LIC Nivesh Plus-749

LIC Nivesh Plus- An Overview

LIC Nivesh Plus 749 is a unit-linked insurance plan (ULIP) that combines the benefits of life insurance with an investment component. This plan offered by the LIC of India allows policyholders to invest their premiums in various funds based on their risk appetite, providing an opportunity for capital appreciation over time. Moreover, the policyholder can select the sum assured when purchasing the LIC policy. Nivesh Plus LIC policy offers 4 types of investment funds and allows the policyholder to choose as per their convenience and risk appetite. The funds available under the Nivesh Plus LIC plan are:

• Bond Fund

• Secured Fund

• Balanced Fund

• Growth Fund

Key Features of LIC Nivesh Plus 749

The LIC Nivesh Plus Plan is a single-premium, unit-linked insurance plan offering both protection and investment opportunities. Here are its key features:

• Life Cover: Enjoy life insurance protection throughout the LIC Nivesh Plus 749 policy term.

• Guaranteed Additions: A percentage of the single premium is added to your unit fund at specific intervals to boost your investment.

• Flexibility to:

  • Choose your sum insured type based on your financial goals.

  • Select from different investment funds as per your risk profile.

  • Pick your Basic Sum Assured as 1.25 or 10 times your premium (as per age limits).

  • Decide on the policy term and premium amount.

  • Choose how your family will receive the death benefit, lump sum or in instalments.

• Liquidity Support: Partial withdrawals are allowed to help meet urgent financial needs.

• Extra Coverage: Option to add LIC’s Linked Accident Benefit Rider for enhanced protection.

Eligibility Criteria of LIC Nivesh Plus Plan

Benefits of LIC Nivesh Plus Plan

LIC Nivesh Plus Plan 749 offers several benefits to its policyholders. They are as follows:

1. Death Benefit

   If the policyholder dies during the policy term, the nominee will get a death benefit from the Nivesh Plus LIC Plan. The death benefit paid will be:

   • Basic Sum Assured less Partial Withdrawals, if any, made during the two-year period immediately preceding the date of death; or

   • Unit Fund Value.

2. Maturity Benefit

   If the policyholder survives the policy's maturity date, he will be paid a sum equal to the Unit Fund Value.

3. Guaranteed Additions

   A fixed percentage of the Single Premium amount paid keeps getting added to the Policy Unit Fund once the LIC Nivesh Plus Policy has completed a specific number of years. They are as follows:

   • At the end of 6 years – 3%

   • At the end of 10 years – 4%

   • At the end of 15 years – 5%

   • At the end of 20 years – 6%

   • At the end of 25 years – 7%

4. Rider benefit

   A customer can obtain rider Benefits provided the LIC Nivesh Plus Plan 749 has an outstanding term of 5 years. Under the plan, the policyholder can avail of LIC’s Linked Accidental Death Benefit Rider for enhanced protection against accidental death.

Sample Premium Illustration of LIC Nivesh Plus Plan

The LIC Nivesh Plus Policy premiums are to be paid as single premiums compulsorily.

The minimum premium is Rs 1,00,000, and all premiums are payable in multiples of Rs. 10000 only. The maximum premium a policyholder wishes to pay is unlimited.

Now let us understand how the policy works with an example.

Mr. Sharma, a 30-year-old individual, decides to buy LIC’s Nivesh Plus policy by making a lump sum payment of Rs. 1 Lakh for a policy term of 20 years. He chooses Option 1 as the Basic Sum Assured Benefit, wherein he will receive the Basic Sum Assured 1.25 * Single Premium. Let us look at the assumed returns he will receive:

Using the LIC Nivesh Plus Returns Calculator, you can check the policy benefits, death benefits, and maturity benefits of your LIC Nivesh Plus Policy 749.

LIC Nivesh Plus Plan Details

The LIC Nivesh Plus Plan offers flexibility with options like partial withdrawals, fund switching, and a settlement option for beneficiaries. The Nivesh Plus LIC policy details also include charges, a free-look period, and other key features, making it a versatile choice for securing financial goals. Let's explore these features in detail.

1. Partial Withdrawals

   Partial withdrawals can be made after 5 years on policy commencement, subject to certain factors, such as the policyholder's age and other considerations determined by the company. After a partial withdrawal, the Basic Sum Assured will be reduced by the amount withdrawn for the subsequent two years. However, the Basic Sum will be reinstated automatically after the two years.

2. Switching

   The policyholders can change between the four fund types throughout the policy duration. When they decide to switch, the entire Fund Value will be transferred to the newly chosen Fund.

3. Settlement Option

   The Settlement Option allows the nominee to receive the Death Benefit in installments. This choice can be made during the policy's lifetime, specifying the installment mode and a period of up to 5 years. Once the option is opted, the nominated individual will receive the death claim amount accordingly.

4. Charges under the Plan

   • Premium Allocation Charge

   • Mortality Charge

   • Accident Benefit Charge

   • Fund Management Charge

   • Switching Charge

   • Partial Withdrawal Charge

   • Discontinuance Charge

   • Tax Charge

   • Miscellaneous Charge

5. Free Look Period

   If unsatisfied, policyholders can return the policy within 30 days and a refund will be based on the value of units, unallocated premiums, and other specific deductions.

6. Policy Surrender

   The policy can be surrendered at any time during the policy term. If surrendered within the 5-year lock-in period, the Unit Fund Value (after deducting applicable Discontinuance Charges) is moved to the Discontinued Policy Fund. The proceeds from this fund are payable only after the lock-in period ends.
   However, if the life assured passes away before the 5-year period ends, the fund proceeds are paid to the nominee immediately. For surrenders after the lock-in period, the full Unit Fund Value is payable without any Discontinuance Charges. Once surrendered, the policy cannot be reinstated, even if a request is made during the lock-in period.

How to buy LIC Nivesh Plus Online?

The following steps will help you to buy your LIC Nivesh Plus Policy through Policybazaar:

Step 1: Go to LIC on Policybazaar

Step 2: Fill in your details, such as your name and contact number, in the form on the page. Once you've done so, click the “View Plans” tab. Provide your resident city, age, and annual income.

Step 3: Now click on LIC Nivesh Plus and click on “View Details”

Step 4: Once done, review all the details and proceed to checkout

Step 5: Pay your premiums online, and your policy documents will be sent to your registered email address.

Documents Required for LIC Nivesh Plus

What is Not Covered in LIC Nivesh Plus Plan?

Some of the LIC Nivesh Plus Plan exclusions include suicide. If a policyholder commits suicide within 12 months from the date of starting of the policy, the Unit Fund Value will be payable to his nominee or beneficiary on the day that the corporation is informed of his death. A death certificate is mandatory in such a case. The LIC Nivesh Plus Policy 749 will be terminated, and no claims will be made.
Any charges except the Fund Management Charges charged to the policyholder after the date of death will be added back to the Fund Value.
Similarly, any Guaranteed Additions that might have been added after the date of death will then be subtracted from the Unit Fund.

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**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.