LIC’s Nivesh Plus Plan No. 849 UIN No. 512L317V01

LIC Nivesh Plus Plan was launched by the corporation on the 2nd of March, 2020 and it is a unit-linked individual life insurance policy. Nivesh Plus LIC comes with dual benefits of investment along with Insurance which means the company invests a part of your premium into the capital market to generate wealth. LIC Nivesh Plus offers numerous benefits and flexible options to the policyholders at affordable rates.

Benefits of the LIC Nivesh Plus Plan 

1. Death Benefit offered under the LIC Nivesh Plus plan:
   
   • If the life assures passes away before the date of commencement of risk :
     The corporation shall pay an amount equal to the Unit Fund Value.
   • If the life assured passes away after the date of commencement of risk:
     The corporation will analyze both the sum assured value and unit fund value and then pay the higher among them to the nominee of the plan. The mortality charge, tax charges, and accident benefit charges are paid along with the death benefits.
     

     Note: The death benefit can be claimed either in a lump sum amount or in installments. The policyholder can decide this at the time of policy purchase.

2. Maturity Benefit
   

   When the policyholder survives till the maturity period of the Nivesh Plus LIC, the insured is paid an amount equal to the Unit Fund Value which is referred to as maturity benefit.

Optional benefits offered by LIC Nivesh Plus Plan 

1. Optional Rider benefits:
   

   Jeevan Nivesh Plan LIC offers an additional rider option called the LIC’s Linked Accidental Death Benefit. This rider benefit can be opted at any time of the commencement of the plan or on the policy anniversary. The benefits under this additional rider option shall be available till the maturity of the plan or till the policy anniversary. 

   In case of the insured person’s accidental death, the Accident Benefit Sum Assured shall be paid in a lump sum amount along with the death benefit. 

2. Partial withdrawal facility:
   

   LIC’s Nivesh Plus Plan allows for a partial withdrawal facility. However, the units can only be withdrawn after an outstanding tenure of 5 years of the policy. The withdrawals shall be in the form of a fixed amount or fixed units. For minors, a partial withdrawal facility is available only after 18 years of age.

3. Switching:
   

   Jeevan Nivesh Plan LIC offers a facility to switch among the four kinds of funds to its policyholders during the policy tenure. These switches from one fund to another are completely tax-free.

   Note: However, the policyholders shall be fully aware of the switching charges and other details mentioned in the policy brochure before doing so.

4. Settlement option for death benefit:
   

   Under the Nivesh Plus LIC, the policyholders get a chance to claim their death benefit either in a lump sum amount or in installments. Later, if the life assured passes away his nominee is paid in the same manner.

Key features of the LIC Nivesh Plus Plan

Here are the key feature offered by LIC’s Nivesh Plus Plan:

1. Basic sum assured options:
   

   The policy offers two options for the policy aspirants to choose as their basic sum assured amount at the time of the commencement of the policy.

2. Four investment funds to choose from:
   

   A part of the insured person’s premium would be invested by the company in unit funds for which the client will be given four options to choose the most suitable one. These funds include bond funds, balanced funds, growth funds, and secured funds.

3. Switching facility:
   

   If a person somehow wants to switch his fund unit in the middle of his policy term, Jeevan Nivesh Plan LIC allows him to do so. However, this feature comes with some terms that should be read carefully.

4. Death benefit:
   

   LIC Nivesh Plus Plan offers death benefits to the nominee in case the life assured loses his life during the policy term. The policy also offers settlement options to claim death benefits in the form of installments for the nominee’s ease.

5. Maturity benefit:
   

   Under the LIC Nivesh Plus policy, the insured is payable of maturity benefits if he survives the policy duration.

6. Guaranteed additions:
   

   The policy rewards guaranteed addition as a percentage of single premiums when a specific duration of the policy is completed. The guaranteed additions shall be decided upon on the type of fund chosen and will be credited to the unit funds based on the NAV.

7. Partial withdrawal facility:
   

   Under Jeevan Nivesh Plan LIC the life assured can partially withdraw his units after the policy has completed 5 years.

8. Freelook period:
   

   The policy offers a 15 day free look period to the ones who have bought the policy offline and a 30 day free look period to the people who have bought Nivesh Plus LIC online. Under this period the insured can return the policy to the corporation if he/she is not satisfied with the terms of the plan.