LIC Nivesh Plus

LIC Nivesh Plus Plan is an individual life insurance plan that required a one-time single premium payment.  Put in plain terms, this simply means that the plan offers insurance as well as investment cover, on the payment of only a single premium. The LIC Nivesh Plus Policy can be purchased online or offline, through a registered aggregator of the corporation.

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The policyholder has the freedom to select the Sum Insured type 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

Basic Sum Assured Option

A policyholder has the option to choose the Basic Sum Assured.  They can be one of the following two:

Option 1 – 1.25 times of Single Premium

Option 2 – 10 times of Single Premium

The eligibility conditions to be fulfilled if one wishes to purchase a LIC Nivesh Plus Policy are based on the minimum/maximum basic sum assured.

The following 2 options are to be considered while understanding the eligibility of the customer:

Option 1 – The Basic Sum Assured = 1.25 X Single Premium.

Option 2 – The Basic Sum Assured = 10 X Single Premium. 

  • Minimum Age at entry: Option 1 and 2- 90 days
  • Maximum Age at entry: Option 1 -70 years

Option 2: 35 years 

  • Minimum Maturity Age: 18 years (Completed) 
  • Maximum Maturity Age: Option 1 -85 years

Option 2: 50 years

Policy Term is as follows:

Option 1 – If Basic Sum Assured is 1.25 X Single-Premium, the policy term is 10-25 years.

Option 2 - If Basic Sum Assured is 10 X Single Premium

  • For the age of entry up to 25 years, the policy term is 10 – 25 years
  • For the age of entry up to 26-30 years, the policy term is 10 – 20 years
  • For the age of entry up to 31-35 years, the policy term is 10 years

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.



Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

*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.

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LIC Nivesh Plus Reviews & Ratings

4.8 / 5 (Based on 73 Reviews)
(Showing Newest 10 reviews)
Chalakudy, April 16, 2021
Easy claim settled
I bought the Lic India term plan from the suggestion of my family friend and he recommended me a lot of plans. He said that the claim settlement ratio is quick and easy. Also, it is protective plan.
Balasore, April 16, 2021
Child security fulfilled
I have bought a Lic India child plan online and it has been a year now. I like the way the this works. It is a nice plan I got for my child’s security.
Asifabad, April 14, 2021
Additional riders
Along with my Lic India term insurance plan I have got the additional riders too. It has been an important thing for me and can be useful at any point in time. It can be added with a minimal amount.
Mainpuri, April 14, 2021
Low premium
The premium rate of the child insurance plan of LIC India which I bought 3 years ago is best and it was under my budget. I was searching for some good plans related to child insurance. I got the way of buying this plan and loved it.
Lakhimpur Kheri, April 13, 2021
Tax rebate
I bought a Lic India term insurance policy online and it has been into my budget. Also, I like one thing that I would able to get the tax benefits under it. It is a good option and can be beneficial for all tax payers.
Babina, April 13, 2021
Maturity benefits to get
It is easy to get the maturity benefits when LIC India child plan gets matured and my child would get a better return. It would be easy for him to get the best education and can go for a higher education abroad.
Lakhimpur, April 12, 2021
I feel safe and secured for my family when I will be not around. The Lic India ULIP plan will give the better returns and maturity benefits. And will be quite helpful for my family to sustain their future.
Raghunathpur, April 09, 2021
Happy customers
I am one of the happiest customer of Lic India term plan and I have found various good deals. It is the plan which has come under my budget. And it has been a protective shield for me and my family.
Mota Chiloda, April 09, 2021
Great plan
I am happy with this plan and have recommended many people for the same. I bought the Lic India ulip plan 2 years back and It is a best kind of investment.
, April 09, 2021
Good Benefits
It is important for everyone to understand that benefit is must when you are buying a child insurance plan. I bought a beneficial child plan of LIC India.
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