Nivesh plus Plan of Lic - Plan no 849

 All about Nivesh plus plan- 

Nivesh plus policy is a Single premium plan.

You don't need to pay insurance premium every year.

Guaranteed additions of 3 percent to 7 percent at specific intervals.

There is an option to choose among 4 funds

1 ) Bond Fund- Investment in government securities/ Corporate debt- 60% to 100%.

Short term investments including money market instruments- 0 to 40%

The risk profile is low risk.

2) Secured Fund- Investment in Government securities/ Corporate Debt- 45% to 85%.

Short term investments including money market instruments- 0 to 40%.

Investment in Equity- 15% to 55 %

The risk profile is low to medium risk.

3) Balanced Fund-

Investment in Govt Securities / Corporate Debt – 30% to 70%

Short Term investments including money market instruments – 0% to 40%.

Investment in Equity – 30% to 70%

The risk profile is Medium Risk.

4) Growth Fund

Investment in Govt Securities / Corporate Debt – 20% to 60%

Short Term investments incl money market instruments – 0% to 40%.

Investment in Equity – 40% to 80%

The risk profile is High Risk

Lic would give guaranteed additions as the percentage of the single premium paid (I repeat this is what you paid) on specific intervals indicated below. These would be added in terms of units to your fund value. However, the policy should be in force.

End of 6 years – 3%

End of 10 years – 4%

End of 15 years – 5%

End of 20 years – 6%

End of 25 years – 7%

Lastly

What are Sum Assured Options in LIC Nivesh Plus Plan -At the inception, the proposer can choose the basic sum assured option. There are basically two options available:

1) Option 1

i) Sum assured would be 1.25 times of the single premium.

ii) The policy tenure can be 10 to 25 years of age.

2) Option 2

i) Sum assured would be 10 times of the single premium.

ii) In this option, one can claim income tax benefits on insurance premium paid u/s 80C.

iii) One would also get income tax benefit u/s 10(10D) on the insurance maturity amount.

iv) If the proposer age is 18 to 25 years, the policy tenure can be 10 to 25 years of age. For 26 to 30 years, the tenure can be 10 to 20 years and for 31-35 years of age, the tenure can be 10 years only.

Ideally when people have lumpsum amount this is an ideal means to earn annuity.

For more details mail me on pritisdhadge@gmail.com