Salient Features
- It is a unit-linked insurance plan (ULIP). This means there is no guarantee of returns.
- This is a Type I ULIP. At the time of demise, the nominee gets Higher of (Sum Assured, Fund Value). Under a Type II ULIP, the nominee gets Sum Assured + Fund Value. Everything else being the same, Type I ULIP provides better returns while the Type II ULIP provides better life cover.
- Single Premium plan (you need to pay the premium just once)
- Sum Assured: You have two choices. The option once chosen cannot be changed. This choice has very important tax and return implications. Will discuss this later.
- Option 1: 1.25 times Single Premium
- Option 2: 10 times Single Premium
- Policy Term: Can range from 10 to 25 years, depending upon your age and Sum Assured option chosen.
- Eligibility: I reproduce an image from the product brochure
- Charges in the plan: You have usual suspects. Premium allocation charges, Mortality charges, fund management charges, switching charges, partial withdrawal charge etc. Will discuss these later in the post.
- You CAN NOT get a loan under LIC Nivesh Plus plan. Loans are not permitted for ULIPs.
- You have 4 fund choices
