LIC Nivesh Plus Plan – LIC has been a trusted name in life insurance in India, and its initiatives aim to provide security and happiness to its customers. The LIC Nivesh Plus Policy is a single premium, unit-linked insurance policy that allows individuals to not only secure their lives but also grow their investments. This article provides a comprehensive overview of the LIC Nivesh Plus Plan, including its key features, benefits, eligibility criteria, how to purchase it online, and more.
Overview of LIC Nivesh Plus Plan 849
The LIC Nivesh Plus Plan, a unit-linked individual life insurance policy, was launched on March 2, 2020. This policy combines insurance with investment, enabling policyholders to grow their wealth by investing a part of their premium in the capital markets. It offers numerous benefits and flexible options at competitive prices.
Objectives of LIC Nivesh Plus Plan
Though traditionally focused on life insurance, LIC has expanded its offerings to unit-linked products. The returns on your investment with this plan are linked to the performance of the selected investment funds. At the policy commencement, you choose your Sum Insured and can invest in one of four different fund categories. A single premium payment buys units from the selected fund after deducting the premium allocation fee. Investment values in the Unit Fund fluctuate based on the Net Asset Value (NAV).
Benefits of the LIC Nivesh Plus Plan
Here are some of the major benefits of the LIC Nivesh Plus Plan:
- Death Benefit:
- In case of the policyholder’s demise before the risk commencement date, the nominee receives the unit fund value.
- If the policyholder passes away after risk commencement, the nominee receives the higher of the Basic Sum Assured or the Unit Fund Value.
- Maturity Benefit: Upon reaching maturity, the policyholder receives the unit fund value.
- Guaranteed Additions: After certain years since policy inception, a percentage of the single premium is added to the unit fund. These are:
- 3% at the end of 6 years
- 4% at the end of 10 years
- 5% at the end of 15 years
- 6% at the end of 20 years
- 7% at the end of 25 years
Additional Advantages of LIC Nivesh Plus Plan
- Rider Benefits: The rider benefits are available if the policy term exceeds five years.
- Partial Withdrawals: After five years, policyholders are allowed to make partial withdrawals subject to certain conditions, which may affect the Basic Sum Assured for two years.
- Fund Switching: Policyholders can switch between four different fund types at any time during the policy tenure with the total fund value being transferred to the new fund.
- Settlement Options: Policyholders can choose to receive the death benefit in a lump sum or in monthly installments, which will be provided to the nominee in case of the policyholder’s death.
Features of LIC Nivesh Plus Plan
Key features include:
- Two basic sum assured options available at policy inception.
- Investment of a portion of the premium into four types of unit funds: Bond, Balanced, Growth, and Secured Funds.
- Ability to switch fund units at any time during the policy period.
- Death benefits paid to the nominee in case of the insured’s demise.
- Maturity rewards for surviving the policy term.
- Guaranteed additions credited to unit funds based on the NAV after a predetermined period.
- Opportunity to withdraw a portion of units after five years.
- A 15-day free look period for offline purchases and a 30-day period for online purchases to return the policy if unsatisfied.
- Purchasing can be done online or through LIC agents. Check out www.turtlemint.com for comparisons before choosing a policy.
Documents Required for LIC Nivesh Plus Plan
- ID proof
- Address proof
- Date of birth proof
Documents Required for Death Claims:
- Claims form
- Proof of death and medical treatment before death
- Original policy document
- NEFT mandate
- Proof of title
- Discharge form
- Educational or employer’s certificate
- Proof of age of the policyholder (if requested)
- Original policy document for closing of policy other than death
- NEFT mandate for closure of policy
How to Purchase LIC Nivesh Plus Online
Purchasing the LIC Nivesh Plus plan online is straightforward and saves time. Follow these steps:
- Visit the official LIC website.
- The homepage will display on your screen.
- Click on the “Buy Online” option.
- A new page will open – fill in your details including name, gender, DOB, address, and phone number.
- Provide any medical history and details of lifestyle choices (like drinking/smoking).
- Set your budget and upload scanned copies of required documents.
- Complete the payment to finalize the LIC Nivesh Plus Policy purchase.
Eligibility Criteria for LIC Nivesh Plus Plan
| Policy Tenure | 10 years to 35 years |
| Entry Age | Minimum: 90 days; Maximum: 70 years for Option 1 and 35 years for Option 2 (nearest birthday) |
| Maturity Age | Minimum: 18 years; Maximum: 85 years for Option 1 and 50 years for Option 2. |
| Sum Assured Options | Option 1 – 1.25 times of the single premium; Option 2 – 10 times of the single premium |
| Premium Amount | Minimum: INR 1 Lakh; Maximum: No Limit (paid in multiples of INR 10,000) |
| Premium Payment Mode | Single Premium |
Investment Fund Options for LIC Nivesh Plus Plan
You can choose from four different fund types for your investment within the LIC Nivesh Plus Plan. Switching between funds is also an option if needed.
| Fund Type | Investment Objective | Risk Factor |
| Growth Fund | Primarily invests in equities for long-term capital growth. | High-risk |
| Balanced Fund | Invests equally in both fixed-income securities and equities for balanced returns. | Moderate risk |
| Secured Fund | Invests in both fixed-income securities and equities to provide steady returns. | Low to moderate risk |
| Bond Fund | Invests in fixed-income securities, ensuring a safe investment option. | Low risk |