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Investment Plans 7034 views August 4, 2020
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.
Table of Contents
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.
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:-
If the insured dies after the date of the commencement of risk then the highest of the following will be payable:-
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.
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 Year | Guaranteed Additions |
---|---|
End of 6th Year | 3% of the Single Premium Amount |
End of 10th Year | 4% of the Single Premium Amount |
End of 15th Year | 5% of the Single Premium Amount |
End of 20th Year | 6% of the Single Premium Amount |
End of 25th Year | 7% of the Single Premium Amount |
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.
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 Year | Percentage of the Unit Fund for Withdrawal |
---|---|
6th Year to 10th Policy Year | 15% of the Unit Fund |
11th Year to 15th Policy Year | 20% of the Unit Fund |
16th Year to 20th Policy Year | 25% of the Unit Fund |
21st Year to 25th Policy Year | 30% of the Unit Fund |
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:-
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:-
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:-
Particulars | Details |
---|---|
Minimum Sum Assured | 1.25 Time of the Single Premium |
Maximum Sum Assured | 10 Times of the Single Premium |
Minimum Age of Entry | 90 Days |
Maximum Age of Entry | 70 Years |
Minimum Maturity Age | 18 Years |
Maximum Maturity Age | 85 Years |
Policy Term | 10 Years to 25 Years |
Premium Paying Mode | Single-Premium Only |
Minimum Premium Amount | Rs.1 Lac |
Maximum Premium Amount | No Limit |