The Life Insurance Corporation of India (LIC) has introduced two new non-par, non-linked individual plans, Nav Jeevan Shree and Nav Jeevan Shree Single Premium. These plans combine both savings and protection features, catering to the needs of individuals, particularly the younger generation. The plans aim to provide a comprehensive solution for individuals who wish to fulfill their dreams, goals, and responsibilities while also providing security.
The Nav Jeevan Shree plan is a limited premium endowment plan that offers guaranteed additions as a percentage of the tabular premium. The premium payment term can be chosen from 6, 8, 10, or 12 years, with a minimum policy term of 10-16 years and a maximum policy term of 20 years. The minimum basic sum assured is ₹5 lakh. This plan is designed to provide a guaranteed return on investment, making it an attractive option for those looking for a secure financial future.
The Nav Jeevan Shree Single Premium plan, on the other hand, is designed to help individuals build a corpus while also providing life insurance coverage. Under this plan, guaranteed additions will accrue at the rate of ₹85 per thousand basic sum assured at the end of each policy year, from the inception till the end of the policy term. The minimum policy term is 5 years, and the maximum policy term is 20 years, with a minimum basic sum assured of ₹1 lakh.
Both plans offer flexibility in terms of premium payment and policy term, allowing individuals to choose the option that best suits their needs. The minimum age at entry for both plans is 30 days (completed), and the maximum age at entry is 60 years. The launch of these plans is significant, especially in the current environment where interest rates are volatile. The guaranteed additions throughout the policy term provide a sense of security and stability, making these plans an attractive option for those looking to invest in a life insurance policy.
The introduction of these plans is a strategic move by LIC to cater to the evolving needs of its customers. With the increasing demand for comprehensive insurance solutions, these plans are expected to gain significant traction in the market. Overall, the Nav Jeevan Shree and Nav Jeevan Shree Single Premium plans offer a unique combination of savings and protection features, making them an attractive option for individuals looking to secure their financial future.