LIC Nav Jeevan Shree Plan 912 Premium and Maturity Calculator
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The LIC Nav Jeevan Shree Plan 912 Calculator helps estimate premium payments, Guaranteed Additions, maturity value and death benefit under LIC’s Nav Jeevan Shree. It explains how the selected age, Basic Sum Assured, premium-paying term, policy term, payment mode and death-cover option affect the policy illustration.
LIC Nav Jeevan Shree Plan 912, UIN 512N387V02, is a non-linked, non-participating individual savings plan. Its benefits are not connected to stock-market performance, and the policy does not receive Simple Reversionary Bonus or Final Additional Bonus. Instead, Guaranteed Additions accrue according to the rates and conditions specified under the plan.
The illustration provided by the calculator is just for educational purposes and is not an official LIC quotation. The premium, incentives and benefits shown in the issued policy schedule and LIC benefit illustration remain authoritative.
Table of Contents
What Is the LIC Nav Jeevan Shree Plan 912 Calculator?
The LIC Nav Jeevan Shree Plan 912 Calculator converts selected policy details into an understandable premium and benefit illustration.
Depending on the inputs and available premium data, the calculator may show:
- yearly and modal premium;
- total scheduled base premium;
- Guaranteed Additions;
- maturity benefit;
- Sum Assured on Death;
- estimated death benefit;
- paid-up benefits; and
- indicative surrender and loan eligibility.
The most important premium input is the Tabular Annual Premium. It depends on the age of the life assured, Basic Sum Assured, premium-paying term, policy term and selected death-benefit option.
When a calculator does not contain LIC’s complete approved premium-rate data, the Tabular Annual Premium should be taken from an official quotation or benefit illustration. A result based only on sample brochure premiums must be treated as indicative.
The Tabular Annual Premium used for calculating Guaranteed Additions excludes taxes, rider premiums, underwriting extras and frequency loadings. The amount actually paid in half-yearly, quarterly or monthly mode may differ because LIC applies the prescribed premium conversion factor.
Also Check:
What Is LIC Nav Jeevan Shree Plan 912?
LIC Nav Jeevan Shree Plan 912 is an individual life insurance savings plan that combines life cover with a guaranteed maturity structure.
Premiums can be paid for 6, 8, 10, 12 or 15 years, while the policy may continue for a longer period of up to 20 years. This allows premium payments to finish before the policy reaches maturity.
For example, an eight-year premium-paying term may be combined with a 20-year policy term. Premium payments finish after eight years, but the policy continues for the remaining 12 years, subject to the policy conditions.
Because the plan is non-participating, it does not share in LIC’s surplus. The maturity benefit is based on the Basic Sum Assured and accrued Guaranteed Additions rather than declared bonuses.
LIC Nav Jeevan Shree Plan 912 Highlights
| Feature | Plan details |
|---|---|
| Plan name | LIC’s Nav Jeevan Shree |
| Plan number | 912 |
| UIN | 512N387V02 |
| Plan type | Non-participating, non-linked, individual savings plan |
| Premium-paying terms | 6, 8, 10, 12 or 15 years |
| Policy term | 10 to 20 years, depending on selected PPT |
| Minimum Basic Sum Assured | ₹5,00,000 |
| Sum Assured multiples | ₹10,000 |
| Premium modes | Yearly, half-yearly, quarterly and monthly through NACH |
| Maturity benefit | Basic Sum Assured plus accrued Guaranteed Additions |
| Death benefit | Sum Assured on Death plus accrued Guaranteed Additions |
The minimum entry age is 30 days completed.
The maximum entry age is:
- 60 years for premium-paying terms of 6, 8 and 10 years;
- 59 years for a 12-year premium-paying term; and
- 57 years for a 15-year premium-paying term.
The minimum maturity age is 18 years completed, while the normal maximum maturity age is 75 years.
Available policy terms depend on the selected premium-paying term. A six-year PPT allows policy terms from 10 to 20 years. An eight-year or ten-year PPT allows terms from 15 to 20 years. A 12-year PPT allows terms from 16 to 20 years, while a 15-year PPT allows terms from 18 to 20 years.
The normal minimum Basic Sum Assured is ₹5 lakh and can be selected in multiples of ₹10,000. There is no fixed general maximum, but the amount remains subject to LIC’s underwriting rules.
