LIC Nivesh Plus Plan (849) – Tax Benefits, Review, Interest Rates

LIC Nivesh Plus Plan – The most reputable life insurance provider in India has always been LIC, which has gained the hearts of millions of people. The goal of LIC has always been to make their customers’ lives more secure and happy, thus they continuously introduce new products for everyone’s gain. With LIC Nivesh Plus Policy, a single Premium unit-linked policy, you may both grow your money and get life insurance. Read below to get detailed information related to the LIC Nivesh Plus Plan like highlights, objectives, benefits, features, documents required, eligibility criteria, steps to Purchase LIC Nivesh Plus Online, and much more


LIC Nivesh Plus Plan 849

The LIC Nivesh Plus Plan, a unit-linked individual life insurance policy, was introduced by the company on March 2, 2020. With its dual benefits of investment and insurance, Nivesh Plus LIC helps you build wealth by investing a portion of your premium in the capital market. The policyholders of LIC Nivesh Plus are provided with a wide range of advantages and flexible choices at reasonable prices.

LIC Nivesh Plus Plan Objective

Although LIC is a major player in traditional life insurance, it hasn’t been especially active in the unit-linked product market. The entire return on your investment will depend on how well the funds in which you invest your money perform. With this plan, you can choose the type of Sum Insured at policy inception and put the premium into one of four different categories of investment funds. A single premium may be used to purchase units of the chosen Fund category after deducting the Premium Allocation Fee. The Unit Fund is subject to a number of payments, and variations in Net Asset Value affect how much units are worth (NAV).

Other LIC Plans

LIC Aadhaar Shila Plan

LIC New Pension Plus Plan

LIC Dhan Sanchay Plan

LIC Dhan Varsha Plan

LIC Kanyadan Policy

Benefits of LIC Nivesh Plus Plan

Some of the key benefits of the LIC Nivesh Plus Plan are as follows:

  • Death Benefit:
    • A policyholder will get the same amount as the unit fund value in the case of his death prior to the risk initiation.
    • If a policyholder passes away after the date the risk began, he or she will receive a sum of money that is greater than either the Basic Sum Assured or Unit Fund Value.
  • Maturity Advantage: A sum equal to the unit fund value will be paid to the policyholder should he live to the policy’s maturity date.
  • Significant Additions: Once a certain number of years have passed since the LIC Nivesh plus Policy began, a certain percentage of the single premium payment keeps being contributed to the Policy Unit Fund. 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: A customer may receive the rider benefit if the LIC Nivesh Plus Plan has an outstanding term of five years.
  • Partial withdrawals: After the fifth policy anniversary, partial withdrawals are permitted whenever. However, they are based on a number of parameters chosen by the company, such as the policyholder’s age, etc. The Basic Sum Assured will be lowered based on the partial withdrawal amount for the next two years after it has been completed. The Basic Sum will be automatically restored after the two-year term has passed.
  • Switching: All owners of the LIC Nivesh Plus Policy have the choice to choose between four distinct types of funds at any time during the policy’s term. The full Fund Value will be transferred to the new fund if a policyholder decides to switch to a different one.
  • Option for Settlement: The Nivesh Plus LIC gives policyholders the option of receiving their death benefit as a lump payment or in monthly installments. Later, in the event that the life assured dies, his nominee gets compensated in the same way.

Features of LIC Nivesh Plus Plan

Some of the key features of LIC Nivesh Plus Plan are as follows:

  • The policy provides two options for the policy applicants to select as their basic sum assured amount at the time the policy is started.
  • The company will invest a portion of the insured person’s premium in unit funds, of which the client will have four options from which to select the best one. Bond funds, balanced funds, growth funds, and secured funds are some of these funds.
  • Jeevan Nivesh Plan LIC enables a customer to switch his fund unit at any time throughout the policy period.
  • If the life assured passes away during the policy term, the nominee will get death benefits under the LIC Nivesh Plus Plan. For the nominee’s convenience, the policy also provides settlement alternatives that allow them to receive death benefits in monthly payments.
  • Under the terms of the LIC Nivesh Plus policy, the insured is entitled to maturity rewards if he lives out the term of the policy.
  • Upon the conclusion of a predetermined period of the policy, the policy pays guaranteed addition as a percentage of single premiums. The guaranteed additions will be determined depending on the type of fund selected and credited to the unit funds in accordance with the NAV.
  • After the policy has been in effect for five years, the life guaranteed under the Jeevan Nivesh Plan LIC may withdraw a portion of his units.
  • The policy gives a 15-day free look period to offline purchasers and a 30-day free look period to online purchasers of Nivesh Plus LIC. If the insured is dissatisfied with the terms of the plan during this time, he or she may return the insurance to the company.
  • Purchase is simple because it can be done offline through a LIC agent. But you can also easily purchase the LIC Nivesh Plus plan from the official website. Make sure to check before making a decision. Turtlemint will also assist you in comparing several policies so that you may select the finest one for your needs.

LIC Jeevan Labh 936

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
  • The homepage of the website will open on the screen
  • Click on the Buy Online option
  • A new page will open on the screen
  • 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