| Year | Age | Premium (₹) | Cum. Premium | Annual GA | Accrued GA | Death Benefit | Surr. Value | Maturity | Status |
|---|
LIC’s Nav Jeevan Shree (Plan No. 912) is a non-participating, non-linked, limited premium-paying, individual, life assurance savings plan with Guaranteed Additions from the Life Insurance Corporation of India. Launched as an evolution of the earlier Jeevan Shree family, the word “Nav” (meaning “new”) signals that this is a thoroughly redesigned plan offering higher Guaranteed Addition (GA) rates, flexible Premium Payment Terms, two death benefit options, and multiple incentive layers that can significantly boost your maturity corpus.
Using the LIC Nav Jeevan Shree Plan 912 Calculator above, you can instantly compute your exact annual premium, year-by-year Guaranteed Additions, total maturity benefit (BSA + all accrued GAs), surrender values, and the effective IRR — all without needing to download any external PDF or app.
Being a non-participating (non-par) plan, Plan 912 carries zero bonus or market risk. Every figure — premium, GA rate, maturity — is 100% guaranteed from Day 1. The plan adds a powerful twist: it accrues Guaranteed Additions every single year of the policy term (not just during the premium-paying years), compounding your maturity corpus far beyond the Basic Sum Assured alone. The result is a plan that combines guaranteed security with meaningfully higher returns than a simple endowment.
- Plan type: Non-participating, non-linked, limited pay, individual life assurance savings plan with Guaranteed Additions
- Premium Payment Terms: 6, 8, 10, 12, or 15 years — you choose
- Policy terms available: Depend on PPT selected (10–20 years for PPT 6; 15–20 for PPT 8/10; 16–20 for PPT 12; 18–20 for PPT 15)
- Entry age: 0 (30 days) to 60 years (lower for PPT 12 & 15; see eligibility table)
- Maturity age: 18 to 75 years (65 years for POSP-LI / CPSC-SPV channel)
- Basic Sum Assured (BSA): Minimum ₹5,00,000, in multiples of ₹10,000, no upper limit
- Death benefit options: Option I — max(7×AP, BSA); Option II — max(10×AP, BSA); both subject to 105% of total premiums paid
- Maturity benefit: Basic Sum Assured + All Accrued Guaranteed Additions — 100% guaranteed
- Guaranteed Addition incentives: Extra GA for online purchase, high BSA slabs, and existing policyholders / nominees
- Settlement option: Maturity can be taken as annual instalments over 5, 10, or 15 years at 4.62% p.a. effective
- Loan facility: Available after policy acquires surrender value
- Tax benefits: Premium under Sec. 80C; Maturity under Sec. 10(10D)
| Parameter | Minimum | Maximum | Notes |
|---|---|---|---|
| Entry Age (PPT 6/8/10) | 0 (30 days) | 60 years | Nearer birthday basis |
| Entry Age (PPT 12) | 0 | 59 years | Lower max age for longer PPT |
| Entry Age (PPT 15) | 0 | 57 years | Must allow PT 18–20 |
| Maturity Age | 18 years | 75 years (65 for POSP) | Entry age + Policy term |
| Policy Term — PPT 6 | 10 years | 20 years | Widest term flexibility |
| Policy Term — PPT 8 & 10 | 15 years | 20 years | — |
| Policy Term — PPT 12 | 16 years | 20 years | — |
| Policy Term — PPT 15 | 18 years | 20 years | — |
| Basic Sum Assured (BSA) | ₹5,00,000 | No upper limit | In multiples of ₹10,000 |
| POSP channel BSA cap | ₹5,00,000 | ₹25,00,000 | SA on Death limit for POSP |
| Risk commencement | Immediately (age ≥ 8 yrs) | — | If age < 8: earlier of 2 yrs from start or anniversary on/after 8th birthday |
| Premium modes | Yearly, Half-Yearly, Quarterly, Monthly (NACH) | Modal loading applied (no mode rebate; loading instead) | |
| Purchase channels | Agent/Branch, Online (LIC Portal), POSP-LI / CPSC-SPV | Online earns extra GA incentive; POSP has no riders | |
Unlike plans such as LIC Jeevan Azad 768, Plan 912 uses modal conversion factors instead of mode rebates. The yearly premium is the base rate; other modes carry a small loading. The formula used by the LIC 912 plan maturity calculator is:
