On March 02, 2020, the Life insurance corporation of India launched its new ULIP plan Nivesh Plus, Plan No. 849. LIC’s Nivesh Plus is a single premium, non-participating, Unit linked, Individual Life insurance plan. This an insurance cum investment plan. In other words, you enjoy both life insurance cover and returns together throughout the policy term. LIC’s Nivesh Plus is available for sale online as well as offline.
In LIC’s Nivesh Plus, you have the option to choose risk cover as per your need. Option 1 will give you 1.25 times risk cover of single premium, on the other hand, option 2 will give 10 times the risk cover of a single premium. However, once you opt for the option, you cannot change it later. Besides this, LIC’s Nivesh Plus offers Guaranteed Addition a certain percentage of single premium after a fixed interval of time.
Unique Identification number (UIN) of LIC’s Nivesh plus is 512L317V01
Table of Contents
Date of Commencement of Risk: In case the Life assured is less than 8 years old at the time of taking the policy. The risk cover will start after 2 years of policy DOC or when Life assured completes 8 years of age, whichever is earlier. In case the life assured is 8 years or old at the time of taking the policy, then risk cover will start immediately.
Date of Vesting: If the life assured is minor at the time of taking the policy. Then, on completing the age of 18, the policy will automatically vest in the name of the life assured.
Benefits payable in LIC’s Nivesh Plus includes Death claim and Maturity Claim. If the life assured dies before the date of maturity, then the benefit is payable to the nominee. If the life assured survives till the date of maturity then maturity claim is payable to the life assured himself. Let’s see what are the conditions for these benefits in LIC’s Nivesh Plus.
If the life assured dies before the stipulated date of maturity, then death claim is payable to the nominee. Death claims may come before the start of risk or after the risk commencement. In other words death benefit payable is different in both the scenarios i.e. death before commencement of risk and death after commencement of risk.
Death benefit on death before the date of commencement of Risk:
If the life assured is minor and he dies before the commencement of the Risk in the policy. Then an amount equal to Unit fund value is payable to the proposer.
Death benefit on death after the date of commencement of Risk:
If the life assured minor or major dies after the date of commencement of the risk. Then, an amount equal to the Basic sum assured reduced by any partial withdrawals during the last 2 years (before the date of death) or fund value, whichever is higher. Basic sum assured is as per the option chosen by the life assured/proposer.
On the date of maturity life assured will get the Unit fund value of the policy as maturity benefit.
LIC’s Linked Accidental Death Benefit Rider (UIN: 512A211V02): It is an optional rider that the proposer can opt at the time of taking the policy. Although, you can take this rider during the policy term at any policy anniversary. Though you can take this rider at any time during the policy term if cancel cannot re-opt it again. The maximum entry age for this rider is 65 years.
LIC’s Nivesh Plus has a provision of Guaranteed Addition. After completion of a specific duration in the policy, a certain percentage of the single premium will be added in the unit fund of the policy. See the table below to know the Guaranteed Addition percentage of duration after which it is added.
This loyalty addition is then converted to unit funds based on the NAV of the fund in the policy as on date of this guaranteed addition. Any such addition after date of death of policy holder we will reduced from claim amount (due late intimation of death claim)
Just like almost all other ULIP plans of LIC of India, LIC’s Nivesh Plus has four fund types. These funds are namely, Bond Fund, Secured Fund, Balanced Fund, and Growth Fund. These funds are designed according to various risk profile individuals. In other words, despite taking a ULIP policy, an individual can choose a low-risk fund as per his choice and switch to other funds also. The table given below has summarised the details about these funds.
Discontinued Policy Fund: LIC of India has created yet another fund for discontinued policies. That means, this funds is for the policy which are lapsed and cannot be revived. This fund have investment pattern of 0% to 40% in Money market Instrument and 60% to 100% in Government securities.
NAV or the Net Asset Value of all the funds will be calculated on a daily basis. NAV is basically based on the investment performance and fund management charges of that particular fund.
5. Partial Withdrawal Charge: Whenever you do a partial withdrawal in this policy. You have to pay a Partial withdrawal charge. This Charge is Flat Rs. 100 per partial withdrawal.
6. Miscellaneous Charges: This charge is for alteration in policy. If you wan to opt the Accidental Benefit Rider in between the policy term. You will this charge. This charge is flat Rs. 100.
Although LIC of India can change these charges at any time but they will not be greater than prescribed charges by IRDAI.
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