LIC’s Nivesh Plus (Table No. 849)

INTRODUCTION:- It has been decided to introduce LIC’s Nivesh Plus Plan No.849 with effect from 2nd March 2020. LIC’s Nivesh Plus is a Single Premium, Unit Linked Individual Life Insurance plan, which offers investment-cum-insurance during the term of the policy. It is the ideal plan for gifting. LIC’s Nivesh Plus Plan offers the Guaranteed Additions at regular intervals. It has the facility of partial withdrawal in case of any financial crisis. The policyholder also has the option of choosing the death benefit in installments. This LIC policy is the best for those peoples who understand the ups and downs of the stock market and do not mind taking risks. And they want to make good returns on their investments. The benefits and other basic features of the plan are given below.

Basic Eligibility Conditions and Features of LIC’s Nivesh Plus Plan (Table no. 849) : –

1) Minimum Age at Entry:- 90 days completed.

2) Maximum Age at Entry:- 70 Years nearest birthday for option 1 35 Years nearest birthday for option 2

3) Premium Paying Mode:- Single Premium

4) Minimum Maturity Age:- 18 Years completed.

5) Maximum Maturity Age:- 85 Years nearest birthday for option 1 50 Years nearest birthday for option 2

6) Minimum Premium:- Rs. 100000

7) Maximum Premium:- No Limit

8) Policy Term:-

Option 1:- If Basic Sum Assured is 1.25 times of Single Premium Amount:- 10 to 25 years

Option 2:- If basic Sum Assured is 10 times of Single Premium

For age at entry up to 25 years:- 10 to 25 years

For age at entry 26 to 30 years:- 10 to 20 years

For age at entry 31 to 35 years:- 10 years

Death Benefit:-

1) On Death before the Date of Commencement of the Risk:- An amount equal to the Unit Fund Value shall be payable.

2) On Death after the Date of Commencement of the Risk:- An amount equal to highest of the following shall be payable : –

I) basic Sum Assured reduced by any Partial Withdrawals made during the two years period immediately preceding the date of death,

II) Unit Fund Value or Maturity Benefit:- An amount equal to Unit Fund Value is payable.