LIC Nivesh Plus 749

LIC Nivesh Plus- An Overview

LIC Nivesh Plus 749 is a unit-linked insurance plan (ULIP) that, in addition to providing life insurance benefits, also offers an investment element. The Nivesh Plus 749 by the Life Insurance Corporation of India (LIC) allows you to invest your premiums across different funds based on your risk appetite, thereby offering the possibility of capital appreciation over time. Besides, the policyholder can decide the sum assured when buying a LIC policy.

• Bond Fund

• Secured Fund

• Balanced Fund

• Growth Fund

Key Features of LIC Nivesh Plus 749

The LIC Nivesh Plus Plan is a non-participating, 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 in the Nivesh Plus 749 plan 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

What are the 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 LIC Nivesh Plus 749 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.

5. Tax Benefits

   Under the income tax laws, the LIC Nivesh Plus plan 749 qualifies for tax benefits. The premiums qualify for deductions up to ₹1.5 lakh under Section 80C. The maturity proceeds from this plan are tax-free (subject to conditions) under Section 10(10D). The death benefit from the Nivesh Plus plan is also tax exempt.

   Note: Read about LIC Nivesh Plus in Hindi.

To better understand the potential returns and benefits of the LIC Nivesh Plus Plan, you can use the LIC Nivesh Plus 749 Calculator. This life insurance plan helps you estimate the future value of your investment and make informed financial decisions before investing.

LIC Nivesh Plus 749 Calculator

The LIC Nivesh Plus Calculator is an online tool that projects returns on investment in your Nivesh Plus policy. This is a smart tool that gives you instant results. Using this calculator, you can calculate your maturity value, the expected value of total fund and premium value. All you need to do is enter your investment amount, the fund option you select and the total policy term.

Also known as Nivesh Plus LIC calculator, this free tool is offered by LIC to help investors make informed decisions. However, it is important to note that this calculator is only for the purpose of illustration and analytical observation. The projected returns are not guaranteed as they are linked to market performance and other such factors.

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.

The LIC Nivesh Plus Returns Calculator works similarly to a standard LIC calculator. Users simply need to select the specific policy at one of the calculator's steps.

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 1,25,000, and all premiums are payable in multiples of Rs. 5000 only. The maximum premium a policyholder wishes to pay is unlimited.

Let us take an example to understand how the policy functions.

Mr Sharma is a 30-year-old who purchased an LIC Nivesh Plus policy for Rs. 1 Lakh, payable at one time, for a policy duration of 20 years. He opts for Option 1 as the Basic Sum Assured Benefit, under which he will get the Basic Sum Assured 1.25 * Single Premium. You can also check the LIC Nivesh Plus Returns after 5 years, when the mandatory lock-in period ends. Let us look at the assumed returns he will receive by calculating with the LIC Nivesh Plus calculator:

LIC Nivesh Plus Plan Details

The LIC Nivesh Plus Plan 749 offers flexibility with options like partial withdrawals, fund switching, and a settlement option for beneficiaries. The LIC Nivesh Plus 749 plan 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 two years.

2. Switching

   The policyholders can change between the four fund types throughout the LIC Nivesh Plus 749 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 of the LIC Nivesh Plus 749 policy 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 with the LIC Nivesh Plus 749 plan, 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

   Policy can be surrendered at any time during the term. If surrendered within a 5-year lock-in period:

   • Unit Fund Value (less Discontinuance Charges) will be transferred to the Discontinued Policy Fund.

   • Proceeds payable after lock, in period.

   If the life assured dies before 5 years, the proceeds are paid to the nominee immediately.
   After the lock-in period, the entire Unit Fund Value, without any Discontinuance Charges, will be paid. Once a policy is surrendered, it cannot be reinstated, even during the lock-in period.

How to buy LIC Nivesh Plus 749 from Policybazaar?

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 749

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.