LIC Nivesh Plus Plan 849 (Earlier Plan 749)
Plan Overview
LIC Nivesh Plus is a non-linked, non-participating individual savings plan that offers guaranteed benefits with flexibility in premium payment terms.
Key Features
| Feature | Details |
|---|---|
| Plan Type | Savings plan with guaranteed returns |
| Policy Term | 10 to 25 years (as chosen by policyholder) |
| Premium Payment Term | Single pay or Regular pay (5, 7, or 10 years) |
| Minimum Age at Entry | 90 days (completed) |
| Maximum Age at Entry | 60 years (for 10-year term) to 50 years (for 25-year term) |
| Minimum Sum Assured | ₹1,00,000 (varies by premium payment term) |
| Maximum Sum Assured | No limit (subject to underwriting) |
Benefits
Death Benefit
Higher of:
- 10 times annualized premium (for regular pay)
- 1.25 times single premium (for single pay)
- 105% of all premiums paid
Maturity Benefit
Guaranteed maturity amount = Sum Assured + Guaranteed Additions
Guaranteed Additions accrue at the following rates:
| Policy Term | Guaranteed Addition Rate (per ₹1,000 SA) |
|---|---|
| 10 years | ₹60 |
| 15 years | ₹75 |
| 20 years | ₹90 |
| 25 years | ₹105 |
Example Illustration
| Parameter | Example |
|---|---|
| Policyholder Age | 35 years |
| Sum Assured | ₹5,00,000 |
| Policy Term | 15 years |
| Premium Payment Term | 10 years |
| Annual Premium | ₹48,500 (approx) |
| Total Premium Paid | ₹4,85,000 |
| Guaranteed Additions | ₹75 per ₹1,000 SA = ₹37,500 per year × 15 years = ₹5,62,500 |
| Maturity Benefit | ₹5,00,000 (SA) + ₹5,62,500 (GA) = ₹10,62,500 |
Additional Features
- Loan Facility: Available after 3 policy years
- Surrender Value: Available after 2 full years' premiums
- Tax Benefits: Premiums eligible under Section 80C, benefits under Section 10(10D)
Eligibility Conditions
| Condition | Requirement |
|---|---|
| Minimum Entry Age | 90 days |
| Maximum Entry Age | 60 years (varies by term) |
| Minimum Sum Assured | ₹1,00,000 (₹2,00,000 for 5-year PPT) |
| Maximum Maturity Age | 75 years |
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