LIC Nivesh Plus

You may also use the LIC Nivesh Plus calculator to get an idea of your insurance values before you invest.

Key Features For LIC Nivesh Plus

• Life insurance cover for the duration of the policy.

• Guaranteed Additions: Added to the unit fund at certain policy durations.

• Investment connected to the market with the option of four investment funds.

• Flexible possibilities to choose a sum guaranteed at 1.25 times or 10 times of the single premium subject to eligibility.

• Customisable policy term and single premium within the restrictions set out in the plan.

• Flexible death benefit payment either as a lump amount or instalments.

• Flexibility of partial withdrawal following lock-in period to meet liquidity requirements.

• Optional LIC Linked Accident Benefit Rider for further insurance cover.

• LIC Nivesh Plus calculator for better financial planning. Policy value estimate.

Eligibility Criteria for LIC Nivesh Plus

Here are the eligibility requirements for LIC Nivesh Plus for NRIs in the UAE who want to invest in India. You may also use the LIC Nivesh Plus calculator to get an idea of the plan advantages depending on your selected choice.

LIC Nivesh Plan Key Benefits

LIC Nivesh Plus is a mix of life insurance and market-linked investment advantages for NRIs in the UAE wanting to invest in India and safeguard their loved ones. Here are the main benefits that come with the plan.

Death Benefit:

• Before the Commencement of Risk: The nominee shall be paid the Unit Fund Value as on the date of notification of death.

• After the Start of Risk: The nominee gets the larger of the following:

  • Basic Sum Assured (after subtracting eligible partial withdrawals made within the 2 years immediately before death) or Unit Fund Value.

  • Refund of mortality, accident benefit and appropriate tax charges deducted after the date of death to the nominee.

  • If a settlement option has been selected, the death benefit may be payable either as a lump amount or in instalments.

Maturity Benefit:

At the end of the policy period the Life Assured will be paid the Unit Fund Value prevailing at the date of maturity.

Guaranteed Additions:

Guaranteed Additions are credited to the Unit Fund at certain policy points, which helps to boost the investment value over time.

Additions are computed as a percentage of the single premium:

Plan Details of LIC Nivesh Plus

• LIC Linked Accidental Death Benefit Rider: Additional one-time benefit in the event of death due to an accident, subject to the terms and conditions of the rider and eligibility.

• Partial Withdrawal Facility: Partial withdrawals after 5th policy anniversary subject to policy conditions and defined restrictions.

• Fund Switching Option: The policyholder may transfer between the four available investment funds for the total fund value throughout the policy term, subject to relevant expenses.

• Settlement Option: In case this option is selected, death benefits may be paid to the nominee in a lump sum or in instalments for a period of up to 5 years.

• Basic Sum Assured Options: Option to pick a Basic Sum Assured of 1.25 times or 10 times of the single premium at the beginning of the policy. This option cannot be modified once chosen.

• Policy Planning Support: The LIC Nivesh Plus calculator may allow you to calculate the policy values based on the amount assured and policy term you choose.

Important Policy Terms and Conditions of LIC Nivesh Plus

If you are an NRI in the UAE and are considering LIC Nivesh Plus then before you decide you should be aware of some important details about the policy offered by LIC of India.

• Free Look Period: If the terms are not agreeable, the policy can be returned within 30 days from the date of receipt of the policy document. The reimbursement would be issued after deducting relevant expenses such as stamp duty, medical examination fees, etc. as per policy restrictions.

• Suicide Exclusion: If the Life Assured commits suicide within 12 months from the policy start date, the nominee will receive the Unit Fund Value (according to policy restrictions), and the policy would expire. This exclusion shall not apply if the Life Assured joined the policy below the age of 8 years.

• Tax Benefits: Taxes on insurance charges as per current Indian regulations. The tax benefits and the impact on premiums and benefits will depend on the applicable tax rules and you should seek specialist tax advice.

Wrapping It Up!

LIC Nivesh Plus is a good choice for those NRIs in the UAE looking for a mix of life insurance and market-linked investments in India under a single premium plan. LIC Nivesh Plus Returns Calculator Before investing in LIC Nivesh Plus, use the LIC Nivesh Plus returns calculator to see how much you can expect from the insurance and make an educated choice based on your long-term financial objectives.

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