LIC’s Nivesh Plus (UIN: 512L317V02)

(A Non-par, Linked, Life, Individual Savings Plan)

IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE

BY THE POLICYHOLDER.
THE UNIT LINKED INSURANCE PRODUCTS DO NOT OFFER ANY LIQUIDITY
DURING THE FIRST FIVE YEARS OF THE CONTRACT.THE POLICYHOLDERS WILL
NOTBE ABLE TO SURRENDER OR WITHDRAW THE MONIES INVESTED IN UNIT
LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF
FIFTH YEAR.

LIC’s Nivesh Plus is a Non-Par, Single Premium, Linked, Life, Individual Savings plan.
On payment of single premium, the plan offers, insurance cum savings throughout
the term of the policy.
You can buy this plan offline through Licensed agents, Corporate agents, Brokers,
Insurance Marketing Firms as well as online directly through website www.licindia.in.
Key Features:
• Benefits:
˃ Life insurance cover throughout the policy term.
˃ Guaranteed Additions as a percentage of Single Premium shall be added to the Unit
Fund at the end of specified policy durations and shall be utilized to purchase units.
• Flexibility to choose:
˃ Type of Sum Insured as per your needs.
˃ Type of investment fund to invest the premiums as per your risk appetite.
˃ Basic Sum Assured as 1.25 or 10 times of Single Premium subject to Age at entry as
specified in Para 1 below.
˃ Amount of Premium payable, Policy Term subject to minimum and maximum limits
of Premium, Policy Term and Maturity Age as specified in Para 1 below.
˃ Method of settlement of death benefits either in lump sum or in instalments.
• Partial withdrawals allowed to take care of liquidity needs as specified in Para 4
below.
• Option to enhance coverage by opting for LIC’s Linked Accident Benefit Rider.
1. ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS
a) Minimum/Maximum Basic Sum Assured:
Under Option 1 : 1.25 times of the single premium
Under Option 2 : 10 times of the single premium
b) Minimum Age at entry : [90] Days (completed) for Option 1 and 2
c) Maximum Age at entry : [70] years (nearer birthday) for Option 1
[35] years (nearer birthday) for Option 2
d) Minimum Maturity Age : [18] years (Completed)
e) Maximum Maturity Age : [85] years (nearer birthday) for Option 1
[50] years (nearer birthday) for Option 2
f) Policy Term :
Option 1: If Basic sum assured is 1.25 Option 2: If Basic sum assured is 10
times of single premium times of single premium
For age at entry For age at entry 26 For age at entry
upto 25 yrs to 30 yrs 31 to 35 yrs
10 to 25 years 10 to 25 years 10 to 20 years 10 years
g) Premium Paying Mode : Single Premium only
h) Minimum Premium : Rs. 1,25,000/-
i) Maximum Premium : No Limits
Premiums shall be payable in multiple of Rs.5,000/-.

