New Delhi: Insurance behemoth Life Insurance Corporation of India (LIC) comes out with various types of insurance policies suiting individual needs and preference.


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Life Insurance Corporation of India’s Nivesh Plus plan  is a Unit Linked, Non-Participating, Single Premium Individual Life Insurance plan. On payment of single premium, the plan offer, insurance cum investment cover throughout the term of the policy. 


Under this plan you have the flexibility to choose the type of Sum Insured at the inception and also have a choice of investing the premium in one of the four types of investment funds available. Single Premium paid after deduction of Premium Allocation Charge will purchase units of the Fund type chosen. The Unit Fund is subject to various charges and value of units may increase or decrease, depending on Net Asset Value (NAV). 


A) Death Benefit:


On death before the Date of Commencement of Risk: An amount equal to the Unit Fund Value shall be payable. On death after the Date of Commencement of Risk: An amount equal to the higher of the following shall be payable :


• Basic Sum Assured less Partial Withdrawals, if any made during the two years period immediately preceding the date of death; or


• Unit Fund Value . Where Basic Sum Assured and Partial Withdrawal are as specified in para 3(V) and para 3(II) respectively. Mortality charge, Accident Benefit charge, and Tax charges thereon recovered subsequently to the date of death shall be paid back to the nominee or beneficiary along with death benefit. Any Guaranteed Addition added subsequent to the date of death (in case of delay in intimation of death claim) shall be recovered from the Unit Fund The death benefit shall be paid either in lump sum as specified above or in instalments, if Settlement Option is opted for, as mentioned in Para 3.iv below as per option exercised by the Policyholder/Life Assured.


B) Maturity Benefit: On Life Assured surviving the date of maturity, an amount equal to Unit Fund Value shall be payable.


Eligibility Conditions And Other Restrictions:
a) Minimum/Maximum Basic Sum Assured:
Under Option 1: 1.25 times of the single premium
Under Option 2: 10 times of the single premium
b) Minimum Age at entry : [90] Days (completed) for Option 1 and 2
c) Maximum Age at entry : [70] years (nearer birthday) for Option 1
 [35] years (nearer birthday) for Option 2
d) Minimum Maturity Age : [18] years (Completed)
e) Maximum Maturity Age : [85] years (nearer birthday) for Option 1
 [50] years (nearer birthday) for Option 2



g) Premium Paying Mode : Single Premium only
h) Minimum Premium : Rs 1,00,000
i) Maximum Premium : No Limits
Premiums shall be payable in multiple of Rs 10,000.


For more details you can read the LIC Nivesh Plus POLICY BROCHURE.