LIC Nivesh Plus

LIC Nivesh Plus- An Overview

LIC Nivesh Plus is a single premium endowment policy offered by the Life Insurance Corporation of India. Under the plan, a policyholder can avail dual benefits of the insurance as well as investment cover. Moreover, the policyholder has the freedom to select the sum assured at the time of purchasing the LIC policy. This policy provides 4 categories of investment funds under the policy for the policyholder to choose from.

Eligibility Criteria of LIC Nivesh Plus Plan

Benefits of LIC Nivesh Plus Plan

LIC Nivesh Plus Plan ensures two kinds of benefits to its policyholders.  They are as follows:

1. Death Benefit

   In the event of the death of a policyholder, before the risk commencement begins, he will receive an amount that is the same as the Unit Fund Value.

   In the event of the death of a policyholder after the date of risk commencement, he will receive an amount that is higher than either the Basic Sum Assured or Unit Fund Value.

2. Maturity Benefit

   In the event that the policyholder survives to the date of maturity of the policy, a sum equal to the Unit Fund Value will be payable to him.

3. Guaranteed Additions

   A fixed % 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%

Optional Benefits

1. Rider Benefit

   Rider benefit can be obtained by a customer, provided the LIC Nivesh Plus Plan has an outstanding term of 5 years.  

2. Partial Withdrawals

   Partial withdrawals are allowed at any time after the fifth policy anniversary.  They are however subject to a number of factors decided by the corporation, for example, the age of the policyholder etc.

   Once the partial withdrawal has been carried out, then for the next two years, the Basic Sum Assured will be reduced on the basis of the sum that has been withdrawn.  Once the two year period is over, the Basic Sum will automatically be restored.

3. Switching

   The option to switch between four different types of funds is available to all holders of the LIC Nivesh Plus Policy during the term of the policy.  If a policyholder chooses to make a switch to a new fund then the entire Fund Value will be transferred to the new fund.

   Settlement Option

   The death benefit can be received in installments, using this option.  

   This plan also provides tax benefits on the premium amount paid.

   “Tax benefit is subject to changes in tax laws”

The Premium Structure of the Plan

The premiums for LIC Nivesh Plus Policy 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.  There is no limit to the maximum premium a policyholder wishes to pay.

Documents Required

Documents needed to purchase a LIC Nivesh Plus Plan are as follows:

• ID proof

• Date of birth proof

• Address proof

In case of a death claim:

• Claims form

• Original policy document

• NEFT mandate

• Proof of title

• Proof of death and medical treatment prior to death

• School/ college/ employer's certificate

• Proof of age of the policyholder (if requested by the corporation)

In case of closing of policy other than death

• Discharge form

• Original policy document

• NEFT mandate

• Proof of age of policyholder (if requested by the corporation)

How to buy LIC Nivesh Plus Online?

A customer may choose to either purchase the LIC Nivesh Plus plan online or from an aggregator who is already registered with the corporation.  Purchasing the policy online is not only convenient but also time-saving.  The following steps are to be undertaken:

Step 1: Locate the company website and click on the “Buy Online” option.

Step 2: Enter the requested personal details like name, gender, date of birth, address, and phone number.

Step 3: A customer must now input any pre-existing health conditions and information related to smoking or drinking.

Step 4: Choose the financial parameters and upload scanned copies of all documents.

Step 5: The process is completed once a customer makes an online payment for the LIC Nivesh Plus Policy.

Key Exclusions

In the event that 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 will then be terminated and no claims will be taken up on the same.  

Any charges except the Fund Management Charges that have been 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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*The investment risk in the investment portfolio is borne by the policyholder

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