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Overview
LIC Nivesh Plus is a unit-linked, non-participating, and single-premium individual life insurance plan. It offers insurance-cum-investment benefits that help you stay protected and earn great returns. The plan allows the insured to leverage investment opportunities associated with the stock market. It offers guaranteed additions at low charges. LIC allows the insured to invest in the LIC Nivesh Plus Policy through online and offline modes.
Key Benefits of LIC Nivesh Plus Plan
- Death Benefits
- Maturity Benefits
- Guaranteed Additions
- Partial Withdrawals
- Payout in Installments
- Free-Look Period
How to Buy LIC Nivesh Plus on PolicyX.com
- Visit the official website of PolicyX.com.
- Click on the ‘Investment’ tab.
- A new page will appear on the screen.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
Benefits of LIC Nivesh Plus
There are various benefits to buying the LIC Nivesh Plus Plan. Let’s understand each of them in detail:
Death Benefits
On the death of the insured, the nominee will be liable to receive the death benefits. In case of death before the date of commencement of risk, an amount equal to the unit fund value will be paid. If the death occurs after the date of commencement of risk, an amount higher than the basic sum assured or unit fund value is payable.
Maturity Benefit
If the insured survives until the maturity date, they will receive an amount equal to the unit fund value as maturity benefit.
Guaranteed Additions
LIC Nivesh Plus Plan offers guaranteed additions. It will be a fixed percentage of the single premium as mentioned below.
Partial Withdrawals
The plan allows for partial withdrawals after completing 5 years of the policy. It can be in the form of a fixed amount or a fixed number of units. In the case of a minor, partial withdrawal is allowed after 18 years of age.
Switches
The plan allows the insured to switch among 4 different funds during the fixed policy tenure. If the insured opts for switching, the entire fund value will be switched to the new fund.
Payout
The plan offers the option to receive the death benefits in installments.
Surrender
The insured is allowed to surrender the policy if needed. If you surrender the plan in the initial 5 years, the unit fund value after deduction of the discontinuance charges will be payable.
Free Look Period
The plan includes a free look period of 15 days, allowing you to cancel the plan and receive a refund.
How to Buy LIC Nivesh Plus on LIC India Website
- Visit the official website of Life Insurance Corporation of India.
- Hover over 'Wealth Creation'.
- Click on 'LIC Nivesh Plus'.
- Click on ‘Buy Online’ and you will be redirected to a new page.
- Enter your name and contact information. One of their representatives will reach out to you and discuss the quotes.
- Once discussed, you can make the premium payment and get the policy documents.
Exclusions
In case the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. Either 80% of premiums paid to date or the surrender value acquired to date, whichever is higher, is paid.
Documents Required to Buy LIC Nivesh Plus
Here is the list of documents required to buy the LIC Nivesh Plus:
-
Photo ID Proof
Passport, Aadhaar card, PAN card, Driving license (any one).
-
Age Proof
Passport, Aadhaar card, PAN card, Driving license (any one).
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Address Proof
Utility bill, passport, voter ID, ration card (any one).
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Medical Records
Medical records of the policyholder, if requested.
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Income Proof
Bank statement, last three months' salary slips (if you are salaried) (any one).
Plan At a Glance
| What’s Good Here | What’s Missing |
|---|---|
| Death Benefits | Premium Offset |
| Maturity Benefits | High Sum Assured Rebate |
| Guaranteed Additions | Auto Cover Continuance |
| Partial Withdrawals | Top-up Premium |
In a Nutshell
If you are looking for a life insurance plan that can help you create wealth over time, you can consider buying LIC Nivesh Plus. This plan offers multiple benefits to policyholders. If you are still confused about whether buying this plan is right for you, you can contact us at PolicyX.com.
For more info related to this plan, you can visit PolicyX.com, or call us at 1800-420-0269. Our insurance experts will listen to your unique needs and suggest the best possible solution.
