LIC sharpens focus on younger generation with two new plans 

Life Insurance Corporation of India (LIC) has introduced Nav Jeevan Shree and Nav Jeevan Shree Single Premium, two non-par, non-linked individual plans combining both savings and protection features.

LIC’s Nav Jeevan Shree is to cater to all the needs of individuals, specifically younger generation, who wish to fulfill their dreams, goals, responsibilities and also provide security. The other, single premium policy is meant for building corpus along with providing life insurance. In the current environment when interest rates are very volatile, the two Plans, which were launched by CEO and MD (In-Charge) Sat Pal Bhanoo, provide guaranteed additions throughout the policy term, the State-owned insurer said.

Minimum age at entry should be 30 days (completed) and maximum, at entry, is 60 years for both plans. Nav Jeevan Shree (Plan 912) is a limited premium endowment plan with guaranteed additions as a per cent of tabular premium. Premiums can be paid in terms of 6, 8, 10 & 12 years. Minimum policy term is 10-16 years and maximum policy term 20 years. Minimum basic sum assured will be ₹5 lakh.

Under the single premium Nav Jeevan Shree (Plan 911), 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 policy term. Minimum policy term is 5 years and maximum 20 years and minimum basic sum assured ₹1 lakh.