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 Date of commencement of risk under the plan:
In case the age at entry of the Life Assured is less than 8 years, the risk under
this plan will commence either on the completion of 2 years from the date of
commencement of policy or on policy anniversary coinciding with or immediately
following the completion of 8 years of age, whichever is earlier. In case the age
at entry of Life Assured is 8 years or more, risk will commence immediately
from the date of underwriting acceptance of risk i.e. date of commencement of
policy.
Date of vesting:
If the policy is issued on the life of minor the policy shall automatically vest on
the Life Assured on such vesting date i.e. on the policy anniversary coinciding
with or immediately following the completion of 18 years of age and shall on
such date of vesting be deemed to be a contract between the Corporation and
the Life Assured.
2. BENEFITS PAYABLE UNDER THE POLICY
A) Death Benefit:
On death before the Date of Commencement of Risk:
An amount equal to the Unit Fund Value as on date of intimation of death shall
be payable.
On death after the Date of Commencement of Risk:
An amount equal to the higher of the following shall be payable :
• Basic Sum Assured less Partial Withdrawals, if any made during the two years
period immediately preceding the date of death; or
• Unit Fund Value.
Where Basic Sum Assured and Partial Withdrawal are as specified in para 4(V)
and para 4(II) respectively.
Mortality charge, Accident Benefit charge, and Tax charges thereon recovered
subsequent to the date of death shall be paid back to the nominee or beneficiary
along with death benefit.
Any Guaranteed Addition added subsequent to the date of death shall be
recovered from the Unit Fund.
The death benefit shall be paid either in lump sum as specified above or in
instalments, if Settlement Option is opted for, as mentioned in Para 4.IV below
as per option exercised by the Policyholder/Life Assured.
B) Maturity Benefit:
On Life Assured surviving the date of maturity, an amount equal to Unit Fund
Value as on the date of Maturity shall be payable.
3. GUARANTEED ADDITIONS
Guaranteed Additions as a percentage of Single Premium as mentioned in table
below shall be added to the Unit Fund on completion of specific duration of
policy years as mentioned below.
End of Policy Year Guaranteed Additions (as percentage
of Single Premium)
6 3%
10 4%
15 5%
20 6%
25 7%
The allocated Guaranteed Addition shall be converted to number of units based
on NAV of the underlying Fund type as on the date of such addition and shall
be credited to the Unit Fund of the opted fund on the due date of payment of
Guaranteed Additions.
However, any Guaranteed Additions added subsequent to the date of death shall
be recovered from the Unit Fund.

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4. OPTIONAL BENEFITS
I. Rider Benefit:
You have an option of availing LIC’s Linked Accidental Death Benefit Rider
(UIN: 512A211V02).
This rider can be opted for at any policy anniversary provided the outstanding
policy term is at least 5 years but on or before the policy anniversary on which
the age nearer birthday of the Life Assured is 65 years.. The benefit cover under
this rider shall be available till the Date of Maturity or till the policy anniversary
on which the age nearer birthday of the Life Assured is 70 years, whichever is
earlier. If this rider is opted for, in case of accidental death, the Accident Benefit
Sum Assured will be payable in lump sum along with the death benefit under the
base plan. This Rider will not be available under the policy on the life of minor,
during minority of the Life Assured
The Accident Benefit Sum Assured cannot exceed of the Basic Sum Assured.
For more details on the above Rider, refer to the Rider Brochure or contact LIC’s
nearest Branch Office.
II. Partial withdrawals:
You can partially withdraw the units at any time after the fifth policy anniversary,
subject to the following:
i. In case of minors, partial withdrawals shall be allowed only after Life Assured is
aged 18 years or above.
ii. Partial withdrawals may be in the form of fixed amount or in the form of fixed
number of units.
iii. The Maximum amount of Partial Withdrawal as a percentage of fund during each
policy year shall be as under

