The largest government-owned life insurance and investment company in India is LIC. India’s most reputable life insurance provider has always been LIC. The goal of LIC is to make its customers’ lives safer and happy. Thus, they introduce new products for everyone’s gain.
After collecting money from people through their various life insurance plans, LIC primarily invests in international financial markets and other government assets. One of the LIC criteria stipulates that you must invest at least 75% of this money in Central and State Government securities. One of the several insurances offered by LIC is the LIC Nivesh Plus Plan.
Let’s proceed to the LIC Nivesh plus review which includes LIC Nivesh Plus benefits, and features, listed under the LIC Nivesh plus brochure.
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LIC Nivesh Plus Review
The LIC Nivesh Plus Plan is a unit-linked individual life insurance policy. The company introduced the plan in 2020. A unit-linked, non-participating, and single-premium personal life insurance plan is called LIC Nivesh Plus. It provides insurance and financial benefits that will keep you safe and increase your earnings. The insured can profit from the investing prospects offered by the stock market thanks to the plan. It provides assured additions at affordable prices.
The insured may purchase LIC Nivesh Plus Policy online and offline, according to LIC. When obtaining LIC insurance, the policyholder is allowed to choose the Sum Insured type. The policyholder can select from 4 different investment funds under this insurance.
Features of LIC Nivesh Plus Plan
Check out some of the key features of the LIC Nivesh Plus Plan:
1. Alternatives for the Basic Sum Assured
LIC Nivesh Plus Plan provides two options for the applicants to choose as their basic Sum assured amount at the start of the policy.
2. Four Investment Funds to Pick From
LIC will invest a part of the insured premium in unit funds, of which you will have four alternatives.
- Bond funds
- Balanced funds
- Growth funds
- Secured funds
3. Switching Facility
LIC Nivesh Plan enables customers to move their fund unit at any moment throughout the policy term. However, specific terms go along with this functionality and should be read appropriately.
4. Death Benefit
The nominee will get death benefits from LIC Nivesh Plus Plan if the life guaranteed passes away during the policy term. For the convenience of the nominee, the insurance also provides settlement choices to receive death benefits in the form of payments.
5. Maturity Benefit
If the insured lives out the LIC Nivesh Plus policy term, he would be entitled to maturity rewards.
6. Guaranteed Additions
After a set period of the policy, the insurance pays guaranteed addition as a percentage of single premiums. You will get guaranteed additions to the unit funds following the Nivesh Plus Plan and depending on the kind of fund selected.
7. Partial Withdrawal Option
After the policy has been in development for five years, the life insured under the Jeevan Nivesh Plan LIC may withdraw a number of their units.
8. Freelook Time
With LIC Nivesh Plus Plan, you will get offline purchasers a 15-day free look period and a 30-day free look period for Nivesh Plus LIC online purchasers. If you are dissatisfied with the policy within this time, you may return it to the company.
9. Ease of Purchase
Purchase of the LIC Nivesh Plus Plan is simple because you can do it offline through a LIC agent. But you can also easily purchase the LIC Nivesh Plus plan from the official website.
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LIC Nivesh Plus Plan Benefits
LIC Nivesh Plus Plan is highly beneficial for customers. The LIC Nivesh Plus has listed its benefits according to the LIC Nivesh plus brochure below:
1. Maturity Advantage
Under this LIC Nivesh plus benefits, the insured receives a payment equal to the Unit Fund Value, known as the maturity benefit when the policyholder lives through the Nivesh Plus LIC’s maturity term.
2. Death Benefit
LIC Nivesh Plus benefits for death include that the company must pay an amount equivalent to the Unit Fund Value if the life assured dies before the risk’s start date.
3. After the date the risk started, if the life guaranteed dies
In LIC Nivesh plus benefits, the corporation will evaluate the unit fund value and the sum promised value before paying the nominee of the plan with the higher of the two. Along with the LIC Nivesh plus benefits for death, the mortality fee, tax charge, and accident benefit charge are paid.
4. Partial Withdrawal Facility
The LIC Nivesh plus benefits include the partial withdrawal facility. However, you can only revoke the units once the policy has been in force for at least five years. It would help if you made the withdrawals in a set or specified unit amounts. A partial withdrawal facility for children is only accessible after 18.
5. Switching
During the insurance term, LIC Nivesh plus benefits its policyholders with the option to move among the four types of funds. These fund-switching transactions are entirely tax-free.
6. Optional Rider LIC Nivesh Plus Benefits
LIC Nivesh plus benefits of an optional rider include the LIC’s Linked Accidental Death Benefit, another option offered by the Jeevan Nivesh Plan LIC. You can choose this LIC Nivesh plus benefits rider any time after the plan’s inception or during the policy anniversary. Until the plan’s maturity or until the policy anniversary, the benefits under this extra rider option shall be available. If the insured dies due to an accident, the death benefit and the Accident Benefit Sum Assured will pay in one lump sum.