Tabular AP (Yearly) = Rate(Age, PPT, PT) × (BSA / ₹1,00,000)
Instalment Amount = Tabular AP × Modal Conversion Factor
Annual Equivalent = Instalment × Frequency
Amount Payable = Instalment + GST (4.5% Year 1 / 2.25% Year 2+)
| Premium Mode | Modal Factor | Effective Loading | Notes |
|---|---|---|---|
| Yearly | 1.0000 | Nil | Base rate — lowest effective cost |
| Half-Yearly | 0.5093 | +1.86% | Two instalments per year |
| Quarterly | 0.2570 | +2.80% | Four instalments per year |
| Monthly (NACH) | 0.0862 | +3.44% | Twelve instalments; NACH only |
- Tabular rate ≈ ₹12,070 per ₹1L BSA → Annual Premium = ₹1,20,700
- Year 1 outgo incl. GST (4.5%): ₹1,26,132
- Year 2–8 outgo incl. GST (2.25%): ₹1,23,416 per year
- Total premiums paid (8 years): ₹9,65,600 (excl. GST)
- GA rate (base, PT 20): 9.5% p.a. on cumulative tabular premiums paid each year
- Total Guaranteed Additions at maturity (Year 20): ₹15,13,578
- Maturity Benefit (BSA + GA): ₹25,13,578 — 100% guaranteed
The Guaranteed Addition is the defining feature of LIC Nav Jeevan Shree Plan 912 and the primary reason its maturity benefit substantially exceeds the Basic Sum Assured. A GA accrues at the end of every policy year throughout the entire policy term — including years when no premium is due.
GA in Year k = GA Rate × (Number of Premiums Paid through Year k) × Tabular Annual Premium
= GA Rate × min(k, PPT) × Tabular AP
Total GA at Maturity (Year PT) = GA Rate × Tabular AP × [PPT×(PPT+1)/2 + (PT−PPT)×PPT]
This means: during the premium-paying period, the GA grows each year as each new premium adds to the cumulative base. After the PPT ends, the GA amount stays constant each year (since no new premiums are added) and continues to accrue through to maturity.
GA Rate Components
| GA Component | Rate | Condition |
|---|---|---|
| Base GA — Policy Term ≤ 13 years | 8.50% p.a. | Applicable to all |
| Base GA — Policy Term 14–17 years | 9.00% p.a. | Applicable to all |
| Base GA — Policy Term ≥ 18 years | 9.50% p.a. | Applicable to all |
| Online Incentive — PPT 6 & 8 | +0.75% | Direct online via lic.india.in |
| Online Incentive — PPT 10 & 12 | +1.25% | Direct online via lic.india.in |
| Online Incentive — PPT 15 | +1.35% | Direct online via lic.india.in |
| High BSA — BSA ₹7L–<₹10L (PPT 8) | +0.10% | Higher BSA earns incremental GA |
| High BSA — BSA ₹10L–<₹15L (PPT 8) | +0.12% | Incremental on higher slab |
| High BSA — BSA ₹15L–<₹20L (PPT 8) | +0.20% | — |
| High BSA — BSA ₹20L+ (PPT 8) | +0.25% | Maximum high-BSA incentive |
| Existing PH Incentive — PPT 6 | +0.05% | Existing LIC policyholder / nominee |
| Existing PH Incentive — PPT 8 | +0.10% | — |
| Existing PH Incentive — PPT 10 | +0.12% | — |
| Existing PH Incentive — PPT 12 & 15 | +0.15% | Maximum existing PH incentive |
On survival to the end of the policy term, the policyholder (or nominee) receives:
Both components are 100% guaranteed from policy inception. There are no market-linked additions, no bonus declarations, and no uncertainty. The LIC Nav Jeevan Shree 912 maturity calculator computes the exact total GA using the formula above and shows your guaranteed maturity amount the moment you click Calculate.
| Milestone | Policy Year | Cum. Premium Paid | Accrued GA | Death Benefit | Maturity |
|---|---|---|---|---|---|
| Start Paying | 1 | ₹1,20,700 | ₹11,467 | ₹10,00,000 | — |
| Year 4 | 4 | ₹4,82,800 | ₹1,82,718 | ₹10,00,000 | — |
| End of PPT 8 | 8 | ₹9,65,600 | ₹8,70,048 | ₹10,00,000 | — |
| Year 10 (free) | 10 | ₹9,65,600 | ₹11,05,632 | ₹10,00,000 | — |
| Year 15 (free) | 15 | ₹9,65,600 | ₹13,63,440 | ₹10,00,000 | — |
| Maturity | 20 | ₹9,65,600 | ₹15,13,578 | — | ₹25,13,578 |
* Age 35, BSA ₹10,00,000, PPT 8, PT 20, Option I, Yearly mode, Offline. Base GA rate 9.5%. Premiums are indicative gross tabular. Use the Plan 912 Calculator above for your exact personalised figures.
