Unit Linked Plans (ULIP)
LIC's Nivesh Plus (749)
One-time investment in market-linked funds with life cover and Guaranteed Additions
- Entry age
- 90 days (completed) to 70 years (nearer birthday) under Option 1 (1.25x cover); 90 days to 35 years (nearer birthday) under Option 2 (10x cover)
- Policy term
- Option 1: 10 to 25 years. Option 2: 10 to 25 years (entry up to 25), 10 to 20 years (entry 26-30), 10 years (entry 31-35)
- Premium paying term
- Single premium
- Min. sum assured
- Basic Sum Assured is 1.25x (Option 1) or 10x (Option 2) the single premium; minimum single premium ₹1,25,000 (multiples of ₹5,000)
Plan overview
LIC's Nivesh Plus is a single premium unit-linked plan that invests your lump sum in one of four funds while providing life cover throughout the term. You choose cover of 1.25 times or 10 times the single premium, and Guaranteed Additions are added to the fund at set intervals. It suits people with a lump sum who want market-linked growth with insurance and can bear investment risk.
New to unit linked plans (ulip)? Read our simple guide: ULIP Explained: How Unit-Linked Plans Work →Key benefits
- Pay once: single premium from ₹1,25,000, no upper limit
- Choose life cover of 1.25 times or 10 times the single premium
- Four funds from low to high risk, with 4 free switches every policy year
- Guaranteed Additions of 3% to 7% of the single premium at the end of years 6, 10, 15, 20 and 25
- Partial withdrawals allowed after the 5th policy anniversary
- Death benefit can be paid in instalments over up to 5 years
- Optional LIC's Linked Accidental Death Benefit Rider
Eligibility at a glance
- Plan number
- 749
- UIN
- 512L317V02
- Plan type
- Non-Par, Single Premium, Linked, Life, Individual Savings Plan
- Entry age
- 90 days (completed) to 70 years (nearer birthday) under Option 1 (1.25x cover); 90 days to 35 years (nearer birthday) under Option 2 (10x cover)
- Maximum maturity age
- 85 years (nearer birthday) under Option 1; 50 years (nearer birthday) under Option 2; minimum maturity age 18 years (completed)
- Policy term
- Option 1: 10 to 25 years. Option 2: 10 to 25 years (entry up to 25), 10 to 20 years (entry 26-30), 10 years (entry 31-35)
- Premium paying term
- Single premium
- Minimum sum assured
- Basic Sum Assured is 1.25x (Option 1) or 10x (Option 2) the single premium; minimum single premium ₹1,25,000 (multiples of ₹5,000)
- Maximum sum assured
- No limit on premium
- Premium payment modes
- Single premium only
How the plan works
Nivesh Plus is a non-participating, single premium unit-linked life insurance plan. In this policy, the investment risk in the investment portfolio is borne by the policyholder. You pay one premium; after the premium allocation charge, it buys units of the fund you choose. Charges are recovered by cancelling units or through the NAV. There is a 5-year lock-in during which money cannot be fully or partly withdrawn. It can be bought through agents and other intermediaries or online at www.licindia.in.
At the start you choose the Basic Sum Assured option, which cannot be changed later:
| Option 1 | Option 2 | |
|---|---|---|
| Basic Sum Assured | 1.25 x single premium | 10 x single premium |
| Entry age | 90 days to 70 years | 90 days to 35 years |
| Maximum maturity age | 85 years | 50 years |
| Policy term | 10 to 25 years | 10-25 yrs (entry up to 25); 10-20 yrs (26-30); 10 yrs (31-35) |
All ages are nearer birthday, except the minimum entry age (completed) and minimum maturity age of 18 (completed). Minimum single premium is ₹1,25,000, in multiples of ₹5,000, with no maximum. Top-ups are not allowed.
For a child under 8 at entry, risk cover starts 2 years after the policy start or on the policy anniversary after age 8, whichever is earlier. A policy on a minor vests in the child at the policy anniversary after age 18.
Death benefit
- Before risk starts (young children): unit fund value.
- After risk starts: the higher of (a) Basic Sum Assured less partial withdrawals made in the two years before death, or (b) unit fund value.
Mortality and accident benefit charges taken after the date of death are paid back. The death benefit can be paid in instalments over up to 5 years if the settlement option was chosen; during this time the money stays invested at the nominee's risk.
Maturity benefit
On survival to maturity, the unit fund value is paid.
