LIC Nivesh Plus Plan:- The most popular life insurance in India has always been LIC, which has captured the hearts of millions of people. LIC always aims to make their customers’ lives more secure and enjoyable, so they constantly introduce new products for the benefit of all.
LIC Nivesh Plus Policy, Premium unit-linked policy, allows you to grow your wealth and get life insurance. Read below to get detailed information about LIC Nivesh Plus Plan like points, objectives, benefits, features, required documents, eligibility, steps to buy LIC Nivesh Plus Online, and much more
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).
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
Features of LIC Nivesh Plus Plan
The plan provides two options for applicants to choose as their guaranteed principal at the time the plan is initiated. The company will invest a portion of the insured’s premiums in unit funds, and its customers will have four options from which to choose the best deal. Mortgage funds, balanced funds, growth funds and safe deposits are some of these funds.
The Life Investment Scheme enables LIC customers to change their investment groups at any time throughout the scheme period. In case of death of the life trustee during the plan period, the nominee will get death benefit under LIC Investment Plus Scheme.
For the convenience of the enrollee, the plan also provides settlement options so that the death benefit can be availed in monthly installments. Under the terms of the LIC Investment Plus scheme, on completion of the insurance period, the insurer is entitled to a maturity award.
After the expiry of the fixed period of the scheme, the scheme pays a guaranteed adjustment of premium percentage.They will be invested in unit funds based on the type of fund selected as per NAV is determined by the guaranteed income. After the scheme comes into force after five years, the life investment scheme under LIC enables the life guarantee to withdraw its share in units
Documents Required for LIC Nivesh Plus Plan
- 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
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 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 |
Steps to Purchase LIC Nivesh Plus Online
- 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
