LIC’s Nivesh Plus
The Nivesh Plus plan from LIC is a single-premium, unit-linked, non-participating individual life insurance policy. The plan offers insurance and investment cover for the duration of the policy upon payment of a single premium.
This plan gives you the freedom to select the kind of Sum Insured at the outset and to invest the premium in any one of the four accessible investment fund types. Units of the selected fund type can be purchased with a single premium that has been paid after deducting the premium allocation charge. The Net Asset Value (NAV) of the Unit Fund determines the value of the units, which is susceptible to fluctuations in value.
Description
The benefits provided under this policy are as follows:
A) Death Benefit:
- On death before the Date of Commencement of Risk: If the insured person passes away before the Date of Commencement of Risk, an amount equal to the Unit Fund Value shall be payable.
- On death after the Date of Commencement of Risk: If the insured person passes away after the Date of Commencement of Risk, the higher of the following amounts shall be payable:
- Basic Sum Assured minus Partial Withdrawals, if any, made during the two years immediately preceding the date of death, or
- Unit Fund Value.
In this context, Basic Sum Assured and Partial Withdrawal are defined in para 3(V) and para 3(II), respectively.
Along with the death benefit, the nominee or beneficiary will also receive a reimbursement for any mortality, accident, and tax expenses that were subtracted after the date of death. In the event that the death claim notification is delayed, any Guaranteed Addition added after the date of death will be recouped from the Unit Fund. The Policyholder/Life Assured may choose to pay the death benefit in installments or as a single payment, according on their settlement option.
B) Maturity Benefit: If the Life Assured survives until the date of maturity, an amount equal to the Unit Fund Value shall be payable.
C) Eligibility Conditions:
| Minimum / Maximum Basic Sum Assured | Under Option 1: 1.25 times of the single premium
Under Option 2: 10 times of the single premium |
| Minimum Age at entry | 90 days (completed) for Option 1 and 2 |
| Maximum Age at entry | 70 years (nearer birthday) for Option 1
35 years (nearer birthday) for Option 2 |
| Minimum Maturity Age | 18 years (completed) |
| Maximum Maturity Age | 85 years (nearer birthday) for Option 1
50 years (nearer birthday) for Option 2 |
| Policy Term
Option 1: Option 2: |
If Basic sum assured is 1.25 times of single premium If Basic sum assured is 10 times of single premium |
| Premium Paying Mode | Single Premium Only |
| Minimum Premium | 1,00,000 |
| Maximum Premium | No Limits |
*Premiums shall be payable in multiple of Rs.10,000/-.
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