IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. THE LINKED INSURANCE PRODUCTS DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICYHOLDERS WILL NOT BE ABLE TO SURRENDER/ WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF FIFTH YEAR.
LIC’s Nivesh Plus is a Single Premium, Non-Participating, Unit Linked, Individual Life Insurance plan which offers insurance cum investment during the term of the policy.
You have a choice of investing premiums in one of the four types of investment funds available. Premiums paid after deduction of Premium Allocation Charge will purchase units of the Fund type chosen. The unit fund is subject to various charges and value of units may increase or decrease, depending on Net Asset Value (NAV).
After commencement of risk, an amount equal to the higher of Basic Sum Assured reduced by any Partial Withdrawals made during the two years’ period immediately preceding the date of death or Unit Fund Value shall be payable; where Basic Sum Assured is as per the Option chosen by the Policyholder.
On Life Assured surviving the stipulated Date of Maturity, an amount equal to the Unit Fund Value is payable.
Guaranteed additions :
Guaranteed Additions as a percentage of Single Premium as mentioned in the Table below shall be added to the Unit fund on completion of specific duration of policy years.
Optional Accident benefit rider :
The benefit cover under this rider shall be available till the Date of Maturity or till the policy anniversary on which the age nearer birthday of the Life Assured is 70 years, whichever is earlier, provided the Policy is inforce as on date of accident. The Policyholder has the option to cancel this rider at any time during the policy term. However, once the rider is cancelled, it cannot be re-opted.
Partial Withdrawals :
A policyholder can partially withdraw the units at any time after the fifth policy anniversary, may be in the form of fixed amount or in the form of fixed number of units as per details given in FAQ. The above Partial withdrawal shall be allowed subject to minimum balance equal to the single premium paid in the unit fund.
Eligibility Conditions And Other Restrictions:
- Basic Sum Assured : The proposer will have option to choose one of the following:
Option 1 --> Basic Sum Assured equal to 1.25 times of the Single premium
Option 2 --> Basic Sum Assured equal to 10 times of the Single premium
- Minimum Premium : Rs 1,00,000/-
- Maximum Premium : No Limit.
- Minimum age at entry : 90 Days (completed) for both Option 1 and Option 2
- Maximum age at entry : 70 years (nearer birthday) for Option 1;
35 Years (nearer birthday) for Option 2
- Policy Term : Option 1 -->10 to 25 years
Option 2 (age at entry upto 25 years) --> 10 to 25 years
Option 2 (age at entry 26 to 30 years) -->10 to 20 years
Option 2 (age at entry 31 to 35 years) -->10 years
- Premium Payment Mode : Single Premium only.
- Minimum Maturity Age : 18 years (completed)
- Maximum Maturity Age : 85 years (nearer birthday) for Option 1;
50 Years (nearer birthday) for Option 2