LIC Nivesh Plus

LIC Nivesh Plus- An Overview

LIC Nivesh Plus 849 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. This policy provides 4 types of investment funds and allows the policyholder to choose as per their convenience and risk appetite. The funds available are:

• Bond Fund

• Secured Fund

• Balanced Fund

• Growth Fund

Eligibility Criteria of LIC Nivesh Plus Plan

Benefits of LIC Nivesh Plus Plan

LIC Nivesh Plus Plan 849 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 LIC Nivesh Plus 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

   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 per cent 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 849 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.

5. Partial Withdrawals

   Partial withdrawals can be made after the policy's fifth anniversary, 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 After a partial withdrawal, the Basic Sum Assured will be reduced by the amount withdrawn for the subsequent two years.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, after the two-year period, the Basic Sum will be reinstated automatically.

6. 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.

7. 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.

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 Calculator, you can check the policy benefits, death benefits, and maturity benefits of your LIC Nivesh Plus Policy 849.

How to buy LIC Nivesh Plus Online?

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

Step 1: 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.

Step 2: Fill in your investment amount and policy tenure.

Step 3: Now click on LIC Nivesh Plus and fill in all the details, such as your contact details, age, premium payment mode, etc.

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?

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 849 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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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.