LIC’s Investment Plus plan is single premium, non-participating, unit-linked and individual life insurance, which also provides an option to invest with insurance during the term of the policy.
Life Insurance Corporation (LIC) periodically launches insurance plans according to the needs of the people. Life cover is available on investing in LIC, along with good returns on maturity. The most important thing about LIC is that the money put in it can never be drowned, because the government gives Sovereign Guarantee on the deposits here. LIC’s Investment Plus Plan (LIC Nivesh Plus) is a single premium, non-participating, unit-linked and individual life insurance, which also offers the option of investing with insurance over the term of the policy.
You can buy this plan offline as well as online. The policy taker also has the facility to choose the basic sum assured. Sum Assured options are 1.25 times the Single Premium or 10 times the Single Premium. There are 4 types of funds available in this plan. These are bond funds, secured funds, balanced funds and growth funds. You can invest in any of them as per your wish.
The minimum entry age for taking LIC Nivesh Plus plan is 90 days to 65 years. The tenure of the policy is 10 to 35 years and the lock-in period is 5 years. The minimum limit on the premium is 1 lakh rupees, that is, you have to invest at least 1 lakh rupees in it. At the same time, there is no maximum limit of investment in it. The maximum maturity age is 85 years. If the policyholder stays alive till the policy term, he gets a maturity benefit, which is equal to the unit fund value. It comes after the expiry of the policy term.
Apart from this, the company offers a free-look period to its customers. If the policy is purchased directly from the company, then 15 days and if purchased online, then there is a free-look period of 30 days. During this time customers can return the policy.
This is how policy works
If the insured dies during the policy term, the nominee is entitled to receive the death benefit. If the policyholder dies before the date of commencement of risk, the nominee gets an amount equal to the unit fund value. In LIC Investment Plus plan, the company allows customers to make partial withdrawals after the 6th policy year. In case of minors, partial withdrawal is allowed after the age of 18 years.
In this policy, the person purchasing the insurance has to make a one-time payment in one go. This fund invests according to the preference of the LIC policyholder. In this, you can choose the duration of the policy between 10 and 25 years.
