Know the Features, Premium Details, Benefits, and Eligibility of the LIC Nivesh Plus Plan Kya Hai, as well as its Interest Rates, Tax Benefits, and Customer Reviews.
The LIC, which has won the hearts of millions of people, has always been the most trustworthy life insurance company in India. LIC’s mission has always been to improve the security and happiness of its consumers, therefore they consistently launch innovative products for everyone’s benefit. With the single Premium unit-linked LIC Nivesh Plus Policy, you may insure yourself and increase your money at the same time. To learn more about the LIC Nivesh Plus Plan, including its highlights, goals, benefits, features, documentation requirements, eligibility requirements, methods for purchasing LIC Nivesh Plus online, and much more, read on.
LIC Nivesh Plus Plan 849
On March 2, 2020, the business unveiled the LIC Nivesh Plus Plan, a unit-linked individual life insurance policy. By investing a portion of your premium in the capital market, Nivesh Plus LIC, with its double advantages of investment and insurance, aids in your wealth-building. A comprehensive range of benefits and flexible options are offered to LIC Nivesh Plus policyholders at affordable rates.
LIC Nivesh Plus Plan Objective
Although LIC is a significant player in the market for traditional life insurance, it hasn’t been particularly active there. The performance of the funds in which you invest your money will determine the total return on your investment. When a policy is first purchased under this plan, you can select the type of Sum Insured and invest the premium in one of four distinct types of investment funds. Units of the selected Fund category may be purchased with a single premium after deducting the Premium Allocation Fee. A number of payments are due from the Unit Fund, and changes in Net Asset Value determine how much the units are worth (NAV).
Benefits of LIC Nivesh Plus Plan
Some of the key benefits of the LIC Nivesh Plus Plan are as follows:
- Death Benefit:
- In the event of the policyholder’s passing, before the risk is initiated, he or she will get the same sum as the unit fund value.
- A sum of money more than the Basic Sum Assured or Unit Fund Value will be paid out in the event that a policyholder dies after the date the risk commenced.
- Maturity Advantage: Should the policyholder survive the policy’s maturity date, he or she will receive payment in an amount equal to the unit fund value.
- Significant Additions: A specific portion of the one-time premium payment remains going into the Policy Unit Fund after a specified number of years have gone after the LIC Nivesh plus Policy started. These are what they are:
- 3% – At the end of 6 years
- 4% – At the end of 10 years
- 5% – At the end of 15 years
- 6% – At the end of 20 years
- 7% – At the end of 25 years
Other Benefits of LIC Nivesh Plus Plan
- Rider Advantage:If a customer’s LIC Nivesh Plus Plan has a five-year term remaining, they may be eligible for the rider benefit.
- Partial withdrawals: Partial withdrawals are allowed whenever after the fifth policy anniversary. However, they are determined by a variety of criteria picked by the business, such as the age of the policyholder, etc. After it has been completed, the Basic Sum Assured will be reduced based on the partial withdrawal amount for the following two years. After the two-year time has ended, the Basic Sum will be automatically restored.
- Switching: At any moment throughout the policy’s duration, all LIC Nivesh Plus Policy owners may select one of four different types of funds. If a policyholder chooses to change funds, the entire Fund Value will be transferred to the new fund.
- Option for Settlement: Policyholders have the choice of receiving their death benefit in a single lump sum or as a series of monthly payments from the Nivesh Plus LIC. Later, if the life assured passes away, his nominee will be reimbursed similarly.
Features of LIC Nivesh Plus Plan
Some of the key features of LIC Nivesh Plus Plan are as follows:
- At the moment the policy is initiated, the insurance offers the policy applicants a choice between two basic sum assured amounts.
- A portion of the insured person’s premium will be invested by the company in unit funds, of which the client will have four options from which to choose the best one. Some of these funds are bond funds, balanced funds, growth funds, and secured funds.
- A customer of the Jeevan Nivesh Plan LIC may change his fund unit at any moment during the duration of the insurance.
- The nominee will receive death benefits under the LIC Nivesh Plus Plan in the event that the life assured dies during the period of the policy. The policy also offers settlement options that let the nominee receive death benefits in recurring monthly payments for their convenience.
- The insured is eligible to maturity awards under the provisions of the LIC Nivesh Plus policy if he lives out the policy’s term.
- The policy pays guaranteed addition as a percentage of single premiums at the end of a defined period of time. Depending on the type of fund chosen, the guaranteed additions will be calculated and credited to the unit funds in accordance with the NAV.
- The life guaranteed under the Jeevan Nivesh Plan LIC may withdraw a portion of his units after the policy has been in operation for five years.
- The policy grants offline buyers of Nivesh Plus LIC a 15-day free look period and online buyers of Nivesh Plus LIC a 30-day free look period. During this time, the insured has the option of returning the insurance to the provider if they are unhappy with the terms of the plan.
- Because a purchase can be made offline through a LIC agent, it is straightforward. However, the official website also makes it simple to purchase the LIC Nivesh Plus plan. Before making a choice, make sure to check www.turtlemint.com. Additionally, Turtlemint can help you compare several insurance options so you can pick the best one for your requirements.
Documents Required for LIC Nivesh Plus Plan
Some of the important documents required for the plan are as follows:
- ID proof
- Address proof
- Date of birth proof
In case of a death claim following documents are required
- Claims form
- Proof of death and medical treatment prior to death
- Original policy document
- NEFT mandate
- Proof of title
- Discharge form
- School/ college/ employer’s certificate
- Proof of age of the policyholder (if requested by the corporation)
- In case of closing of policy other than deathOriginal policy document
- Proof of age of policyholder (if requested by the corporation)
- NEFT mandate
Steps to Purchase LIC Nivesh Plus Online
The LIC Nivesh Plus plan can be purchased from an aggregator who has previously registered with the company or online by customers. Online insurance purchases are not only handy, but they also save time. The steps to purchase the plan online are as follows:
- First of all, go to the company’s official website
- Click on the Buy Online option
- Now, fill in all the required details like name, gender, date of birth, address, and phone number, etc
- After that, enter any past medical issues as well as details about your drinking and smoking habits
- Select the budget constraints and upload scanned versions of all supporting documentation.
- Finally, once a client pays for the LIC Nivesh Plus Policy online, the procedure will be completed
LIC Nivesh Plus Plan Eligibility Criteria
|Policy tenure||10 years to 35 years|
|Entry Age||Minimum: 90 days (completed) Maximum: 70 years for Option 1 and 35years for Option 2 (nearer birthday)|
|Maturity Age||Minimum: 18 years (completed) Maximum: 85 years for Option 1 and 50 years for Option 2.|
|Sum Assured Options||Option 1 – 1.25 times of the single premium Option 2 – 10 times of the single premium|
|Premium amount||Premiums are to be paid in multiples of INR 10,000 Minimum: INR 1 Lakh Maximum: No Limit|
|Premium Paying Mode||Single-Premium|
LIC Nivesh Plus Plan Investment Fund options
You have four fund choices to put your units in with the plan from LIC. If you’re not happy, you can even move your units from one fund to another.
|Fund Type||Investment Objective||Risk Factor|
|Growth Fund||Investing mostly in equities to provide long-term capital growth to the policyholders.||High-risk|
|Balanced Fund||Investing in both fixed-income securities and equities in equal proportion to provide growth and balanced returns to the policyholders.||Moderate risk|
|Secured Fund||Investing in both fixed-income securities and equities to offer steady returns to the policyholders.||Low to moderate risk|
|Bond Fund||Investing in fixed-income securities provides a safe investment option for policyholders.||Low risk|