LIC Nav Jeevan Shree
Limited Pay Traditional Savings Plan Calculator
LIC Nav Jeevan Shree (Plan Nav Jeevan Shree) Overview
LIC Nav Jeevan Shree is a legacy high-net-worth individual (HNI) plan offering substantial life cover, guaranteed additions, and loyalty additions. It was designed for individuals seeking premium endowment returns.
Eligibility & Rules
- Minimum Sum Assured: ₹5,00,000
- Policy Term: Limited options based on specific plan variant.
- Entry Age: Typically 18 to 55 Years
- Status: Withdrawn Plan.
Key Plan Benefits
- Guaranteed Additions: High guaranteed additions per ₹1000 SA during the initial years.
- Maturity Benefit: Sum Assured + Guaranteed Additions + Loyalty Addition.
Detailed Maturity Benefit
Basic Sum Assured + Vested Simple Reversionary Bonuses + Final Additional Bonus (if any). Payable on surviving the policy term.
Standard Policy Features
- Grace Period: 30 days for Yearly, Half-Yearly, and Quarterly premium payment modes, and 15 days for Monthly mode.
- Free Look Period: 30 days from the date of receipt of the policy document to review the terms and conditions.
- Loan & Surrender Facility: The policy acquires a Surrender Value and Loan facility after the payment of 2 full years' premiums.
- Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D), subject to prevailing tax laws.
Example Calculation
| Parameter | Value |
|---|---|
| Sum Assured | ₹10,00,000 |
| Age / Policy Term | 30 / 20 Years |
| Yearly Premium (Approx) | ₹55,000 |
| Total Paid Premium | ₹11,00,000 |
| Maturity / Total Benefits | ₹As per legacy GA/Loyalty tables |
Calculating…