LIC Nivesh Plus 749 - It has been decided to introduce LIC's New LIC Nivesh Plus ULIP Plan (Plan No 749) with effect from 14th October 2024. The Unique Identification Number (UIN) for LIC's Nivesh Plus 749 is 512L317V02. This number has to be quoted in all relevant documents furnished to the Policyholders and other users (public, distribution channel).
LIC's Nivesh Plus 749 is a Single Premium, Non-Participating, Unit Linked, Individual Life Insurance plan which offers insurance cum investment during the term of the policy.
Along with SIIP, LIC has also introduced a regular premium ULIP plan, called LIC SIIP ULIP Plan 852. This plan can be purchased Offline as well as Online.
The Proposer can choose the amount of Single Premium desires to pay and has the flexibility to choose the Basic Sum Assured at the inception The Sum Assured options are:
The Option once selected cannot be altered in LIC Nivesh Plus 749.
(a) Basic Sum Assured
The proposer will have option to choose One of the following:
(b) Minimum Premium |
Rs. 1,25,000/- |
(c) Maximum Premium |
No limit - Premium shall be payable in multiple of Rs. 5,000/- |
(d) Minimum Entry Age |
90 Days (completed) for both Option 1 and 2 |
(e) Maximum Entry Age |
70 years (nearer birthday) for Option 1 35 Years (nearer birthday) for Option 2 |
(f) Policy Term
Option 1: If Basic sum assured 1.25 times of Single premium | 10 to 25 Years | |
Option 2: If Basic Sum Assured is 10 times of Single Premium | For age at entry upto 25 years | 10 to 25 Years |
For age at entry 26 to 30 years | 10 to 20 Years | |
For age at entry 31 to 35 years | 10 years | |
(g) Premium Paying Mode | Single premium Only | |
(h) Minimum Maturity Age | 18 Years (Completed) | |
(i) Maximum Maturity Age | 85 years (nearer birthday) for option 1 | |
50 years (nearer birthday) for option 2 |
Benefits payable on death of the Life Assured before the stipulated Date of Maturity under this policy:
On death before the Date of Commencement of Risk: An amount equal to the Unit Fund Value shall be payable.
On death after the Date of Commencement of Risk: An amount equal to the higher of Basic Sum Assured reduced by any Partial Withdrawals made during the two years' period immediately preceding the date of death or Unit Fund -2- Value shall be payable, where Basic Sum Assured is as per the Option chosen by the Policyholder and Partial Withdrawal.
Also Read This - LIC's New SIIP Plan 852
Guaranteed Additions as a percentage of Single Premium as mentioned in the Table below shall be added to the Unit fund on completion of specific duration of policy years.
End of Policy Year |
Guaranteed Additions |
6 |
3% |
10 |
4% |
15 |
5% |
20 |
6% |
25 |
7% |
The Policyholder will have the option to choose any One of the above 4 funds to invest his her premiums initially and at the time of switching.
(1) Bond Fund |
Investment in Govt Securities / Corporate Debt – 60% to 100% |
Short Term investments incl money market instruments – 0% to 40%. |
The risk profile is Low Risk. |
(2) Secured Fund |
Investment in Govt Securities / Corporate Debt – 45% to 85%. |
Short Term investments incl money market instruments – 0% to 40%. |
Investment in Equity – 15% to 55%. |
The risk profile is Lower to Medium Risk. |
(3) Balanced Fund |
Investment in Govt Securities / Corporate Debt – 30% to 70% |
Short Term investments incl 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. |
To Illustrate the benefits of LIC New ULIP Plan 749, Let's take an example of a person who is purchasing LIC Nivesh Plus Plan 749 with following details.
