LIC’s NIVESH PLUS | PLAN 849

LIC’s NIVESH PLUS PLAN DETAILS: This is a Single Premium, Non-Participating, Unit Linked Assurance Plan, which offers insurance-cum-investment. Proposer can choose the amount of premium one desires to pay. Each premium paid shall be subject to allocation charges. Upon completion of specified duration, Guaranteed additions as a percentage of Single Premium shall be added to the unit fund under in force policy.

Basic SA Options

  • Option -1: 1.25 times of Single Premium
  • Option -2: 10 times of Single Premium

DATE OF COMMENCEMENT OF RISK:
For age at entry less than 8 years LBD : One day before completion of 2 years from DOC or one day before Policy Anniversary after completion of age of 8 years LBD, whichever is earlier.
For age at entry 8 years LBD or more: Risk will commence immediately.

DEATH BENEFIT:
Before Commencement of Risk: Fund Value
After Risk Commences : Basic SA Opted (less any Partial Withdrawals made during last 2 years) or Fund Value whichever is higher.

MATURITY BENEFIT: Fund Value
Fund Options: Bond Fund, Secured Fund, Balanced Fund & Growth Fund.

Features & Conditions:
Minimum age at entry : 90 days
Minimum Maturity age : 18 years lbd
Minimum Premium : 1,00,000 and in multiples of  10,000 thereafter.
Maximum Premium : No limit
Available Riders: LIC’s Linked Accident Benefit Rider.

Options:

  • 1. Switching between any fund types.
  • 2. Death Benefit in instalments for 5 years.
  • 3. Partial Withdrawal from 6th year.
  • 4. Increase/Decrease in Benefits not allowed
  • 5. Accident Rider can be cancelled.
  • 6. Top Up not allowed.
  • 7. Alteration to other Plan not allowed.

Mode of Payment: Single only.
Rebates: Nil
Policy Loan: Not Available
Surrender/Paid up : Allowed After 5 years.
Compulsory Termination: If after 5 years from commencement balance in Unit Fund is not sufficient to recover the relevant charges, the policy will be compulsory terminated.
Revivals: NA
Suicide Clause: Within 12 months of DOC claim will be restricted to Fund Value.
Back Dating: Not Allowed.
Proposal Form: Separate form.
Tax Benefits : On Basic Premiums : u/s 80C
Maturity
Option 1 : Taxable
Option 2 : u/s 10 (10D)
Death Claim both options: Tax Free

 

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