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.
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.
- 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.
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.
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
Option 1 : Taxable
Option 2 : u/s 10 (10D)
Death Claim both options: Tax Free