LIC’s Nivesh Plus is an individual life insurance plan categorized as Unit Linked, Non-Participating, and Single Premium. With a one-time premium payment, this plan provides a combination of insurance and investment coverage for the entire policy term.
You have the option to purchase this plan either offline through an intermediary or online by visiting www.licindia.in.
This plan offers flexibility in selecting the Sum Insured at the beginning and allows you to choose from four different investment funds to allocate your premium. After deducting the Premium Allocation Charge, the single premium is used to purchase units in the chosen Fund. The value of these units can fluctuate based on the Net Asset Value (NAV) and is subject to various associated charges.
Nivesh Plus Benefits
Death Benefit
Before Risk Commencement Date: Unit Fund Value is paid.
After Risk Commencement Date: Higher of Basic Sum Assured minus recent Partial Withdrawals or Unit Fund Value is paid.
Charges like Mortality, Accident Benefit, and Tax charges post-death are refunded along with the death benefit. Any added Guaranteed Additions (if claim intimation is delayed) are deducted from the Unit Fund.
The death benefit can be received as a lump sum or in instalments if the Settlement Option is chosen, based on the policyholder’s preference.
Maturity Benefit
If the Life Assured survives until the maturity date, an amount equal to the Unit Fund Value will be paid.
Rider Benefit
You can add LIC’s Accidental Death Benefit Rider (UIN: 512A211V02) to your policy if the remaining term is at least 5 years and the Life Assured is below 65 years of age. It provides coverage until maturity or until the Life Assured turns 70, whichever comes first, as long as the base policy is active when the accident occurs. In the event of accidental death, this rider pays a lump sum Accident Benefit Sum Assured in addition to the base plan’s death benefit. It’s not available for policies on minors or during their minority, and the Accident Benefit Sum Assured cannot exceed the Basic Sum Assured. For more details, refer to the Rider Brochure or contact the nearest LIC Branch Office.
Eligibility Conditions
| Minimum/Maximum Basic Sum Assured |
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| Minimum Age at entry | [90] Days (completed) for Option 1 and 2 | |
| Maximum Age at entry |
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| Minimum Maturity Age | [18] years (Completed) | |
| Maximum Maturity Age |
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Exclusion:
In the event of suicide by the Life Assured within 12 months from the policy commencement date, the nominee or beneficiary of the policyholder will receive the Unit Fund Value as of the date of death notification, along with the death certificate. In such cases, no other claims will be entertained, and the policy will be terminated.
Any charges, except Fund Management Charges (FMC), collected after the date of death will be refunded and added to the Fund Value as of the date of death notification, along with the death certificate. Additionally, any Guaranteed Additions added after the date of death (in case of delayed death claim notification) will be deducted from the Unit Fund.
It’s important to note that this clause does not apply if the Life Assured’s age at entry is below 8 years, and the death benefit mentioned in paragraph 1(A) will be paid in such cases.