LIC's Nivesh Plus

LIC's Nivesh Plus Plan is a non-participating, unit-linked, single premium individual life insurance policy. The plan offers insurance plus investment throughout the policy tenure on payment of a single premium. The plan can be purchased offline as well as through online mode by visiting LIC's official website.

The plan offers the flexibility to choose the sum assured option & fund type for the investment portion of the policy. The policyholder can choose one option among the available 4 different unit funds.

1. Eligibility Conditions

Parameters	LIC’s Nivesh Plus
Entry Age	Minimum - 90 days for Option 1 & 2 Maximum - 70 years for Option 1, 35 years for Option 2
Minimum Maturity Age	18 years
Maximum Maturity Age	85 years for Option 1 50 years for Option 2
Basic Sum Assured	Option 1- 1.25 times of single premium Option 2- 10 times of single premium
Premium Amount	Minimum- Rs.1 lakh Maximum- No limit
Mode of premium installments	Single premium

2. Benefits

Death Benefits

In case of death of the policyholder before the commencement of risk, then the amount equal to unit fund value as a death benefit will be payable to the nominees.

In case of death of the policyholder after the commencement of risk, an amount higher of the following options will be payable to the nominees:

Basic Sum Assured less any partial withdrawals made during the previous 2 year period till death
Unit Fund Value
Maturity Benefits

If the policyholder survives till the maturity of the policy, then an amount equal to unit fund value will be payable to the policyholder as maturity benefit.

Guaranteed Additions

The guaranteed additions will be added to the unit fund value upon completion of specified time period. The additions will be a percentage of the single premium as shown below:

Policy Year End	Guaranteed additions (% of single premium)
6	3%
10	4%
15	5%
20	6%
25	7%

3. Additional Riders

The policy also offers a facility to avail one additional rider i.e LIC’s Linked Accidental Death Benefit Rider by the policyholder.

4. Partial Withdrawals

The policyholders have the facility to make partial withdrawals from the unit fund value after the 5th anniversary of the policy. The maximum amount that can be partially withdrawn as a percentage of fund value during the policy term is mentioned below:

Year	% of fund
6-10	15%
11-15	20%
16-20	25%
21-25	30%

If the policy is for a minor, then the partial withdrawals, in that case, will be allowed only after he/she turns 18 years of age.

5. Settlement Payout Option

The policy offers a facility to receive death benefits in installments. This option can be exercised anytime during the term by specifying the installment mode & period years which cannot exceed 5 years.

6. Basic Sum Assured Option

There are two options to choose at the time of purchase for the basic sum assured. The options are:

Option 1: 1.25x of single premium
Option 2: 10x of single premium

7. Investment Allocation

Unit Plan

Type of fund	Allocation			Risk Profie
Type of fund	Government, g-securities & corporate debt	Money market instruments	Listed equity shares	Risk Profie
Bond Fund	Not less than 60%	Not more than 40%	Nil	Low
Secured Fund	Not less than 45% & not more than 85%	Not more than 40%	Not less than 15% & not more than 55%	Low to Moderate
Balanced Fund	Not less than 30% & not more than 70%	Not more than 40%	Not less than 30% & not more than 70%	Moderate
Growth Fund	Not less than 20% & not more than 60%	Not more than 40%	Not less than 40% & not more than 80%	High

8. Switching between Plans

The policyholders have the option to switch between the 4 fund plans during the policy term. The option can be exercised by paying the applicable switching charges.

9. Loan Facility

The policy doesn't offer a facility to avail loans against the fund value. However, the partial withdrawals are allowed as discussed above.

10. Free look period

In case the policyholder is not satisfied with the terms & conditions of the policy, then the policy can be returned to the LIC within 15 days of the receipt of bond documents. The time period is 30 days in case the policy was purchased online.

11. Charges under plan

The following charges are applicable for different reasons:

Allocation Charge
Mortality Charge
Accident Benefit Rider Charge
Fund Management Charge
Switching Charge
Partial Withdrawals Charge
Discontinuation Charge

12. Surrender Value

Surrender of policy during 5 year lock-in period

In case the policyholder surrenders the policy during the 5 year lock-in period, then the fund value will be converted into monetary amount which will be equal to NAV of the unit fund multiplied by the number of units in fund after deducting the discontinuation charges.

The units will be transferred to the discontinued policy fund in which the value will be payable after completion of lock-in period.

Surrender of policy after 5 year lock-in period

If the policy is surrendered after 5 years, then an amount equal to unit fund value at the date of surrender will be payable. There will be no discountination charge in that case.

13. Exclusions

In case the life assured dies by suicide within the period of 12 months from the start of policy, the nominee will be entitled to receive the unit fund value available as on the date the intimation for the death of policyholder was made. The charges other than fund management charges deducted will be added back to the fund unit value on the date of intimation.