LIC Launches Two New Non-Linked Plans: Nav Jeevan Shree & Nav Jeevan Shree Single Premium with Focus on Youth.
Banking & Finance
In July 2025, the Life Insurance Corporation of India (LIC) launched two new individual insurance products—Nav Jeevan Shree (Plan 912) and Nav Jeevan Shree Single Premium (Plan 911). Aimed at building savings and offering protection, these plans were launched under the leadership of LIC MD & CEO Sat Pal Bhanoo in Mumbai, Maharashtra.
- LIC’s newly introduced products are classified as non-participating, non-linked individual plans, created to offer a combination of savings accumulation and life insurance. The initiative is part of LIC’s broader objective to attract the younger generation and provide flexible financial protection products suited to individuals at various life stages.
- The Nav Jeevan Shree (Plan 912) is designed to help policyholders fulfil long-term goals such as education, family responsibilities, and security. It is a regular premium plan with coverage and maturity benefits. Meanwhile, the Nav Jeevan Shree Single Premium (Plan 911) is a one-time payment policy designed for individuals who prefer to build a financial corpus and secure life coverage without recurring payments.
- As part of this launch, LIC has also introduced a new optional feature—Critical Illness Health Rider, a non-linked health rider that can be integrated with eligible plans. It offers lump-sum financial assistance upon diagnosis of specified critical illnesses, enhancing the protection aspect of the new insurance offerings.
Main Point :- (i) For both plans, the minimum age at entry is 30 days (completed) and the maximum age is 60 years. The minimum age at maturity is 18 years (completed), and the maximum permissible maturity age is 75 years, ensuring that the plans cater to both young entrants and middle-aged policyholders.
(ii) The launch was formally overseen by Sat Pal Bhanoo, the current Chief Executive Officer (CEO) and Managing Director (MD) (In-Charge) of LIC. The event emphasized LIC’s ongoing transformation to address the dynamic needs of India’s youth and working-class population through innovative insurance products.
(iii) The Life Insurance Corporation of India (LIC), headquartered in Mumbai, Maharashtra, remains India’s largest public sector life insurance company, continuously evolving its offerings to balance financial protection, corpus building, and inclusive coverage options for all demographics.
About Life Insurance Corporation of India (LIC)
CEO & MD (In-Charge) : Sat Pal Bhanoo
Headquarter : Mumbai
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