🎉 Maturity Benefit
On surviving to the end of the policy term:
Optionally, the maturity proceeds can be taken as structured annual instalments over 5, 10, or 15 years at 4.62% p.a. effective interest (Settlement Option). Total payout under any instalment option exceeds the maturity amount due to interest credited on the outstanding balance.
🟢 Death Benefit — Option I & Option II
On death of the life assured after risk commencement, the nominee receives the higher of:
Option II : SA on Death = max(10×Annual Premium, BSA)
Additionally, all accrued Guaranteed Additions up to the date of death are also payable to the nominee. Both options are subject to a minimum of 105% of total premiums paid to date. For higher BSA levels, the BSA itself will typically govern. For lower BSA with high premiums (especially Option II), the 10×AP figure may exceed BSA — providing significantly enhanced death cover. The option cannot be changed after policy issuance.
⏳ Pre-Risk Period (Entry Age < 8 Years)
If the life assured is under 8 years at entry, risk commences at whichever is earlier: (a) 2 years from policy commencement, or (b) the policy anniversary on or after the 8th birthday. If death occurs before risk commencement, only premiums paid (without interest) are refunded. After risk commencement, the full SA on Death + accrued GAs apply.
🔄 Surrender Value
The policy acquires a surrender value after payment of at least 2 full years’ premiums. The Surrender Value = max(Guaranteed Surrender Value, Special Surrender Value).
- GSV = (GSV Factor A × Cumulative Premiums) + (GSV Factor B × Accrued GAs)
- Plan 912 has a two-component GSV: one on premiums paid and a separate factor on the accrued GA balance
- GSV Factor A: 0% in Year 1, 30% Year 2, 35% Year 3, 50% Years 4–7, then rising gradually to 90% in final 2 years
- GSV Factor B: typically in the range 15.9%–35% of accrued GAs (rises as policy matures)
- No surrender value if policy lapses before 2 full years’ premiums are paid
| PPT | Policy Term | Annual Premium | Total Premium | Total GA | Maturity (BSA + GA) | Est. IRR |
|---|---|---|---|---|---|---|
| 6 Years | 20 Years | ₹1,53,500 | ₹9,21,000 | ₹15,31,744 | ₹25,31,744 | ~8.8% |
| 8 Years | 20 Years | ₹1,20,700 | ₹9,65,600 | ₹15,13,578 | ₹25,13,578 | ~8.4% |
| 10 Years | 20 Years | ₹1,11,200 | ₹11,12,000 | ₹16,36,440 | ₹26,36,440 | ~7.9% |
| 12 Years | 20 Years | ₹96,150 | ₹11,53,800 | ₹15,88,997 | ₹25,88,997 | ~7.5% |
| 15 Years | 20 Years | ₹83,750 | ₹12,56,250 | ₹15,49,406 | ₹25,49,406 | ~7.0% |
* Age 35, BSA ₹10,00,000, Option I, Yearly mode, Offline, Policy Term 20. Base GA rate 9.5%. IRR is post-GST indicative figure. Premiums derived from LIC brochure illustrative rates. Use the LIC Nav Jeevan Shree 912 Plan Calculator above for your exact figures.
| PPT | Policy Term | Annual Premium | Total Premium | Maturity (BSA + GA) |
|---|---|---|---|---|
| 6 Yrs | 20 | ₹76,750 | ₹4,60,500 | ₹12,65,872 |
| 8 Yrs | 20 | ₹60,350 | ₹4,82,800 | ₹12,56,789 |
| 10 Yrs | 20 | ₹55,600 | ₹5,56,000 | ₹13,18,220 |
| 12 Yrs | 20 | ₹48,075 | ₹5,76,900 | ₹12,94,499 |
| 15 Yrs | 20 | ₹41,875 | ₹6,28,125 | ₹12,74,703 |
* All figures indicative. For exact premiums and maturity, use the calculator above.
| Feature | Option I | Option II |
|---|---|---|
| SA on Death formula | max(7×AP, BSA) | max(10×AP, BSA) |
| Death cover enhancement | Standard | Enhanced (up to 43% more) |
| Annual Premium (Age 35, PPT 8, PT 20) | ₹1,20,700 | ₹1,23,700 |
| Premium difference | — | ~₹3,000 more/year |
| Maturity benefit | Same (BSA + GA) | Same (BSA + GA) |
| SA on Death if 7×AP > BSA | 7×AP applies | 10×AP applies (higher) |
| Best suited for | Cost-conscious buyers; high BSA plans | Protection-priority buyers; lower BSA, higher AP |
Instead of receiving the entire maturity lump sum immediately, you can opt for the Settlement Option and receive annual instalments over 5, 10, or 15 years. LIC credits 4.62% per annum effective interest on the outstanding maturity amount, so your total payout exceeds the maturity amount.
