The LIC Nivesh Plus Plan (Plan No. 749) is a Unit Linked Insurance Plan (ULIP) offered by the Life Insurance Corporation of India (LIC), which combines both investment and insurance components. As it is effective from November 1, 2024, here’s an overview of its features and benefits: Key Features of LIC Nivesh Plus Plan (Plan No. 749)
Product Type:
Unit Linked Insurance Plan (ULIP) that offers life insurance coverage along with investment in various funds.
Effective Date:
The plan is effective from November 1, 2024.
Eligibility:
Age: Typically available for individuals from ages 0 - 70 years, depending on the specific policy terms.1.25 times single premium.
Policy Term: Options usually range from 10 to 25 years, giving flexibility in choosing the duration based on financial goals. Initial NAV% 10 and Growth NAV% 8.
Premium Payment:
Minimum Premium 1,25,000 The minimum premium amount may be set, with higher limits depending on the chosen investment strategy.
Premium payment modes typically include annual, semi-annual, and monthly options.
Investment Options:
Policyholders can choose from various funds (e.g., equity, debt, balanced) based on their risk appetite and financial objectives.
The funds are managed by LIC, and the policyholder can switch funds during the policy term according to their investment strategy.
Life Cover:
LIC Nivesh Plus Plan (Plan No. 749), plan provides life insurance cover, and in case of the policyholder's demise during the policy term, a death benefit is paid to the nominee. This benefit usually includes the higher of the sum assured or the fund value.
Investment Flexibility:
The policyholder may have the option to switch funds as per market conditions and personal financial goals.
There may be additional features like systematic investment plans (SIPs) to encourage regular investing.
Partial Withdrawals:
After a lock-in period (usually 5 years), the policyholder may have the option to make partial withdrawals.
Tax Benefits:
Premiums paid may be eligible for tax deductions under Section 80C of the Income Tax Act, while the maturity proceeds may also be tax-exempt under Section 10(10D), subject to conditions.
Considerations:
Risk Factor: As it is a ULIP, the investment component is subject to market risks. Therefore, it’s crucial for policyholders to assess their risk tolerance before investing.
Charges: Be aware of various charges applicable under the plan, such as premium allocation charges, fund management charges, and policy administration charges.
Important Notes:
Always read the policy document thoroughly for specifics on terms, conditions, benefits, and exclusions.
Consult with a LIC agent or a financial advisor to make an informed decision based on individual financial goals and risk appetite.
This overview provides crucial points about the LIC Nivesh Plus Plan (Plan No. 749). For the latest updates and detailed information, always refer to the official LIC literature and consult an expert before making investment decisions.
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