Insurance Plans 773 views August 4, 2020

LIC Nivesh Plus Plan

Nowadays, everyone wants to increase their wealth either through investment or savings to fulfil their future needs. If you are also looking for such an investment plan then you must invest in LIC insurance plans. These plans will help you to accumulate funds for your future and will give you a life cover. You can take a look at the LIC Nivesh Plus Plan that is a unit-linked plan in which you will have to pay the premium only once that is at the time of inception of the policy. On the other hand, this plan includes death and maturity benefits as well. You will get guaranteed additions from the company that will increase your final maturity amount. So, if you find this plan interesting then you must go through all the key features of this plan.

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Key Features of Nivesh Plus Plan

  1. This is a Unit Linked individual life insurance plan.
  2. You will have to pay the premium amount only once in this plan.
  3. You can even cover an individual having the age of 90 days in this insurance plan.
  4. The company allows you to make partial withdrawals during the policy term.
  5. There are four types of funds available in this plan among which you can switch freely.
  6. The company also allows you to receive death benefits in instalments.
  7. It includes death and maturity benefits.

Benefits of Nivesh Plus Plan

After going through the key features of this plan you must be eager to know all the benefits. So, you must take a look at the exclusive benefits of this plan in detail.

Death Benefits

If the insured dies during the policy term then the nominee is entitled to receive the death benefits. There are two conditions for the death benefits and they are:-

If the insured dies before the date of the commencement of risk:-

  1. Amount equal to the Unit Fund Value Shall be Payable.

If the insured dies after the date of the commencement of risk then the highest of the following will be payable:-

  1. Basic Sum Assured excluding partial withdrawals.
  2. Unit Value

Maturity Benefits

If the insured survives the policy term successfully then he is entitled to receive the maturity benefits. The maturity benefits will be equal to the Unit Fund Value and it shall be payable after the expiry of the policy term.

Guaranteed Additions

There are certain percentages mentioned in the table below that will be added after a certain time span to your Sum Assured as guaranteed additions. The percentage will be calculated on the amount of the single premium.

Policy YearGuaranteed Additions
End of 6th Year3% of the Single Premium Amount
End of 10th Year4% of the Single Premium Amount
End of 15th Year5% of the Single Premium Amount
End of 20th Year6% of the Single Premium Amount
End of 25th Year7% of the Single Premium Amount

Rider Benefits

You can also add a rider to this plan that will cover some extra risk. The company allows you to add LIC Linked Accidental Death Benefit Rider in which all the risk related to the death due to an accident will be covered. There are some terms and conditions of this rider.

  1. The rider’s sum assured value cannot exceed the basic sum assured.
  2. You can add a rider to this plan in any policy year but there must be 5 years outstanding until the expiry of the policy.

Partial Withdrawals Benefits

In the LIC Nivesh Plus Plan, the company allows you to make partial withdrawals after 6th policy year. If you face any kind of emergency during the policy term then you can make partial withdrawals. You can see the percentage of the maximum partial withdrawals in the table given below:-

Policy YearPercentage of the Unit Fund for Withdrawal
6th Year to 10th Policy Year15% of the Unit Fund
11th Year to 15th Policy Year20% of the Unit Fund
16th Year to 20th Policy Year25% of the Unit Fund
21st Year to 25th Policy Year30% of the Unit Fund

Switching Between Funds

The company also allows you to switch freely among different funds available in the Nivesh Plus Plan. The funds available in this plan are as follows:-

  1. Bond Fund
  2. Secured Fund
  3. Balanced Fund
  4. Growth Fund

Surrender Benefits

You can surrender the policy anytime during the policy term if you are in need of money. The surrender benefits will be paid as follows:-

  1. If you surrender the policy during the first five policy years then you will get Unit Fund Value after deducting the discontinuance charges as the surrender
    benefits.
  2. If you surrender the policy after the first five policy years then you will get Unit Fund Value without any deductions as the surrender benefits.

Free Look Period

There is a free-look period offered by the company during which you can return the policy to the company. The free-look period offered are as follows:-

  1. 15 Days of Free-Look Period if the Policy is purchased directly from the company.
  2. 30 Days of Free-Look Period if the Policy is purchased online.

LIC Nivesh Plus Plan Eligibility Criteria

ParticularsDetails
Minimum Sum Assured1.25 Time of the Single Premium
Maximum Sum Assured10 Times of the Single Premium
Minimum Age of Entry90 Days
Maximum Age of Entry70 Years
Minimum Maturity Age18 Years
Maximum Maturity Age85 Years
Policy Term10 Years to 25 Years
Premium Paying ModeSingle-Premium Only
Minimum Premium AmountRs.1 Lac
Maximum Premium AmountNo Limit

Charges of the Policy

  1. Premium Allocation Charges
  2. Mortality Charges
  3. Fund Management Charges
  4. Switching Charges
  5. Partial Withdrawal Charges
  6. Discontinuance Charges
  7. Right to Revise Charges

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