LIC Nivesh Plus 849 - It has been decided to introduce LIC's New LIC Nivesh Plus ULIP Plan (Plan No 849) with effect from 2nd March 2020. The Unique Identification Number (UIN) for LIC's Nivesh Plus 849 is 512L317V01. This number has to be quoted in all relevant documents furnished to the Policyholders and other users (public, distribution channel).

LIC's Nivesh Plus 849 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:

• Option (1) 1.25 times of the Single Premium.
• Option (2) 10 times of the Single Premium.

The Option once selected cannot be altered in LIC Nivesh Plus 849.

Eligibility/Parameter Conditions

(a) Basic Sum Assured

The proposer will have option to choose One of the following:

• Under Option 1: Basic Sum Assured equal to 1.25 times of the Single premium
• Under Option 2: Basic Sum Assured equal to 10 times of the Single premium

(f) Policy Term

Benefits of LIC Nivesh Plus 849

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.

• Benefits payable on maturity: On Life Assured surviving the stipulated Date of Maturity, an amount equal to the Unit Fund Value is payable.

Also Read This - LIC's New SIIP Plan 852

Guaranteed Additions of LIC Nivesh Plus 849

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.

Investment Fund Types of LIC Nivesh Plus Plan 849

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.

LIC Nivesh Plus Plan 849 with an Example

To Illustrate the benefits of LIC New ULIP Plan 849, Let's take an example of a person who is purchasing LIC Nivesh Plus Plan 849 with following details.

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

• For Offline sale: 3.30%
• For Online sale: 1.50%

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:

DISCONTINUANCE CHARGES:

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.

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:

1. In case of minors, partial withdrawals shall be allowed only after Life Assured is aged 18 years or above.
2. Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units.
3. The Maximum amount of Partial Withdrawal as a percentage of fund during each policy year shall be as under:

Surrender Value

A policy can be surrendered anytime during the policy term. The surrender value, If any, shall be payable as under.

• If the policy is Surrendered during the 5 years' lock-In-period: If a policyholder applies for surrender of the policy during the 5 years' lock-in-period, then the Unit Fund Value after deducting the Discontinuance Charge shall be converted into monetary amount which shall be equal to the NAV of the underlying Fund Type as on the date of receipt of application for surrender multiplied by the number of units in the Unit Fund after deduction of Discontinuance Charge This monetary amount shall be transferred to the Discontinued Policy Fund by converting the monetary amount into the units.

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.

• If the policy is Surrendered after the 5 years' lock-in-period: If a Policyholder applies for surrender of the policy after the expiry of 5 years' lock-in- period, then the Unit Fund Value as on the date of surrender shall be payable. There will be no Discontinuance Charge under the policy. Further, Reinstatement of a surrendered policy shall not be allowed even if a request for reinstatement is received from the policyholder during the 5 years' lock-in-period.

Other information- LIC Nivesh Plus 849

• COMPULSORY TERMINATION: If the policy has run for at least 5 years and the balance in the Unit Fund is not sufficient to recover the relevant charges, the policy shall be compulsorily terminated and the balance amount in the Unit Fund, if any, shall be refunded to the Policyholder.
• (E) Top-up: No Top-up premiums shall be allowed under the plan.
• LOANS: No loan facility shall be available under this plan.
• SUICIDE CLAUSE: If Life Assured commits suicide within 12 months from the date of commencement of policy, the nominee or beneficiary of the policyholder shall be entitled to the Unit Fund Value, as available on the date of intimation of death along with death certificate. The Corporation will not entertain any other claim under this policy and the policy shall terminate.