LIC Nivesh Plus Plan No 849

Life Insurance Corporation of India has offered various ULIP plans over the past decade. This year also LIC of India has launched two new ULIP plans in March month. In this post, let’s discuss the benefits and features of LIC Nivesh Plus Plan No 849 – Single Premium ULIP from LIC.

Table of Contents

What is ULIP?

ULIP stands for Unit Linked Insurance Plan. ULIP is a type of Insurance, which is a combination of insurance and investment. Here, the policyholder pays an annual or monthly premium. A part of the premium goes to secure the life of the investor and the rest is invested in equity, debt, or a combination of both.

LIC’s Nivesh Plus is a single premium, non-participating ULIP plan by LIC of India. On payment of the single premium, the policy offer, insurance and investment cover throughout the term of the plan. You can purchase this ULIP plan online as well as offline mode.

Features of LIC Nivesh Plus Plan

1. LIC Nivesh Plus policy is a single premium unit linked insurance plan. The one-time payment facility makes it a hassle-free investment option.

2. The minimum amount for investment is Rs 1 lakh. There is no upper limit for investment.

3. The unit linked insurance plan is available offline as well as online mode. For online mode please visit www.licindia.in

4. Guaranteed additions on completion of a specific duration of the policy year like the end of 6 years, 10 years, 15 years, 20 years, and 25 years. This guaranteed addition shall be converted to units and credited to the Unit Fund.

5. You can choose the amount of single premium you desire to pay and have the flexibility to select the basic sum assured at the inception.

6. The tenure of this ULIP plan is 10 to 25 years, depending on your age and sum assured option chosen.

7. There are 4 different fund options available – Bond, Secured, Balanced, and Growth.

8. You are allowed 4 switches free of charge in a given policy year. For the subsequent switches that year you have to pay Rs. 100/- per switch.

9. You can partially withdraw the units at any time after the 5th policy anniversary.

10. At the policy maturity, an amount equal to Unit Fund Value shall be payable.

11. This unit linked insurance plan has a lock-in period of 5 years like any ULIP plan.

Benefits under LIC Nivesh Plus Policy

1. Maturity Benefit

An amount equal to the unit fund value is payable on the life assured surviving the stipulated date of the maturity.

2. Death Benefit

An amount equal to the basic sum assured as per the option chosen by the policyholder on the death of the policyholder during the policy term.

3. Guaranteed Additions

Guaranteed additions as a percentage of the single premium on completion of a pre-defined specific duration of the policy year. See the table below.

4. Optional Accident Benefit Rider

This benefit shall be available till the maturity date or till the policy anniversary on which the age nearer birthday of the policyholder is 70 years.

5. Partial Withdrawals

You can partially withdraw the units at any time after the 5th policy anniversary.

Eligibility Criteria for LIC Nivesh Plus Plan

1. Minimum Premium – Rs 1,00,000/-.

2. Maximum Premium – No Limit.

3. Minimum Entry Age – 90 days for both Option 1 and Option 2.

4. Maximum Entry Age – 70 years (nearer birthday) for Option 1.

– 35 Years (nearer birthday) for Option 2.

5. Premium Payment Mode – Single Premium only.

6. Minimum Maturity Age – 18 years (completed).

7. Maximum Maturity Age – 85 years (nearer birthday) for Option 1

– 50 Years (nearer birthday) for Option 2

Sum Assured Options in LIC Nivesh Plus Policy

You can choose the basic sum assured at the inception. The available sum assured options are:

Option 1

i) The basic sum assured would be 1.25 times the single premium.

ii) In this option, the policy term can be 10 to 25 years.

Option 2

The basic sum assured would be 10 times the single premium.

In this option, the policy term can be:

i) For age at entry up to 25 years, the policy term can be 10 to 25 years.

ii) For age at entry 26 to 30 years, the policy term can be 10 to 20 years.

iii) For age at entry 31 to 35 years, the policy term can be 10 years.

Note that the sum assured option once selected cannot be altered.

Investment Funds available in LIC Nivesh Plus Plan

The following four different fund options available in this unit linked insurance plan.

1. Bond Fund

2. Secured Fund

3. Balanced Fund

4. Growth Fund

LIC Nivesh Plus ULIP Plan Charges

You need to pay the following charges when you purchase this policy.

1. Premium Allocation Charges

The premium allocation charges for the offline policy are 4.30% and for online it is 1.50%.

2. Mortality Charges

The mortality charges depend upon a number of factors such as age, the sum assured, state of health, etc.

3. Fund Management Charges

The fund management charge is 1.35% p.a. for all four funds. For discontinued policy fund it is 0.50 % p.a.

4. Discontinuation Charges

You need to pay the following discontinuation charges as shown in the image below.

5. Switching Charges

Four switches are allowed free of charge within a given policy year. For the subsequent switches, you have to pay Rs. 100/- per switch.

6. Partial Withdrawal Charges

A flat amount of Rs. 100/- shall be deducted by cancelling the appropriate number of units out of your fund.

For more information visit LIC official website here

LIC Nivesh Plus Plan No 849 – Single Premium ULIP from LIC

LIC Nivesh Plus Plan No 849 – Single Premium ULIP from LIC

What is ULIP?