LIC launches two new plans - Nav Jeevan Shree Plan 911 & 912; check details
The Nav Jeevan Shree Plan 912 is an endowment plan that offers guaranteed additions of 8.5% to 9.5% of the annual premium. The actual rate of the guaranteed additions depends on the term of the policy. The minimum term of the plan is 10 years, while the maximum term is 20 years.
But the premium paying term can be shorter. Premiums can be paid for 6, 8, 10 and 12 years depending on the term of the plan. Younger buyers will especially find this flexibility appealing.
The investible surplus of an individual reduces in later years due to mounting expenses and liabilities.
Those who don't want to keep paying the premium every year will find the Nav Jeevan Shree Plan 911 more suitable. It is a single premium policy that works on the fill-it-shut-it-forget-it principle. Individuals who have a large investible surplus may also find this a good place to park that money.
The minimum age of entry is 30 days and maximum age is 60 years.
The minimum sum assured is Rs 5 lakh, and there is no maximum limit.
Endowment policies like Nav Jeevan Shree offer returns of around 6%, but the big draw is the tax treatment of the maturity amount. Since these are life insurance plans, the maturity amount received by the insured person is tax free under Section 10(10d). However, the 2023 budget had set limits on this tax benefit. If the annual premium amount of all policies bought after 1 April 2023 exceeds Rs 5 Lakh, then the maturity amount will be taxed at the slab rate applicable to the buyer.
Though change in tax rules has made life insurance less attractive for HNIs and UHNIs, for the common buyer the threshold of Rs 5 lakh annual premium is high enough to let him enjoy tax-free maturity amount.
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