Nav Jeevan Shree

What this product is

A non-participating endowment plan with a choice of higher death-benefit multiples, guaranteed yearly additions, and flexible premium terms from 6 to 15 years.

You might need this if…

• You might need this if you want to choose between a standard or a higher death-benefit multiple (7x vs 10x annual premium) depending on how much protection vs savings you want.
• You might need this if you want to finish paying premiums quickly (as short as 6 years) while cover continues for up to 20 years.
• You might need this if you want guaranteed (not market-linked or bonus-dependent) accumulation, with rates that scale up for longer terms.
• You might need this if you want to add optional riders like accident or premium-waiver cover.

How it actually works

• Entry age 30 days to 60 years (for shorter premium terms); policy term 10-20 years; premium payment term 6, 8, 10, 12 or 15 years.
• Minimum sum assured ₹5,00,000 in multiples of ₹10,000, no maximum.
• Choose Option I (death benefit = higher of 7x tabular annual premium or Basic Sum Assured) or Option II (10x multiple) at inception.
• Guaranteed Additions accrue yearly at 8.5% (10-13 yr terms), 9% (14-17 yr) or 9.5% (18-20 yr) of total tabular annual premium.
• Maturity benefit = Basic Sum Assured plus accrued guaranteed additions.
• Optional riders: accidental death & disability, accident benefit, term assurance, premium waiver (capped at 30% of base premium).

Worked example

The tiers

Worth knowing before you decide

• Non-participating: benefits are fixed and guaranteed, with no discretionary bonus upside.
• Surrender is allowed after 1 year, but Guaranteed Surrender Value only applies once 2 full years of premiums are paid.
• Loan available after 1 year, but only up to 50-80% of surrender value depending on in-force/paid-up status.

Official source

⌟ Official product brochure

Learn about this category

Read the full traditional life insurance explainer → · See all traditional savings products →