Separate conditions apply to policies sourced through POSP-LI or CPSC-SPV, including restrictions on entry, maturity age, death cover and rider availability.
How to Use the LIC Nav Jeevan Shree Plan 912 Calculator
- Enter the age of the life assured.
- Enter the required Basic Sum Assured.
- Select a premium-paying term.
- Choose an available policy term.
- Select Death Benefit Option I or Option II.
- Select the premium payment mode.
- Choose the applicable purchase channel.
- Enter the official Tabular Annual Premium when required.
- Apply only the incentives for which the proposal qualifies.
- Select Calculate Benefits to view the estimated premium and benefits.
A change in age, Basic Sum Assured, policy term, premium-paying term, death-benefit option or eligible incentive may change the result.
How to Understand the Calculator Result
The calculator may display both policy-based amounts and estimated values. These figures should not all be treated as equally certain.
Basic Sum Assured: The Basic Sum Assured is selected when the policy is purchased. It forms the Sum Assured on Maturity and may also form part of the death-cover calculation.
Tabular Annual Premium: The Tabular Annual Premium is the annual premium applicable to the selected policy combination before eligible rebates or incentives, loadings, taxes, underwriting extras and rider premiums.
It is also the premium base used in the Guaranteed Addition calculation.
Guaranteed Additions: Guaranteed Additions accrue according to the applicable policy-term rate and the Total Tabular Annual Premium relating to premiums paid.
They are not calculated as a simple flat percentage of the Basic Sum Assured.
Maturity Benefit: The maturity benefit consists of the Basic Sum Assured plus accrued Guaranteed Additions, provided the life assured survives to maturity and the policy satisfies the applicable conditions.
Death Benefit: The death benefit consists of the applicable Sum Assured on Death plus accrued Guaranteed Additions after risk commencement, subject to the minimum benefit conditions.
Estimate-Based Results: Premiums based only on brochure samples, additional incentive rates, Special Surrender Value, loan interest and benefit instalments may require current or policy-specific LIC information.
A result based on an official LIC premium quotation is more reliable than one reconstructed from sample premium figures.
How Premium Calculation Works
The yearly premium is determined using LIC’s applicable tabular rate for the selected age, Basic Sum Assured, premium-paying term, policy term and death-benefit option.
Other premium modes use prescribed conversion factors:
Modal premium = Applicable yearly premium × Premium conversion factor
The conversion factors are:
- Yearly: 1.0000
- Half-yearly: 0.5093
- Quarterly: 0.2570
- Monthly: 0.0862
For example, if the applicable yearly premium is ₹60,350, the estimated half-yearly instalment before taxes is:
₹60,350 × 0.5093 = ₹30,703.26
The final collected amount may differ slightly because of LIC’s rounding method.
Monthly premiums are payable through NACH. Applicable taxes, rider premiums and underwriting extras are collected separately.
The annual premium should not be estimated from one sample rate alone. The sales brochure provides sample premiums for selected combinations, but these cannot safely be applied to every age and term without the complete approved premium table.
How Guaranteed Additions Are Calculated
Guaranteed Additions are the principal amount added above the Basic Sum Assured. Under an in-force policy, they accrue at the end of each policy year.
The broad formula is:
Guaranteed Addition for a policy year = Applicable GA rate × Total Tabular Annual Premium relating to premiums paid
The base Guaranteed Addition rates are:
- 8.50% for policy terms of 10 to 13 years;
- 9.00% for policy terms of 14 to 17 years; and
- 9.50% for policy terms of 18 to 20 years.
The phrase relating to premiums paid is important.
Suppose the Tabular Annual Premium is ₹60,350. At the end of the first policy year, one annual premium forms the calculation base. At the end of the second year, two annual premiums form the base. This continues until the premium-paying term is completed.
After all premiums under the selected PPT have been paid, Guaranteed Additions continue during the remaining policy term using the full premium-paying-term base.
LIC Nav Jeevan Shree Plan 912 Maturity Calculation
The LIC Nav Jeevan Shree Plan 912 Maturity Calculator uses the following basic formula:
Maturity Benefit = Basic Sum Assured + Accrued Guaranteed Additions
The Sum Assured on Maturity is equal to the Basic Sum Assured.
The maturity amount is not calculated by simply adding total premiums and a fixed return percentage. Guaranteed Additions build year by year on the Total Tabular Annual Premium relating to premiums paid.
