A fixed % of the Single Premium amount paid gets added to the Policy Unit Fund after completion of a specific number of year
LIC Nivesh Plus is a ULIP (Unit-Linked) which can help the policyholders to get insurance coverage and also to create more wealth. It is an only life insurance plan that requires a one-time single premium payment wherein the policyholder needs to make a lump sum premium payment.
On the basis of their risk taking ability, inventors can invest their premiums in various funds through the LIC Nivesh Plus plan. It provides 4 categories of investment funds From which the policyholder can choose from. The policyholder can also select the sum assured while purchasing the LIC policy.
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Eligibility Criteria of LIC Nivesh Plus Plan
Age:
- Minimum Age is 90 Days Completed (Baby)
- Maximum Age: 70 years (nearer birthday) for Option 1. 35 years (nearer birthday) for Option 2
Maturity Age : Minimum maturity age is 18 years and maximum maturity age is 85 years.
Documents Required
Documents required to purchase a LIC Nivesh Plus Plan are as follows:
- ID proof
- Date of birth proof
- Address proof
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LIC Nivesh Plus Plan Benefits
1. Death Benefit To Nominee
After the death of the policyholder during the policy term, the nominee will get a death benefit from the LIC Nivesh Plus Plan as mentioned below:
Basic Sum Assured as chosen by the policyholder less Partial Withdrawals(If any made during the period) after the date of death; or Unit Fund Value.
2. Maturity Benefit
If the policyholder survives till the date of maturity of the policy, a sum equal to the Unit Fund Value at the time of maturity will be paid.
3. Guaranteed Additions
A fixed % of the Single Premium amount paid gets added to the Policy Unit Fund after completion of a specific number of years as mentioned below:
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At the end of 6 years – 3%
At the end of 10 years – 4%
At the end of 15 years – 5%
At the end of 20 years – 6%
At the end of 25 years – 7%
4. Partial Withdrawals
After the completion of 5 years Partial withdrawals can be made if the policyholder meets certain criteria decided by the company. However after a partial withdrawal, the Basic Sum Assured will be reduced by the amount withdrawn for the subsequent two years, but after the two-year period, the Basic Sum will be reinstated automatically.
5. Switching
As mentioned earlier there are four funds available, the policyholders can switch between the four funds throughout the policy duration. After they have taken the decision to switch the funds the entire fund value will be transferred into the new fund.
