New Delhi: Insurance behemoth Life Insurance Corporation of India (LIC) comes out with varied varieties of insurance coverage insurance policies suiting particular person wants and choice.
Life Insurance Corporation of India’s Nivesh Plus plan is a Unit Linked, Non-Participating, Single Premium Individual Life Insurance plan. On cost of single premium, the plan provide, insurance coverage cum funding cowl all through the time period of the policy.
Under this plan you’ve the pliability to decide on the sort of Sum Insured on the inception and now have a alternative of investing the premium in a single of the 4 varieties of funding funds obtainable. Single Premium paid after deduction of Premium Allocation Charge will buy models of the Fund sort chosen. The Unit Fund is topic to varied costs and worth of models could improve or lower, relying on Net Asset Value (NAV).
A) Death Benefit:
On demise earlier than the Date of Commencement of Risk: An quantity equal to the Unit Fund Value shall be payable. On demise after the Date of Commencement of Risk: An quantity equal to the upper of the next shall be payable :
• Basic Sum Assured much less Partial Withdrawals, if any made in the course of the two years interval instantly previous the date of demise; or
• Unit Fund Value . Where Basic Sum Assured and Partial Withdrawal are as laid out in para 3(V) and para 3(II) respectively. Mortality cost, Accident Benefit cost, and Tax costs thereon recovered subsequently to the date of demise shall be paid again to the nominee or beneficiary together with demise profit. Any Guaranteed Addition added subsequent to the date of demise (in case of delay in intimation of demise declare) shall be recovered from the Unit Fund The demise profit shall be paid both in lump sum as specified above or in instalments, if Settlement Option is opted for, as talked about in Para 3.iv beneath as per choice exercised by the Policyholder/Life Assured.
B) Maturity Benefit: On Life Assured surviving the date of maturity, an quantity equal to Unit Fund Value shall be payable.
Eligibility Conditions And Other Restrictions:
a) Minimum/Maximum Basic Sum Assured:
Under Option 1: 1.25 instances of the one premium
Under Option 2: 10 instances of the one premium
b) Minimum Age at entry : [90] Days (accomplished) for Option 1 and a pair of
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 solely
h) Minimum Premium : Rs 1,00,000
i) Maximum Premium : No Limits
Premiums shall be payable in a number of of Rs 10,000.
For extra details you may learn the LIC Nivesh Plus POLICY BROCHURE.
