LIC’s Nivesh Plus Insurance Plan (Plan No.849)
LIC’s Nivesh Plus is a unit linked, non-participating, single premium individual life insurance plan. The policy offers insurance as well as investment cover throughout the policy term.
On this page, you will find all the details regarding the eligibility criteria, premium payment facility, and other attractive features.
Eligibility Criteria
The eligibility criteria under the LIC’s Nivesh Plus Insurance plan is as follows:
(a) Policy Term:
Option 1 - If basic sum assures is 1.25 times of single premium and the tenure is 10 to 25 years
Option 2 – If basic sum assured is 10 times of single premium, the tenure for the option is
- For entry age up to 25 years, the tenure is 10 –25 years
- For entry age from 26 to 30 years, the tenure is 10-20 years
- For entry age from 31 to 35 years, the tenure is 10 years
Categories | Minimum | Maximum |
Entry Age | 90 days for option 1 and 2 | 70 years for option 1 35 years for option 2 |
Maturity Age | 18 years | 85 years for option 150 years for option 2 |
Premium Paying Mode(Single Premium only) | Rs.1,00,000 | No limits |
Exclusive Features of LIC Nivesh Plus Plan
The exclusive features of the insurance plan are as follows:
1. Death Benefit: If the policy holder dies during the policy term, the nominee will receive the death benefit. The death benefit can also be received as a lump sum amount or in installments.
The amount payable as death benefit are:
- Basic Sum Assured less Partial Withdrawals, if any made during the two years period immediately preceding the date of death; or
- Unit Fund Value
2. Maturity Benefit: Upon reaching the maturity date, an amount equal to Unit Fund Value is paid to the policyholder.
3. Guaranteed Additions: Guaranteed Additions as a percentage of Single Premium will be added to the Unit Fund upon completion of specific duration of policy. The percentages and policy years in which the additions are made are as follows:
End of Policy Years | Guaranteed Additions |
6 | 3% |
10 | 4% |
15 | 5% |
20 | 6% |
25 | 7% |
4. Optional Benefits:
- Rider Benefit: LIC Nivesh Plus plan offers LIC’s linked Accidental Death Benefit Rider for policyholders for protection against accidental death. The policyholder can avail the rider benefit only if the insurance policy has an outstanding term of five years.
- Partial Withdrawals: The policyholders can partially withdraw the units at any time after the completion of five years. Partial withdrawals are allowed only if the receiver is above 18 years and other considerations subjected to the company.
5. Switching: The policyholders can switch between the four types of funds during the policy tenure. On switching, the entire Fund Value shall be switched to the newely opted fund.
6. Settlement Option: The Settlement Option allows the nominee to receive the death benefit in installments. This option should be chosen during the policy tenure, specifying the installment mode and a period of up to five years. Upon death of the nominee, after the commencement of the settlement option period, the remaining amount is paid to the legal heir in a lump sum amount.
Investment of Funds under LIC’s Nivesh Plus Plan
The policyholders can choose one of the four fund types offered in the insurance plan for the allocation of premiums which will be utilised to buy units. Details and investment patterns of the four fund types are as follows:
Fund Type | Investment in Govt/ Govt – Guaranteed Securities | Short-Term Investments | Investments in Listed Equity Shares | Objective | Risk Profile |
Bond Fund | Not less than 60% | Not more than 40% | Not applicable | This bond provides a relatively safe investment mainly through accumulation of income through investment in fixed income securities | Low risk |
Secured Fund | 45% to 85% | Not more than 40% | 15% to 55% | This bond provides a steady income through investment in both equities and fixed income securities | Lower- medium risk |
Balanced Fund | 30% to 70% | Not more than 40% | 30% to 70% | This bond provides balanced income and growth through similar proportion investment in both equities and fixed income securities | Medium risk |
Growth Fund | 20% to 60% | Not more than 40% | 40% to 80% | This bond primarily invests in equities | High risk |
FAQs on LIC’s Nivesh Plus Insurance Plan
- What is LIC’s Nivesh Plus insurance policy?
Offered by the LIC, Nivesh Plus 849 is a unit-linked insurance policy plan that combines the benefits of life insurance with an investment component. The policyholders can choose the fund type based on their interest to invest their premiums as well as protect their family over time.
- What are the fund types offered by the LIC Nives Plus insurance plan?
LIC Nivesh Plus offers four types of fund types, each with its own features and risks. The four fund types are Bond Fund, Secured Fund, Balanced Fund, and Growth Fund.
- Can I switch between different funds offered by LIC Nivesh Plus during my policy tenure?
Yes, LIC Nivesh Plus allows fund-switching option during the policy tenure. When you decide to switch, the entire Fund Value will be transferred to your newly chosen fund type.
- Is a loan provided under the LIC Nivesh Plus insurance plan?
No, a loan is not provided under the LIC Nivesh Plus insurance plan.
- What are the rider benefits offered under LIC Nivesh Plus insurance plan?
The policyholder can avail LIC’s linked Accidental Death Benefit Rider only if the insurance plan has an outstanding term of five years.
- Can I avail the death benefit under LIC Nivesh Plus insurance plan in installments?
Yes, the death benefit under the LIC Nivesh Plus insurance policy can be availed in installments.
- What is the free lock-in period in LIC Nivesh Plus insurance plan?
LIC Nivesh Plus insurance plan offers 15 days as a free lock-in period for the customers. If any policyholder is unsatisfied with the policy they can return it within 15 days. If the policy holder purchases the plan online, then they are allowed a lock-in period of 30 days to return it. The time period is calculated from the date of the receipt of the policy bond.
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