Nivesh Plus Details
LIC Nivesh Plus is a single premium endowment policy offered by the Life
Insurance Corporation of India. Under the plan, a policyholder can avail dual
benefits of the insurance as well as investment cover. Moreover, the
policyholder has the freedom to select the sum assured at the time of
purchasing the LIC policy. This policy provides 4 categories of investment
funds under the policy for the policyholder to choose from.
|
Parameters |
Minimum |
Maximum |
|
Entry
Age |
90
Days (completed) for Option 1 and 2 |
70
years (nearer birthday) for Option 1. 35 years (nearer birthday) for Option
2. |
|
Maturity
Age |
18
years |
85
years |
|
Sum
Assured |
Under
Option 1: 1.25 times of the single premium Under Option 2: 10 times of the
single premium |
|
|
Policy
Term |
Option
1 – If Basic Sum Assured is 1.25 X Single-Premium, the policy term is 10-25
years. Option 2 - If Basic Sum Assured is 10 X Single Premium ·
For
the age of entry up to 25 years, the policy term is 10 – 25 years ·
For
the age of entry up to 26-30 years, the policy term is 10 – 20 years ·
For
the age of entry up to 31-35 years, the policy term is 10 years |
|
|
Premium Paying Mode |
Single
Premium only |
|
LIC Nivesh Plus Plan ensures two kinds of
benefits to its policyholders. They are as follows:
In the event of the death of a policyholder,
before the risk commencement begins, he will receive an amount that is the same
as the Unit Fund Value.
In the event of the death of a policyholder
after the date of risk commencement, he will receive an amount that is higher
than either the Basic Sum Assured or Unit Fund Value.
In the event that the policyholder survives
to the date of maturity of the policy, a sum equal to the Unit Fund Value will
be payable to him.
A fixed % of the Single Premium amount paid
keeps getting added to the Policy Unit Fund once the LIC Nivesh Plus Policy has
completed a specific number of years. They are as follows:
o
At the end of 6 years – 3%
o
At the end of 10 years – 4%
o
At the end of 15 years – 5%
o
At the end of 20 years – 6%
o
At the end of 25 years – 7%
Rider benefit can be obtained by a customer,
provided the LIC Nivesh Plus Plan has an outstanding term of 5
years.
Partial withdrawals are allowed at any time
after the fifth policy anniversary. They are however subject to a number
of factors decided by the corporation, for example, the age of the policyholder
etc.
Once the partial withdrawal has been carried
out, then for the next two years, the Basic Sum Assured will be reduced on the
basis of the sum that has been withdrawn. Once the two year period is
over, the Basic Sum will automatically be restored.
The option to switch between four different
types of funds is available to all holders of the LIC Nivesh Plus Policy during
the term of the policy. If a policyholder chooses to make a switch to a
new fund then the entire Fund Value will be transferred to the new fund.
Settlement Option
The death benefit can be received in
installments, using this option.
This plan also provides tax benefits on the
premium amount paid.
“Tax benefit is subject
to changes in tax laws”
The premiums for LIC Nivesh Plus Policy are
to be paid as single premiums compulsorily.
The minimum premium is Rs 1, 00,000 and all
premiums are payable in multiples of Rs. 10000 only. There is no limit to
the maximum premium a policyholder wishes to pay.
Documents needed to purchase a LIC Nivesh
Plus Plan are as follows:
·
ID proof
·
Date of birth proof
·
Address proof
In case of a death claim:
·
Claims form
·
Original policy document
·
NEFT mandate
·
Proof of title
·
Proof of death and medical treatment prior
to death
·
School/ college/ employer's certificate
·
Proof of age of the policyholder (if
requested by the corporation)
In case of closing of policy other than
death
·
Discharge form
·
Original policy document
·
NEFT mandate
·
Proof of age of policyholder (if requested
by the corporation)