The final maturity value is therefore affected by:
- Tabular Annual Premium;
- premium-paying term;
- policy term;
- applicable base GA rate;
- additional eligible GA incentives; and
- policy status.
Real Premium and Maturity Calculation Example
Consider a standard life aged 35 years with the following selected details:
| Input | Selected value |
|---|---|
| Basic Sum Assured | ₹5,00,000 |
| Premium-paying term | 8 years |
| Policy term | 20 years |
| Premium mode | Yearly |
| Purchase channel | Offline |
| Death Benefit | Option I |
| Official sample annual premium | ₹60,350 |
| Base Guaranteed Addition rate | 9.50% |
The premium of ₹60,350 excludes tax, rider premium and underwriting extras.
Guaranteed Additions During the Premium-Paying Term
During the eight premium-paying years, the cumulative annual premium units are:
1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 = 36 units
Guaranteed Additions After the PPT
The policy continues for another 12 years after the eight-year premium-paying term ends.
Each of those years uses eight annual premiums as the completed premium base:
12 × 8 = 96 units
The total calculation base across the full policy term is:
36 + 96 = 132 annual premium units
Total Guaranteed Additions
Total Guaranteed Additions = ₹60,350 × 132 × 9.50%
Total Guaranteed Additions = ₹7,56,789
Estimated Maturity Benefit
Maturity Benefit = ₹5,00,000 + ₹7,56,789
Estimated Maturity Benefit = ₹12,56,789
This illustration does not include additional Guaranteed Addition incentives. It assumes that all premiums are paid when due and the policy remains in force until maturity.
Death Benefit Under Option I and Option II
The proposer selects Death Benefit Option I or Option II when the policy begins. The selected option cannot be changed later.
Option I
Under Option I, the Sum Assured on Death is the higher of:
- seven times the Tabular Annual Premium multiplied by the applicable modal adjustment factor; or
- the Basic Sum Assured.
Option II
Under Option II, the Sum Assured on Death is the higher of:
- ten times the Tabular Annual Premium multiplied by the applicable modal adjustment factor; or
- the Basic Sum Assured.
The modal adjustment factors used in this formula are:
- Yearly: 1.0000
- Half-yearly: 1.0186
- Quarterly: 1.0280
- Monthly: 1.0344
These death-benefit adjustment factors are different from the factors used to calculate modal premium instalments.
For an in-force policy after commencement of risk:
Death Benefit = Sum Assured on Death + Accrued Guaranteed Additions
The death benefit under both options is also subject to the requirement that it cannot be less than 105% of total premiums paid up to the date of death, as defined under the policy.
Option II may provide a higher death-cover base for some policy combinations, but it may also result in a different premium.
What Happens If Premiums Stop?
When less than one full year’s premium has been paid and a later premium remains unpaid after the grace period, policy benefits generally cease and no amount is normally payable.
After at least one full year’s premium has been paid and the first policy year is completed, the policy can continue as a paid-up policy if future premiums are not paid.
Under paid-up status:
- Death Paid-Up Sum Assured is reduced proportionately.
- Maturity Paid-Up Sum Assured is reduced proportionately.
- Guaranteed Additions already accrued remain attached.
- The GA rate for future paid-up years is reduced according to the proportion of the PPT completed.
The grace period is 30 days for yearly, half-yearly and quarterly premium modes and 15 days for monthly mode.
A discontinued policy may be revived within five consecutive complete years from the date of the first unpaid premium and before maturity. Revival requires payment of arrears with interest and remains subject to LIC’s approval and applicable insurability requirements.
Surrender Value Under Plan 912
The policy may be surrendered after completion of the first policy year when at least one full year’s premium has been paid.
A Special Surrender Value may become available at that stage under the applicable conditions.
Guaranteed Surrender Value is acquired after at least two full years’ premiums have been paid.
The surrender amount is the higher of:
- applicable Guaranteed Surrender Value, including the surrender value of accrued Guaranteed Additions; or
- Special Surrender Value.
Special Surrender Value is reviewed by LIC periodically and cannot be represented as a permanently fixed amount by an online calculator.
The official policy-specific surrender quotation should be used before making a surrender decision.
Policy Loan
A policy loan may become available after completion of the first policy year when at least one full year’s premium has been paid and the policy has acquired the applicable surrender value.
Before two full years’ premiums are completed, the maximum loan is:
- 50% of surrender value for an in-force policy; and
- 40% of surrender value for a paid-up policy.