Age |
Premium |
GA |
NAV |
Risk Cover |
Surrender Value |
34 |
200000 |
0 |
10 |
250000 |
0 |
35 |
0 |
0 |
11 |
250000 |
0 |
36 |
0 |
0 |
12.1 |
250000 |
0 |
37 |
0 |
0 |
13.31 |
256837 |
0 |
38 |
0 |
0 |
14.64 |
282501 |
0 |
39 |
0 |
6000 |
16.1 |
310674 |
310674 |
40 |
0 |
0 |
17.71 |
347742 |
347742 |
41 |
0 |
0 |
19.48 |
382496 |
382496 |
42 |
0 |
0 |
21.43 |
420785 |
420785 |
43 |
0 |
8000 |
23.57 |
462805 |
462805 |
44 |
0 |
0 |
25.93 |
517144 |
517144 |
45 |
0 |
0 |
28.52 |
568799 |
568799 |
46 |
0 |
0 |
31.37 |
625639 |
625639 |
47 |
0 |
0 |
34.51 |
688263 |
688263 |
48 |
0 |
10000 |
37.96 |
757069 |
757069 |
49 |
0 |
0 |
41.76 |
842856 |
842856 |
50 |
0 |
0 |
45.94 |
927222 |
927222 |
51 |
0 |
0 |
50.53 |
1019863 |
1019863 |
52 |
0 |
0 |
55.58 |
1121789 |
1121789 |
53 |
0 |
12000 |
61.14 |
1234008 |
1234008 |
54 |
0 |
0 |
67.25 |
1369329 |
1369329 |
Maturity Amount (Fund Value) |
-- |
-- |
-- |
13,69,329 |
-- |
Charges and Frequency of charges
Premium Allocation Charge: This is the percentage of the premium appropriated towards charges from the premium received. The balance known as allocation rate constitutes that part of the premium which is utilized to purchase units for the policy.
The Premium Allocation Charge is as below
FUND MANAGEMENT CHARGE:This is the charge levied as a percentage of the value of assets and shall be appropriated by adjusting the NAV.
Fund Management (FMC) Charge shall be as under:
1.35% p.a. of Unit Fund for all the four Funds available under this Plan. ie Bond Fund, Secured Fund, Balanced Fund and Growth Fund |
0.50% p.a. of Unit Fund for "Discontinued Policy Fund" |
This charge will be levied by canceling appropriate number of units out of Unit Fund value as on the Date of discontinuance of the policy. The Discontinuance Charge applicable is as under.
Year of discontinuation | Single premium(SP) up to Rs.3,00,000 | Single premium (SP) above Rs.3,00,000 |
1 | Lower of 2% of SP or FV subject to a maximum of Rs.3,000 | Lower of 1% of SP or FV subject to a maximum of Rs.6,000 |
2 | Lower of 1.5% of SP or FV subject to a maximum of Rs.2,000 | Lower of 0.7% of SP or FV subject to a maximum of Rs.5,000 |
3 | Lower of 1.00% of SP or FV subject to a maximum of Rs.1,500 | Lower of 0.5% of SP or FV subject to a maximum of Rs.4,000 |
4 | Lower of 0.5% of SP or FV subject to a maximum of Rs.1,000 | Lower of 0.35% of SP or FV subject to a maximum of Rs.2,000 |
5 and on wards | Nil | Nil |
Switching: The Policyholder can switch between any fund types during the policy term. On switching the entire amount is switched to the new Fund opted for. During a given policy year, 4 switches will be allowed free of charge. Subsequent switches shall be subject to a Switching Charge of Rs.100 per switch.
Partial Withdrawals: A policyholder can partially withdraw the units at any time after the fifth policy anniversary, subject to the following:
Policy Year |
Percent of Unit Fund |
6th to 10th |
15% |
11th to 15th |
20% |
16th to 20th |
25% |
21th to 25ht |
30% |
A policy can be surrendered anytime during the policy term. The surrender value, If any, shall be payable as under.
The number of units transferred to the Discontinued Policy Fund shall be the monetary amount divided by the NAV of the Discontinued Policy fund as on the date of transfer. The Proceeds of the Discontinued Policy Fund in respect of the policy, as specified in Para 12.B below, shall be payable on completion of 5 years' lock-in- period.
In case of death of the life assured after the date of surrender but before the end of the 5 years' lock-in-period, the Proceeds of the Discontinued Policy Fund in respect of the Policy shall be payable to the nominee/ legal heir immediately.