Annual Instalment = Maturity × i / (1 − (1+i)−n)
where i = 4.62%, n = 5, 10, or 15 years
| Settlement Period | Annual Instalment (Maturity ₹10L) | Annual Instalment (Maturity ₹25.14L) | Total Payout | Interest Earned |
|---|---|---|---|---|
| Lump Sum | ₹10,00,000 | ₹25,13,578 | ₹25,13,578 | Nil |
| 5 Years | ₹2,28,713 | ₹5,75,024 | ₹28,75,120 | ₹3,61,542 |
| 10 Years | ₹1,27,181 | ₹3,19,885 | ₹31,98,850 | ₹6,85,272 |
| 15 Years | ₹93,940 | ₹2,36,169 | ₹35,42,535 | ₹10,28,957 |
* Settlement instalments are indicative. Exact figures depend on the interest rate applicable at settlement date as declared by LIC (currently indicative at 4.62% p.a. effective). Maturity ₹25,13,578 is the illustrative example for Age 35, BSA ₹10L, PPT 8, PT 20 case above.
Note: Riders are not available for POSP-LI / CPSC-SPV channel purchases. Rider premiums are in addition to the base plan premium and attract applicable GST. Rider SA limits and age conditions apply as per respective rider terms.
- Want guaranteed returns significantly above BSA with zero market risk
- Can commit a higher BSA (₹5L minimum) for meaningful corpus building
- Prefer flexible premium-paying periods (choose 6–15 years)
- Are planning for a large future goal (retirement, child’s higher education)
- Want to leverage online or existing PH incentives for extra GA
- Need life cover + savings in one plan (Option II for higher cover)
- Are in the 30%+ tax bracket (tax-free maturity under Sec. 10(10D))
- Are an existing LIC policyholder eligible for the extra GA incentive
- Need a plan with a BSA below ₹5 Lakh (use Jeevan Azad 768)
- Seek very high equity-linked returns (ULIPs / equity MFs offer better potential)
- Need regular survival benefit payments during the policy term
- May need early exit (low GSV in initial years)
- Are above the maximum entry age for your desired PPT
- Prefer the simplest possible plan (Plan 768 or Plan 717 may suit better)
| Feature | Nav Jeevan Shree 912 | Jeevan Azad 768 | Bima Jyoti 760 |
|---|---|---|---|
| Plan Type | Non-Par + GA | Non-Par (pure endowment) | Non-Par + GA |
| BSA Min | ₹5,00,000 | ₹2,00,000 | ₹1,00,000 |
| BSA Max | No limit | ₹5,00,000 | No limit |
| PPT Options | 6/8/10/12/15 yrs | Term−8 (fixed) | Term−5 (fixed) |
| Max Entry Age | 60 years | 50 years | 60 years |
| Max Maturity Age | 75 years | 70 years | 75 years |
| Guaranteed Additions | 8.5%–9.5% + incentives | None | ₹50/₹1,000 BSA/yr flat |
| Maturity Benefit | BSA + All GAs | 100% BSA only | BSA + All GAs |
| Death Benefit Options | 7×AP or 10×AP (two options) | 7×AP only | 125% BSA or 7×AP |
| Online Incentive | +0.75%–1.35% extra GA | 7.5%–10% premium rebate | — |
| Riders Available | ADDB, AB, NTAR, PWBR | ADDB, AB, PWBR (no NTAR) | ADDB, AB, NTAR, PWBR |
| Settlement Option | 4.62% p.a. | 5.07% p.a. | Not available |
Plan details are based on official LIC brochures. Minor plan updates may have occurred — verify current parameters at lic.india.in.
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Mohibul Islam is an LIC agent with 7+ years of experience. He also works in web development and blogging. He creates simple tools on LIC Plan Calculator to help people understand LIC plans, calculate benefits, and make better financial decisions easily.