After two full years’ premiums have been paid, the maximum loan increases to:
- 80% of surrender value for an in-force policy; and
- 70% of surrender value for a paid-up policy.
LIC determines the applicable loan interest rate from time to time.
Outstanding loan principal and interest may be recovered from surrender, maturity or death proceeds.
Maturity and Death-Benefit Instalment Options
The plan provides a Settlement Option for maturity benefit and a separate facility to receive death benefit in instalments.
Full or part of the applicable benefit may be selected for payment over 5, 10 or 15 years, subject to policy conditions and minimum instalment requirements.
The interest rate used for calculating instalments is declared for the applicable period and may change. A calculator should therefore either request the relevant current rate or clearly display the period to which a prefilled rate applies.
Riders Available Under Plan 912
Subject to eligibility and payment of an additional premium, the plan may allow:
- LIC’s Accidental Death and Disability Benefit Rider;
- LIC’s Accident Benefit Rider;
- LIC’s New Term Assurance Rider; and
- LIC’s Premium Waiver Benefit Rider.
Only one of the two accident-related riders can be selected.
Rider eligibility, commencement, expiry and benefit limits are separate from the base policy. Riders are not available when the policy is procured through POSP-LI or CPSC-SPV.
Rider premiums must not be included in the Tabular Annual Premium used for calculating Guaranteed Additions.
Frequently Asked Questions
What is the LIC Nav Jeevan Shree Plan 912 maturity amount?
For an in-force policy, the maturity benefit is the Basic Sum Assured plus accrued Guaranteed Additions. The exact amount depends on the Tabular Annual Premium, premium-paying term, policy term, applicable GA rate and policy status.
Does LIC Nav Jeevan Shree Plan 912 provide a bonus?
No. It is a non-participating plan and does not receive Simple Reversionary Bonus or Final Additional Bonus. It provides Guaranteed Additions according to the policy terms.
Are Guaranteed Additions based on the Basic Sum Assured?
No. Guaranteed Additions are calculated using the applicable rate and the Total Tabular Annual Premium relating to premiums paid.
Is the premium shown by the calculator exact?
It is exact only when the calculator uses LIC’s complete applicable premium data or the correct Tabular Annual Premium from an official quotation. A result based on sample premiums should be labelled as indicative.
Can the death-benefit option be changed later?
No. Death Benefit Option I or Option II is selected at policy inception and cannot be changed later.
Do Guaranteed Additions continue after the premium-paying term?
Yes. When all due premiums for the selected PPT have been paid, Guaranteed Additions continue during the remaining policy term using the completed premium base, subject to the policy remaining in force.
What happens if premiums stop after one full year?
The policy may continue as paid-up after at least one full year’s premium has been paid and the first policy year is completed. Death and maturity benefits reduce proportionately, and the rate for future Guaranteed Additions is also reduced.
When does Plan 912 acquire surrender value?
Special Surrender Value may become available after completion of the first policy year when at least one full year’s premium has been paid. Guaranteed Surrender Value is acquired after at least two full years’ premiums have been paid.
Is a policy loan available?
Yes. A loan may become available after completion of the first policy year when at least one full year’s premium has been paid, subject to surrender value and LIC’s applicable conditions.
Is the LIC Nav Jeevan Shree Plan 912 Calculator official?
No. It is an educational calculation tool. LIC’s official premium quotation, benefit illustration, policy schedule and claim assessment take priority.
Conclusion
The LIC Nav Jeevan Shree Plan 912 Calculator makes the policy’s premium and benefit structure easier to understand.
Its main purpose is to show how the Tabular Annual Premium, premium-paying term, policy term and Guaranteed Addition rate work together to produce the maturity benefit.
The calculator may also compare premium modes, Death Benefit Option I and Option II, paid-up benefits and other policy values. Results based on brochure samples or changing rates should be treated as indicative.
Official Sources
Amit Kushwaha is a financial content creator and SaaS tool developer based in Lucknow, Uttar Pradesh. He has more than seven years of experience creating insurance-related content, online calculators, and practical digital tools for LIC policyholders, insurance buyers, and LIC agents.
Through LICPolicyCalculator.com, he focuses on simplifying complex LIC policy information into easy-to-understand guides and calculators. His work covers LIC premium estimates, maturity calculations, surrender value tools, policy return calculations, term insurance planning, and plan-specific calculator pages.