7. LIC Nivesh Plus Benefits for Death Settlement
Under the terms of LIC Nivesh plus benefits, policyholders may choose to settle their death benefit in a single payment or over time. Later, if the life guaranteed dies, his nominee gets compensated similarly.
LIC Nivesh Plus Plan: Eligibility
After knowing the LIC Nivesh plus benefits, it’s time to jump to eligibility. Before buying LIC Nivesh Plus Plan, you must meet the eligibility. You can check your eligibility from the data listed below under the LIC Nivesh Plus review:
| Sum Assured | For option 1: 1.25 times the single premium
For option 2: 10 times the single premium |
| Entry Age | Minimum – 90 days
Maximum – For option 1: 70 years For option 2: 35 years |
| Maturity Age | Minimum – 18 Years
Maximum – For option 1: 80 years For option 2: 50 years |
| Policy term | For option 1:
Min – 10 years, Max. – 25 years
For option 2: (entry age up to 25 years) Min.- 10 years, Max. 20 years
For option 2: (Entry age 26-30 years) Min. – 10 years Max. 10 years
For option 2: (Entry age 31-35) Min – 10 years Max. 10 years
|
| Premiums | Min. – Rs. 1,00,000 Max- no limit |
LIC Nivesh Plus Plan: Required Documents
Some paperwork is required to obtain a Nivesh Plus Plan. To obtain all the LIC Nivesh plus benefits, you need to submit some documents. This LIC Nivesh plus review has explained all the documents required.
- ID proof
- Evidence of birthdate
- Proof of address
If a death claims:
- Claims form
- NEFT directive
- Proof of ownership
- Evidence of death and medical care received before death
- A letter from your employment, school, or college
- Age verification for the policyholder (if requested by the corporation)
- When insurance expires for a reason other than death
In case of closing of policy other than death
- Discharge form
- Original policy document
- NEFT directive
- Age verification for the policyholder
How to Purchase LIC Nivesh Plus Plan Online?
You can purchase the Nivesh Plus plan via an agent registered with the company or online by customers. Online insurance purchases of LIC Nivesh Plus are very convenient; they also save time. Follow these steps under LIC Nivesh Plus review to buy it.
- Find the business website and select “Buy Online.”
- Submit the needed personal information, which includes your name, gender, birthdate, address, and phone number.
- A consumer must now provide any existing medical issues and data about drinking or smoking.
- Select the budget constraints and add scanned versions of all papers.
- When a consumer completes an online payment, the procedure ends.
LIC Nivesh Plus Plan: Exclusion
You will get the Unit Fund Value to the policyholder’s nominee or beneficiary on the day the company is notified of his death if he commits himself within a year of the policy’s commencement date. In such circumstances, you will require a death certificate. After that, the LIC Nivesh Plus Policy will terminate, and you can not process any further claims.
Any fees assessed to the policyholder after the date of death, except Fund Management Fees, shall be subtracted from the Fund Value. The Unit Fund will then deduct from any Guaranteed Additions that you can make after the date of death.
Conclusion
The LIC Nivesh Plus Plan is a unit-linked insurance plan. LIC promises to provide investing and insurance advantages under one big umbrella. This new LIC insurance plan has several appealing characteristics for people of all ages, such as single-Premium before benefits. LIC provides several features with Nivesh Plus Plan. The most exciting feature of the advantages is the online purchase. If the life assured loses their life, Nivesh Plan LIC provides death benefits and offers a maturity benefit if the life assured survives the plan.
LIC Nivesh Plus Plan – FAQs
What is the length of the LIC Nivesh Plus Plan’s free lock-in period?
Ans. A policyholder may return the LIC Nivesh Plus Policy to the company within 15 days if dissatisfied. A policyholder will have 30 days to return online-purchased insurance. The time frame will be determined starting when you receive the insurance bond. The insured must also explain why he is giving up the insurance.
Is a grace period available under the LIC Nivesh Plus Plan?
Ans. Yes, the LIC Nivesh plus gives its customers a grace period of 15 days beyond the due date for premium payments, during which they can conveniently pay their outstanding premiums.
What are the advantages of making LIC Nivesh Plus Plan premium payments via phone or internet banking?
Ans. The following are the advantages of paying LIC Nivesh Plus Plan premiums using phone or internet banking:
- Access to the internet at any time from the convenience of your home.
- It can reduce time.
- Using LIC services without paying an extra fee for an authorized agent is possible.
- Freedom to select any bank of one’s choosing.
- Freedom to change directions
- Email notifications and reminders about premium payments.
- No Postage cost.
