LIC Nivesh Plus

Let us take a look at the plan details and benefits of the LIC Nivesh Plus plan:

Key Features of LIC Nivesh Plus

LIC Nivesh Plus offers the following key features:

• The plan is a single premium payment plan.

• You can get Unit-linked benefits that are dependent on market-linked returns.

• Financial protection for the family for the entire policy term.

• Guaranteed additions as a percentage of the single premium will be added to the unit fund at the end of the specified policy durations and will be used to purchase units.

• You can choose from several fund options as per your risk appetite.

• Select the most suitable basic sum assured as per your family’s financial needs in your absence.

• Choose a policy term that covers you for years ranging from 10 to 25 years.

Benefits of LIC Nivesh Plus

Here are the benefits of buying an LIC Nivesh Plus plan:

Death Benefits

The plan pays the death benefit to the nominee of the policy, in case of the unforeseen death of the policyholder during the policy term. The death benefit will be paid as follows:

• On death before the commencement of risk: Amount equal ot the unit fund value as on the date of intimation of death will be paid.

• On death after the commencement of risk: Amount equal to the higher of the following will be paid:

  • Basic sum assured minus the withdrawals, if any, made during the two year period immediately before the date of death.

  • Unit fund value

Maturity Benefits

In case the policyholder outlives the policy term, the plan offers a maturity amount equal to the unit fund value as per the date of maturity of the policy.

Guaranteed Additions

As a percentage of the single premium, as mentioned below, the guaranteed additions will be added to the unit fund on the completion of the specific duration of the policy years:

• End of 6th policy year: 3%

• End of 10th policy year: 4%

• End of 15th policy year: 5%

• End of 20th policy year: 6%

• Endof 25th policy year: 7%

Rider Benefits

You can choose to add LIC’s linked Accidental Death Benefit Rider to the base plan. The rider sum assured cannot exceed the base sum assured of the policy and can be opted at any policy anniversary at least 5 years before the end of the policy term.

Partial Withdrawals

The plan allows customers to partially withdraw units at any time after the 5th policy anniversary, as per the following conditions:

• For minor life assured, withdrawals can only be made once they turn 18 years of age.

• Withdrawals can be made in the form of a fixed amount or fixed units.

• The maximum amount of percentage of funds allowed to withdraw will be predecided.

Switching

You can switch between 4 fund types during the policy term. On switching, the entire fund value will be switched to the new fund selected.

Settlement

The plan offers the option for the nominee to receive the death benefit in instalments. The option can be selected by the life assured and cannot be altered by the nominee. The unit fund will be invested as per the fund type existing on the date of death of the life assured.

Eligibility Conditions to Buy the LIC Nivesh Plus Plan

Funds Available With LIC Nivesh Plus

The premiums allocated will be used to buy units, which will depend on the fund types selected by the policyholder. The funds will be as follows:

• Bond Fund - Low Risk

• Secured Fund - Low to Medium Risk

• Balanced Fund - Medium Risk

• Growth Fund - High Risk

Discontinued Policy Fund

This fund will be a segregated unit fund and will include all the discontinued policy funds of all the policies under the ULIP plans. The investment pattern of the Discontinued Policy Fund will have the following asset mix:

• Money market instruments: 0% to 40%

• Government Securities: 60% to 100%

Date of Risk Commencement and Vesting Under the Plan

• In case the life assured is under 8 years of age, the risk will begin on either the completion of 2 policy years or on the policy anniversary coinciding with the completion of 8 years of age.

• If a life insurance policy is bought for a child, the parent or guardian manages it until the child turns 18. On the policy anniversary that falls on or after the child’s 18th birthday, the policy automatically transfers to the child. After this, the child becomes the official policyholder and gets all rights and benefits of the policy.

Sample Illustration of the LIC Nivesh Plus Plan

Let us understand hwo LIC Nivesh Plus plan works with an example:

Karan, aged 30, buys an LIC Nivesh Plus policy with a one-time premium payment of Rs. 1 lakh for a policy term of 20 years. He chooses Option 1 under the Basic Sum Assured Benefit, where the Basic Sum Assured is 1.25 times the single premium amount. You can also use the LIC Nivesh Plus calculator to estimate the LIC Nivesh Plus returns after 5 years, once the mandatory lock-in period is completed. Based on the calculator estimates, here are the assumed returns he may receive:

How to Buy LIC Nivesh Plus from Policybazaar?

Here is how you can buy LIC Nivesh Plus from Policybazaar, if you are an NRI living in the UK:

Step 1: Visit the official LIC page of Policybazaar

Step 2: Fill in your name, contact details, and click on ‘View Plans’

Step 3: Enter the right city, age, and annual income

Step 4: Select the LIC Nivesh Plus plan and click on ‘View Details’

Step 5: Review the policy details and pay your premiums online