Policy Year Percent of Unit Fund

6th to 10th 15%
11th to 15th 20%
16th to 20th 25%
21st to 25th 30%
The above Partial withdrawal shall be allowed subject to minimum balance
equal to the single premium paid. The partial withdrawals which would result in
termination of a contract shall not be allowed.
iv. Partial withdrawal charge as specified in Para 7.D.(iii) shall be deducted from the
Unit Fund Value.
If partial withdrawal has been made then for two years’ period immediately from
the date of withdrawal, the Basic Sum Assured, shall be reduced to the extent
of the amount of partial withdrawals made. On completion of two years’ period
from the date of withdrawal the original Basic Sum Assured shall be restored.
III. Switching:
You have an option to switch between the four fund types during the policy term.
On switching the entire Fund Value shall be switched to the new Fund opted for.
Switching shall be subject to Switching Charges as specified in Para 7.D.(ii).
IV. Settlement Option:.
This is the option to receive the Death Benefit in instalments. This option can be
exercised by the Policyholder during minority of the Life Assured or by Life Assured
aged 18 years and above during the lifetime while in currency of the policy, specifying
the mode of instalment and period in years (not more than 5 years). The death
claim amount shall then be paid to the nominee as per the option exercised and no
alteration whatsoever shall be allowed to be made by the nominee.
The Unit Fund under such policy will continue to be invested as per the fund type
existing as on the date of intimation of death
Each instalment shall be the total number of units as on the date of intimation of
death divided by total number of instalments. The number of units arrived at in
respect of each instalment will be multiplied by the NAV of the applicable fund
type as on the date of instalment payment to arrive at the amount paid out in
each instalment and shall be made by redeeming the units from the Unit Fund.
The first payment will be made corresponding to the date of intimation of death
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 and thereafter based on the mode opted.
During the Settlement Option period, no charges other than the Fund
Management Charge shall be deducted. The value of instalment payable on the
date specified shall be subject to investment risk i.e. the NAV may go up or down
depending upon the performance of the fund.The investment risk during the
settlement period shall be borne by the Nominee/Beneficiary. There will not be
any risk cover or guaranteed benefits during the settlement period.
On death of the nominee after the commencement of the Settlement Option
period, the value of the outstanding units held in the Unit Fund shall become
payable to the legal heir in lump sum.
No partial withdrawal or switching of fund shall be allowed by the nominee
during the subsistence of the period of settlement period.
V. Basic Sum Assured option:
You have the flexibility to choose Basic Sum Assured at the inception.
The Sum Assured options are:
Option 1: 1.25 times of Single Premium;
Option 2: 10 times of Single Premium
The option once selected cannot be altered.
5. INVESTMENT OF FUNDS
Unit Fund:
The allocated premiums will be utilized to buy units as per the fund type opted by
the Policyholder out of the four fund types options available. Various types of fund
options and broadly their investment patterns are as under:
Investment in Short-term
Government investments Investment
Fund / Government such as in Listed Risk
Objective SFIN .
Type Guaranteed money Equity Profile
Securities / market Shares
Corporate Debt instruments
Bond Not less than Not more Nil To provide relatively Low Risk ULIF00124/
Fund 60% than 40% safe and less volatile 12/18LICULIP
investment option BND512
mainly through
accumulation of income
through investment in
fixed income securities.
Secured Not less than Not more Not less To provide steady Lower to ULIF00224
Fund 45% & Not than 40% than 15% & income through Medium /12/18LI
more than 85% Not more investment in both risk CULIPSEC512
than 55% equities and fixed
income securities.
Balanced Not less than Not more Not less To provide balanced Medium ULIF00324
Fund 30% & Not than 40% than 30% & income and growth risk /12/18LICU
more than 70% Not more through similar LIPBAL512
than 70% proportion investment in
both equities and fixed
income securities.
Growth Not less than Not more Not less To provide long term High risk ULIF00424
Fund 20% & Not than 40% than 40% & capital growth through /12/18LICU
more than 60% Not more investment primarily in LIPGRW512
than 80% equities.
The Policyholder has the option to choose any ONE of the above 4 funds.
Discontinued Policy Fund (SFIN: ULIF001201114LICDPFNLIF512):
This fund shall be a segregated Unit Fund and shall comprise of all the discontinued
policy funds of all the policies offered under the Unit Linked Life Insurance products.
The investment pattern of the Discontinued Policy Fund shall have the following
asset mix:

Asset Type Range (in %)

Money market instruments 0% to 40%
Government securities 60% to 100%

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 If any of the following funds, which are attached to this Product and are approved by
the Board of the Corporation, do not comply with Regulation 8 of Annexure INV-I
of the IRDAI (Actuarial, Finance and Investment functions) Regulations, 2024 read
with the Master Circular – Investment issued there under, the policyholder will be
given a free switch to the funds detailed below.
i) Fund Name: Bond Fund, SFIN :ULIF00124/12/18LICULIPBND512 (Low Risk)
Free Switch shall be allowed to one of the following funds:

