and maximum age at maturity is 75
years (nearer birthday) under option I, 60 years (nearer birthday) under Option II
– Minimum policy term is 5 years,
– Maximum policy term is 20 years,
– Minimum basic sum assured Rs. 1,00,000
Maximum basic sum assured – No Limit (subject to underwriting decision)
While Nav Jeevan Shree facilitates regular premium to built corpus, Nav Jeevan Shree –
Single Premium facilitates lump sum payment to provide for life insurance and attractive
option to generate targeted corpus.