LIC Nivesh Plus

The LIC Nivesh Plus 749 is an appropriate plan for those who are looking for a one-time single-premium plan that offers insurance protection and an investment opportunity. Non-resident Indians (NRIs) living in Canada can buy LIC Nivesh Plus (Plan 749) online or through approved channels, provided they meet specific compliance and documentation rules

LIC Nivesh Plus for Canada - Overview

The Nivesh Plus 749 plan is offered by the Life Insurance Corporation of India (LIC of India). It is the largest state-owned insurance company and investment group in India. LIC plans for NRIs in Canada provide a financial safety net for their families in India if something unfortunate happens to them.

This LIC Jeevan Nivesh Plus 749 (formerly known as LIC Bima Nivesh) is a unit-linked insurance plan (ULIP). This means that the policy offers not just protection through insurance coverage but also provides an investment element. The policyholder gets the opportunity to grow their capital by investing across various funds depending on their risk appetite. The policyholder also gets to decide the insurance sum assured when buying the policy.

Key Features of LIC Nivesh Plus for NRIs in Canada

Following are some of the key features of Nivesh Plus:

• Life Coverage: Get the benefit of life insurance cover throughout the Jeevan Nivesh Plus policy term.

• Guaranteed Additions: At certain policy milestones, a percentage of the single premium is credited to your unit fund to help purchase more units.

• Flexibility to choose:

  • type of sum insured as per your financial needs

  • type of investment funds as per your risk appetite

  • basic sum assured as either 1.25 or 10 times of the single premium (as per age limits)

  • policy term and premium amount (as per the minimum and maximum cap specified)

  • how the nominee receives the death benefit (either lump-sum or in installments)

• Liquidity Support: LIC Nivesh Plus 749 allows partial withdrawals after 5 years of the policy term to help policyholders with urgent financial needs.

• Add-On Coverage: Get the option to enhance coverage by choosing LIC’s Linked Accident Benefit Rider.

Eligibility Criteria of LIC Nivesh Plus

Benefits of LIC Nivesh Plus Plan

The LIC Nivesh Plus Plan 749 offers several benefits for NRIs living in Canada. It offers protection as well as the opportunity to invest at the same time. The policyholder gets to provide a safety net for their families in India and also the benefit to grow their capital.

Following are all the other benefits of Nivesh Plus LIC 749 plan:

Death Benefit:

In case a policyholder dies before the policy term ends, the nominee still gets the death benefit through the LIC Nivesh Plus 749 Plan.

The amount paid will be either of the following (whichever is a higher value):

• Basic sum assured minus any partial withdrawals made during the two years immediately preceding the date of death, or

• Unit fund value paid in lump sum or in installments if specified by the policyholder.

Maturity Benefit:

If the policyholder survives the maturity date of the LIC Nivesh Plus 749 policy, then they receive a sum equal to their unit fund value.

Guaranteed Additions:

Once a policyholder has completed a specified number of years in Nivesh Plus, a fixed percentage of the single premium gets added to the policy unit fund. These guaranteed additions are added until the date of death. The breakup is as follows:

• After 6 years - 3%

• After 10 years - 4%

• After 15 years - 5%

• After 20 years - 6%

• After 25 years - 7%

Rider Benefits:

A policyholder can avail the LIC’s Linked Accidental Death Benefit Rider provided their outstanding policy term is at least 5 years. This offers enhanced protection against life uncertainties.

Partial Withdrawals:

After the 5th policy anniversary, a policyholder can partially withdraw their units at any time. These withdrawals may be in the form of either a fixed amount or a fixed number of units. The maximum percentage of unit funds allowed as partial withdrawals are as follows:

Switching of Fund Types:

During the LIC Nivesh Plus for Canada policy term, the policyholder gets the chance to switch between the four types of fund:

• Balanced Fund

• Bond Fund

• Growth Fund

• Secured Fund

When the switch is made, the complete fund value transfers to the newly opted fund. This switch is subject to charges as specified in the plan.

