LIC Nivesh Plus is a ULIP, Single premium, Non – Participating, Individual, Life Insurance Plan. It can be taken for a longer period of time for decent returns. It provides life cover and investment at the same time.
ULIP : Means unit linked insurance plans. you invest in funds and the performance of those funds decides your ROI (Return on investment). Let’s explore this plan in detail.
| Plan Name | LIC Nivesh Plus Plan |
| Table No. | 849 |
| UIN No. | 512L317V01 |
| Plan Type | Ulip Plan |
| Launch Date | 02 March 2020 |
| Loan Facility | No |
List of Topic Covered
Key Features of LIC Nivesh Plus Plan
- This plan provides insurance and investment at the same time.
- You can purchase this plan offline through agents and online as well.
- You have flexibility to choose Sum Insured and investment funds at the start of policy.
- Loan facility is not available under this plan.
- Accidental death benefit rider is available under this policy.
- There is a lock in period of 5 years for your investment.
- Tax benefit is also available under LIC Nivesh Plus Plan.
Benefits of LIC Nivesh Plus Plan
Death Benefit :
- If death happens before the date of commencement of risk:
- In this case an amount equal to the unit fund value shall be payable.
- If death happens after the date of commencement of risk:
- In this case an amount equal to higher of the following shall be payable.
- Basic sum assured minus partial withdrawals within two years or
- Unit fund value.
- In this case an amount equal to higher of the following shall be payable.
Maturity Benefit:
If the policyholder survives till the date of maturity, an amount equal to the unit fund value shall be payable.
Other Benefits in LIC Nivesh Plus Plan
Guaranteed Additions : Guaranteed additions are paid as a percentage of single premium from 6th policy year. Details of guaranteed additions are given below.
| End of policy year | Guaranteed Additions (As a percentage of single premium) |
| 6 | 3% |
| 10 | 4% |
| 15 | 5% |
| 20 | 6% |
| 25 | 7% |
Apart from this there are tax benefits, loan benefits, riders benefits which we will cover later in this article.
Rider Benefit : Accidental death benefit rider is available under this plan. If this rider is opted and death happens due to accident then accident sum assured will be payable along with death benefit.
Partial Withdrawal : You can withdraw partial amounts once you complete 5 years in the policy. The maximum amounts can be withdrawn is listed below.
| Policy year | Percentage of Unit Fund |
| 6 to 10 | 15% |
| 11 to 15 | 20% |
| 16 to 20 | 25% |
| 21 to 25 | 30% |
Switching : You can switch between the four fund types at any time during the policy term.
Settlement Option : You have an option to receive the death benefit in installment.
Basic Sum Assured Option : You have an option to choose Basic Sum Assured at the start of the policy. Options are listed below,
- Option 1 : 1.25 times the single premium
- Option 2 : 10 times of single premium
Eligibility conditions in LIC Jeevan Nivesh Plus Plan
| Minimum | Maximum | |
| Premium | Rs. 1,00,000 | No Limits |
| Basic Sum Assured | Option 1 : 1.25 times the single premium Option 2 : 10 times of single premium | Option 1 : 1.25 times the single premium Option 2 : 10 times of single premium |
| Entry Age | 90 days | Option 1 : 70 years Option 2 : 35 years |
| Maturity Age (completed) | 18 years | Option 1 : 85 years Option 2 : 50 years |
| Policy Term Option 1 : If basic sum assured is 1.25 times of single premium Option 2 : If basic sum assured is 10 times of single premium Option 2A : For entry age of upto 25 years Option 3A : For entry age of 26 to 30 years Option 4A : For entry age of 31 to 35 years | Option 1 – 10 years Option 2A – 10 years Option 3A – 10 years Option 4A – 10 years | Option 2 – 25 years Option 2A – 25 years Option 3A – 25 years Option 4A – 10 years |