Nivesh Plus is a non-participating, unit-linked, individual life insurance savings plan offered by Life Insurance Corporation of India (LIC). The plan aims to provide market-linked returns while also providing life cover to the policyholder.
Here’s an example to understand the policy. Suppose a 35-year-old non-smoker male purchases a Nivesh Plus policy with a premium payment term of 10 years and a policy term of 15 years. The premium paid by the policyholder is Rs. 50,000 per annum. The minimum sum assured for the policy is Rs. 1 lakh, subject to underwriting.
Here are some of the key features of the Nivesh Plus policy:
- Provides market-linked returns through investment in various funds.
- Offers flexibility in premium payment term and policy term.
- Offers a range of investment fund options to choose from, including equity, debt, and balanced funds.
- Provides life cover to the policyholder, with the option to enhance the cover through riders.
- Offers tax benefits as per prevailing tax laws.
Here is a table that shows the premium rates for Nivesh Plus policy for a premium payment term of 10 years:
| Age (in years) | Policy Term (in years) | Premium (in Rs.) |
|---|---|---|
| 30 | 10 | 40,000 |
| 35 | 10 | 50,000 |
| 40 | 10 | 70,000 |
| 45 | 10 | 1,00,000 |
Please note that these are indicative premium rates, and the actual premium rates may vary based on age, premium payment term, policy term, sum assured, and other factors. It is always advisable to check with the LIC agent or visit the LIC website for the latest premium rates.