LIC’s Nivesh Plus 749 is a single premium, Unit Linked, non-participating individual life insurance plan introduced by LIC of India, designed to combine the benefits of market-linked investment and life cover. This plan offers a one-time premium payment with flexible investment fund options, guaranteed additions to the corpus, and life insurance protection. Its attractive features make it suitable for long-term wealth accumulation while providing financial security to the policyholder’s family in the unfortunate event of death during the policy term. .
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What is LIC’s Nivesh Plus 749?
LIC Nivesh Plus 749 is a ULIP (Unit Linked Insurance Plan) where the premiums paid are invested in selected market-linked funds managed by LIC. The plan provides the dual benefit of investment and protection by offering life cover and the potential to grow wealth through the performance of selected funds. The policyholder pays a single premium (lump sum) at the outset and can enjoy the benefits of market growth, guaranteed additions, and life insurance for a fixed policy term of 10, 15, 20, or 25 years.
This plan is designed for individuals looking for a one-time investment plan with flexibility in fund choices, partial withdrawal options post lock-in period, and comprehensive insurance protection backed by LIC’s reputation.
Key Features of LIC’s Nivesh Plus 749
Single Premium Payment: One-time lump sum premium making it convenient and easy to manage without recurring payments.
Life Cover: The plan provides robust life insurance coverage to protect the family, with sum assured multiples based on the single premium amounts.
Guaranteed Additions: Guaranteed additions are credited to the fund value at specified policy years (6th, 10th, 15th, 20th, 25th) to boost the accumulated corpus, motivating long-term commitment and ensuring higher returns.
Flexible Fund Choices: The policyholder can choose from four distinct investment funds:
Bond Fund (Low risk)
Secured Fund (Moderate risk)
Balanced Fund (Moderate to High risk)
Growth Fund (High risk, equity-focused).
Investment Fund Switching: Policyholders can switch their investments freely between the four funds to balance risk and returns, subject to policy conditions.
Partial Withdrawals: Allowed after 5 years lock-in period to access funds partially as per financial needs.
Policy Terms: The policy term options available are 10, 15, 20, and 25 years, catering to different investment horizons.
Rider Options: Accidental Death Benefit Rider is available for enhanced protection subject to the company’s underwriting norms.
Refund of Mortality Charges: On maturity, mortality charges collected during the policy term are refunded to the policyholder, increasing the maturity corpus.
Tax Advantages: Premiums paid qualify for tax deductions under Section 80C, and maturity proceeds may be eligible for benefits under Section 10(10D) as per prevailing laws.
Eligibility Criteria
| Parameter | Details |
|---|---|
| Minimum Entry Age | 0 years (newborn) |
| Maximum Entry Age | 70 years |
| Minimum Sum Assured | ₹1,25,000 |
| Premium Payment Mode | Single premium only |
| Policy Term Options | 10, 15, 20, 25 years |
| Lock-in Period | 5 years |
The plan is flexible to accommodate varied age groups, allowing even newborns to be insured, making it suitable for child planning and long-term investments.
How LIC’s Nivesh Plus Works?
The policyholder pays a lumpsum premium at the time of policy issuance. This premium is allocated to units of funds chosen as per the risk preference of the policyholder — bond, secured, balanced, or growth fund. These funds are managed professionally to aim for capital appreciation or steady income as per fund type.
The unit fund value fluctuates based on market performance. Policyholders can switch investment among funds to adapt to changing risk profiles. Over the policy term, guaranteed additions are credited at specified policy years, enhancing the overall fund value.
In case of unfortunate death during the policy term, the nominee receives the higher of:
Sum Assured minus withdrawals in last 2 years,
Fund value, or
105% of premiums paid.
On maturity, the policyholder receives the fund value along with refunded mortality charges, providing a lump sum payout reflecting the accumulated market value plus guaranteed bonuses.
Investment Fund Options
Bond Fund: Invests majorly in sovereign and corporate bonds to provide steady and safe returns, suitable for risk-averse investors.
Secured Fund: Invests in a mix of bonds and fixed deposits aiming for a balanced approach with moderate risk and returns.
Balanced Fund: Diversified portfolio with equity and debt aiming for growth with moderate risk tolerance.
Growth Fund: Equity-oriented fund targeted at high growth, suitable for investors with higher risk appetite and longer investment horizon.
Benefits of Nivesh Plus Plan
Dual Benefit: Life insurance protection combined with investment opportunity.
Guaranteed Additions: Increases the overall savings at fixed intervals, providing assured growth irrespective of market volatility.
Flexibility: Options to modify fund allocation and partial withdrawal adds to policy flexibility.
Taxation: Enjoy tax benefits on premiums paid and potential tax-free maturity proceeds according to Indian tax laws.
Strong Brand Backing: LIC’s vast experience and trust in life insurance makes it a reliable product.
Refund of Mortality Charges: Increases policy value by refunding mortality charges at maturity.
Premium and Charges Structure
Premium Allocation: Initial part of premium is used to cover policy administration and allocation charges.
Fund Management Charges: Annual fee approx. 1.35% of fund value deducted as per LIC policy.
Mortality Charges: Vary based on age, sum assured, and are deducted regularly to provide life cover.
Surrender Charges: Applicable only if policy is surrendered before lock-in period.
Maturity, Death, and Surrender Benefits
Maturity Benefit: Fund value at maturity plus refunded mortality charges forms the maturity value.
Death Benefit: Higher of sum assured less withdrawals in last 2 years, fund value, or 105% of all premiums paid.
Surrender Benefit: Allowed after 5 years, payable as fund value minus applicable charges.
Partial withdrawals: Allowed after 5 years subject to conditions.
How to Purchase LIC Nivesh Plus 749?
The plan can be bought through LIC’s online portal or offline LIC branches and agents.
Requires basic KYC documentation including proof of age and identity.
Medical examination subject to age and sum assured criteria.
Online purchase offers convenience and mode-based premium payment discounts.
Suitability of LIC’s Nivesh Plus 749
Suitable for investors wanting a one-time market-linked investment with life insurance.
Appropriate choice for medium to long-term financial goals like child’s education, retirement corpus, or wealth creation.
Beneficial for those who want flexibility with fund switches and partial liquidity.
Ideal for investors wanting the security of LIC combined with investment growth.
Conclusion
LIC’s Nivesh Plus 749 blends the security of life insurance with the wealth creation potential of mutual funds in a single premium ULIP. It offers guaranteed additions, multiple fund options, and flexibility with investment management and withdrawals, making it an excellent choice for long-term investors seeking both protection and growth. Supported by LIC’s legacy, it provides a trusted avenue for disciplined savings and wealth accumulation.
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