Guaranteed Additions (added to the fund):
| End of policy year | Guaranteed Addition (% of single premium) |
|---|---|
| 6 | 3% |
| 10 | 4% |
| 15 | 5% |
| 20 | 6% |
| 25 | 7% |
Fund options
| Fund | Govt/corporate debt | Money market | Listed equity | Risk |
|---|---|---|---|---|
| Bond Fund | At least 60% | Up to 40% | Nil | Low |
| Secured Fund | 45% to 85% | Up to 40% | 15% to 55% | Lower to medium |
| Balanced Fund | 30% to 70% | Up to 40% | 30% to 70% | Medium |
| Growth Fund | 20% to 60% | Up to 40% | 40% to 80% | High |
You invest in one fund at a time and can switch the entire fund value. Four switches per policy year are free, then ₹100 per switch. Surrendered policies in the lock-in go to the Discontinued Policy Fund, which earns at least the regulatory guaranteed rate (currently 4% p.a.).
Charges
- Premium allocation charge: 3.30% (offline) or 1.50% (online) of the single premium.
- Mortality charge: Age-based, on the sum at risk (Basic Sum Assured minus fund value). Sample annual rates per ₹1,000 sum at risk for a healthy life: age 25 ₹1.26, 35 ₹1.62, 45 ₹3.48, 50 ₹5.99.
- Accident benefit charge (if rider opted): ₹0.40 per ₹1,000 accident benefit sum assured per year (₹0.80 for police duty, other than paramilitary).
- Fund management charge: 1.35% p.a. for all four funds; 0.50% p.a. for the Discontinued Policy Fund.
- Discontinuance charge: Only on surrender in the first 4 years (e.g. year 1: lower of 2% of premium or fund value, max ₹3,000, for premiums up to ₹3 lakh; lower of 1%, max ₹6,000, above ₹3 lakh); nil from year 5.
- Partial withdrawal charge: ₹100 each. Switching charge: ₹100 beyond 4 free switches. Miscellaneous charge: ₹100 per alteration.
- GST applies on charges. Charges other than mortality and accident benefit may be revised within IRDAI caps after 3 months' notice.
Optional riders
- LIC's Linked Accidental Death Benefit Rider (UIN: 512A211V02): can be opted at any policy anniversary if at least 5 years of term remain, up to age 65 (nearer birthday); cover runs to maturity or age 70, whichever is earlier. Not available during minority. Accident Benefit Sum Assured cannot exceed the Basic Sum Assured.
Loan, surrender & revival
- Loan: Not available under this plan.
- Partial withdrawal: After the 5th policy anniversary (for minors, only after age 18). Maximum per year: 15% of fund in years 6-10, 20% in years 11-15, 25% in years 16-20, 30% in years 21-25, keeping a balance at least equal to the single premium. Sum assured is reduced by the withdrawal for two years.
- Surrender: During the 5-year lock-in, the fund value less discontinuance charge moves to the Discontinued Policy Fund and is paid after the lock-in (or immediately to the nominee on death). After the lock-in, the fund value is paid with no discontinuance charge. A surrendered policy cannot be reinstated.
- Revival: Not applicable (single premium plan).
Other key terms
- Free-look period: 30 days from receipt of the policy document. Refund is the fund value plus unallocated premium and unused charges, less medical costs and stamp duty.
- Compulsory termination: After 5 years, if the fund cannot cover charges, the policy ends and any balance is refunded.
- Suicide: Within 12 months of the policy start, only the fund value is paid (not applicable if entry age is below 8).
- Grace period: Not applicable (single premium).
Who should buy LIC's Nivesh Plus?
- People with a lump sum (bonus, savings, maturity proceeds) seeking market-linked growth with life cover
- Young investors (up to 35) who want high cover of 10 times the premium
- Parents investing a lump sum for a child (entry from 90 days of age)
- Investors comfortable with fund value going up or down and a 5-year lock-in
Frequently asked questions
What is the minimum investment in LIC Nivesh Plus (Plan 749)?
The minimum single premium is ₹1,25,000, payable in multiples of ₹5,000. There is no maximum.
How much life cover do I get?
You choose at the start: Option 1 gives 1.25 times the single premium (entry up to 70 years) and Option 2 gives 10 times the single premium (entry up to 35 years). The choice cannot be changed later.
What is the policy term?
Option 1: 10 to 25 years. Option 2: 10 to 25 years if entry age is up to 25, 10 to 20 years for 26-30, and 10 years for 31-35, with maturity by age 50.
Are returns guaranteed?
No. Fund value depends on market performance and the investment risk is borne by you. Only the Guaranteed Additions (3% to 7% of the single premium at the end of years 6, 10, 15, 20 and 25) are fixed.
When can I withdraw money?
Partial withdrawals are allowed after the 5th policy anniversary, from 15% to 30% of the fund per year depending on the policy year, keeping at least the single premium in the fund. Loans are not available.
Which rider is available?
LIC's Linked Accidental Death Benefit Rider, which can be added at a policy anniversary if at least 5 years of term remain and you are not above 65 (nearer birthday).