LIC Nivesh Plus (Plan No. 849)
Table of Contents
LIC has long been India's most trusted life insurance provider, winning the hearts of millions. LIC has always strived to make its clients' lives easier and safer, and as a result, they continues to provide innovative solutions for everyone's benefit. The LIC Nivesh Plus Plan is a unit-linked individual life insurance policy that was released by the company on March 2, 2020. Nivesh Plus LIC offers both investment and insurance advantages, which means that a portion of your premium is invested in the capital market to produce wealth. LIC Nivesh Plus provides policyholders with a variety of advantages and flexible alternatives at a low cost.
LIC Nivesh Plus Plan Advantages
LIC Nivesh Plus plan provides various death benefits. If the life assured dies before the risk begins, the following will happen: The corporation is required to pay the Unit Fund Value in full. If the life assured dies after the risk begins, the following will happen:
The company will compare the sum promised value and the unit fund value and pay the higher of the two to the plan's nominee. Along with the death benefits, the mortality fee, tax costs, and accident benefit charges are paid.
Maturity Advantage
The insured gets paid a sum equivalent to the Unit Fund Value if the policyholder lives to the end of the Nivesh Plus LIC's maturity period. This is known as the maturity benefit.
Optional LIC Nivesh Plus Plan advantages
Rider advantages:
LIC's Linked Accidental Death Benefit is an extra rider option available with the Jeevan Nivesh Plan. This rider benefit can be added at any point throughout the plan's life cycle or on the policy anniversary. The advantages of this extra rider option will be available until the plan's maturity or policy anniversary. The Accident Benefit Sum Assured will be paid in a lump sum along with the death benefit if the insured individual dies in an accident.
Partially Withdrawable Funds:
The Nivesh Plus Plan from LIC allows for partial withdrawals. However, the units may only be revoked when the policy has been in force for at least 5 years. Withdrawals must be made in a specified sum or in fixed units. Only after the age of 18 is a partial withdrawal facility accessible to children.
Switching:
LIC policyholders can move between the four types of funds offered by the Jeevan Nivesh Plan during the policy term. These transfers from one mutual fund to another are tax-free.
The LIC Nivesh Plus Plan's Highlights
The Nivesh Plus Plan from LIC has the following essential features:
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Options For A Basic Sum Assured:
The insurance provides policy applicants with two options for their basic sum guaranteed amount at the time of policy beginning.
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There Are Four Investment Funds From Which To Choose:
The corporation will invest a portion of the insured person's premium in-unit funds, from which the client will have four alternatives to pick the best one. Bond funds, balanced funds, growth funds, and secured funds are among these funds.
Take Away
The LIC Nivesh Plus Plan is a Unit Linked Insurance Plan that provides both insurance and investing advantages in one package. This new LIC plan provides various previously unavailable perks as well as appealing features for people of all ages. If the life guaranteed dies, the Jeevan Nivesh Plan LIC pays a death reward and a maturity benefit if the insured individual lives to maturity. Apart from the aforementioned benefits, the LIC Nivesh plus plan offers the advantage of being able to be purchased online without any problems.
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