LIC Nivesh Plus Plan - Additional Details

The beneficiaries of the LIC Nivesh Plus 749 policy get the flexibility to choose the settlement option. The policy also includes a free look period and applicable charges. Following are some of the versatile LIC Bima Nivesh policy details:

Settlement Option

The settlement option allows the nominee to receive the death benefit amount in installments instead of a lump sum. This choice can be opted during the lifetime of the policy. The policyholder has to specify the mode of installment and the period of years which should be less than 5 years. The death benefit is then accordingly paid to the nominee where the nominee is not allowed to make any altercation.

Free Look Period

If not satisfied by the terms and conditions of the LIC Nivesh Plus for Canada NRIs, a policyholder can return the policy to LIC within 30 days. Once cancelled, the policyholder gets a refund based on the value of units, unallocated premium, tax charges deducted, and other specified deductions.

Charges under the plan

• Right to Revise Charges

• Miscellaneous Charge

• Tax Charge

• Discontinuance Charge

• Partial Withdrawal Charge

• Switching Charge

• Fund Management Charge

• Accident Benefit Charge (If the rider is opted for)

• Mortality Charge

• Premium Allocation Charge

Policy Surrender

The LIC Nivesh Plus 749 Policy can be surrendered anytime during the policy term. If the policy is surrendered within the 5 years lock-in period:

• The unit fund value (minus Discontinuance Charge) gets transferred to the discontinued policy fund.

• The proceeds of the discontinued policy fund are to be paid after the lock-in period of 5 years.

If the life assured dies after the date of surrender but before the 5 year lock-in, the nominee gets the proceeds immediately.

If surrendered after the lock-in period, the entire unit fund value as on date of surrender is paid without deducting any discontinuance charges.

Please note that once surrendered, the policy can not be reinstated, even during the 5 year lock-in period.

LIC Nivesh Plus Calculator

The Nivesh Plus Calculator is a smart online tool available on the official website of LIC. This tool helps you calculate the projected returns on investment for your LIC Nivesh Plus plan. You can very easily calculate the premium, maturity amount, and expected value of the fund according to your policy term, investment and the chosen type of fund.

The LIC 749 Plan Calculator (previously known as the LIC 849 Plan Calculator) can help you project accurate returns on your single-premium ULIP policy. This makes it a beneficial tool for policyholders looking to grow their capital through the Nivesh Plus LIC plan.

How to Buy LIC Nivesh Plus for Canada from India?

NRIs living in Canada can conveniently buy the Nivesh Plus LIC 749 Plan from India. There are two ways an NRI can buy the policy from India:

• The NRI from Canada may visit India and complete all the formalities and documentation during their stay. In this case, the NRI will be treated at par with resident Indians for the purpose of getting insurance.

• In case the policyholder can not visit India, they may complete the formalities from Canada through the ‘Mail Order Business’ process. In this process, the policyholder needs to fill the form and sign it in the presence of one of the following (after verification of passport):

  • Designated official of the local Indian embassy

  • Other Indian diplomatic representative

  • Medical examiner (if applicable)

  • Notary Public or Justice of Peace

  • In case the proposer is a student, by the Dean/Principal of their college/university

The witness must affix their office seal on the form below the proposer’s signature.

Documents Required for LIC Nivesh Plus 749 for NRI

Points to Consider Before Buying LIC Jeevan Nivesh Plan

• The policyholder must have a valid passport issued by the Government of India.

• The policyholder must have a valid OCI Card in case of Overseas Citizen of India (OCI).

• All LIC of India plans for NRIs are issued in Indian currency only.

• If the policyholder commits suicide within 12 months from commencement of the policy, the nominee will receive only the unit fund value on the day the corporation is informed of the death. The LIC Nivesh Plus 749 policy will be terminated and no claims can be made thereafter. Any

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