LIC’s Nivesh Plus policy is better in terms of both savings and protection. There are 4 types of funds available in this. You can get good returns by paying one installment in the policy.
Saving for a better future is a good thing, but investing in the right scheme at the right time is considered wise. In such a situation, if you are looking for a scheme that gives better returns in the long term, LIC’s Nivesh Plus Plan is a good scheme for this. In this policy, apart from insurance, you also get an opportunity to invest. The special thing about this scheme is that you do not have to pay installments every month or at regular intervals. You can take advantage of this policy by paying the premium only once.
LIC’s Nivesh Plus is a single premium, non-participating, unit-linked and individual life insurance policy. In this scheme, you can earn good profits even by investing less. You can buy this plan offline as well as online. The policy taker also gets the facility to choose the Basic Sum Assured.
Choice of 4 types of funds available
There are 4 types of funds available in this plan. These include bond funds, secured funds, balanced funds and growth funds. You can invest in any of these as per your wish. The minimum entry age for Nivesh Plus scheme is 90 days to 70 years. Whereas the maximum maturity age is 85 years. The tenure of the policy is 10 to 35 years. It has a lock-in period of 5 years i.e. money cannot be withdrawn before 5 years. Apart from this, the minimum investment limit in the policy is one lakh rupees.
Guaranteed edition included
Single is added as a guaranteed addition to LIC’s Nivesh Plus scheme. This happens in percentage. The units will be added to the fund at the end of the specified policy years. E.g. 3% Guaranteed Addition on discontinuance of policy in 6 years, 4% at 10 years, 5% in 15 years, 6% in 20 years and 7% Guaranteed Addition in 25 years is converted into allotted guaranteed additional units will go. Now it is added to the date from which the policy is taken.
Benefits of the policy
- Under Nivesh Plus, if the policyholder survives till the policy term, he/she gets maturity benefit which is equal to the unit fund value.
- The facility of free-look period is also given in this. During this time the customer can return the policy. There is a free-look period of 15 days if the policy is purchased directly from the company and 30 days if purchased online.
- If the insured dies during the policy term, the nominee is entitled to receive the death benefit.
- In this policy, the company allows customers to make partial withdrawals from the 6th year onwards.