Fund Name SFIN Risk Profile

Secured Fund ULIF00224/12/18LICULIPSEC512 Lower to Medium Risk
Balanced Fund ULIF00324/12/18LICULIPBAL512 Medium Risk
ii) Fund Name: Secured Fund, SFIN:ULIF00224/12/18LICULIPSEC512 (Lower to
Medium Risk)
Free Switch shall be allowed to one of the following funds:

Fund Name SFIN Risk Profile

Bond Fund ULIF00124/12/18LICULIPBND512 Low Risk
Balanced Fund ULIF00324/12/18LICULIPBAL512 Medium Risk
iii) Fund Name: Balanced Fund, SFIN :ULIF00324/12/18LICULIPBAL512 (Medium Risk)
Free Switch shall be allowed to one of the following funds:

Fund Name SFIN Risk Profile

Secured Fund ULIF00224/12/18LICULIPSEC512 Lower to Medium Risk
Growth Fund ULIF00424/12/18LICULIPGRW512 High Risk
iv) Fund Name: Growth Fund, SFIN No: ULIF00424/12/18LICULIPGRW512, (High Risk)
Free Switch shall be allowed to one of the following funds:

Fund Name SFIN Risk Profile

Secured Fund ULIF00224/12/18LICULIPSEC512 Lower to Medium Risk
Balanced Fund ULIF00324/12/18LICULIPBAL512 Medium Risk
Fund Closure:
Although the Funds are open ended, we may close any of the existing funds with
appropriate approval.You will be notified at least 3 months prior to the closure of
the Fund. You can switch to other existing Fund option without switching charges
during these 3 months. In case you do not switch during this period, Corporation
shall switch the units to any other Funds with similar asset allocation and risk profile
considering NAV as on the date of Switch.
6. METHOD OF CALCULATION OF UNIT PRICE
Units will be allotted based on the Net Asset Value (NAV) of the respective fund
as on the date of allotment. There is no Bid-Offer spread (the Bid price and Offer
price of units will be equal to the NAV). The NAV will be computed on daily basis
and will be based on investment performance and Fund Management Charge of
each type of fund and shall be computed as:
Market Value of investment held by the fund + Value of Current Assets – Value of
Current Liabilities & Provisions, if any
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Number of Units existing on Valuation Date (before creation / redemption of
Units)
Applicability of Net Asset Value (NAV):
i. The allocation and redemption of units for various transaction will be at the NAV
as described below:

Type of Transaction Applicable NAV (Where transaction is

received before cut off Time)

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Single Premium received: NAV of Date of underwriting acceptance
• In case of Offline sale: by way of of risk i.e. Date of commencement of
a local cheque or a demand draft policy.
payable at par at the place where
premium is received.
• In case of Online sale: by any digital
payment mode
Partial withdrawal, Switching between NAV of the date of our receipt of the
available Fund types, or Freelook request online or in writing.
cancellation
Surrender NAV of the date of our receipt of surren-
der request in writing
Death claim NAV of the date of our receipt of the
intimation of death in writing along with
death certificate.
Settlement Option NAV of date of installment payment
under settlement option.
Maturity Benefit NAV of the date of maturity.
Termination NAV of date of termination.
Policy Alteration NAV of date of alteration in the policy.
Guaranteed Additions NAV on the date of allocation.
ii. Currently, the cut-off time is 3.00 p.m. as per the existing IRDAI guidelines and
changes in this regard shall be as per the instructions from IRDAI.In case of
New Business the cut-off time of 3.00p.m. for determination of NAV shall be in
reference to the date of acceptance of risk i.e date of commencement of policy
iii. If the transaction request is received before the cut-off time in respect of:
a. Single Premium payment, at any branch office of the Corporation (applicable for
offline sale) or by any digital payment mode (applicable for online sale); or
b. Other transaction, by servicing branch of the Corporation; or
c. Successful Registration of Service Requests as and when made available on LIC’s
Customer Portal.
the closing NAV of that day shall be applicable.
iv. If the transaction request is received after the cut-off time in respect of:
a. Single Premium payment, at any branch office of the Corporation (applicable for
offline sale) or by any digital payment mode (applicable for online sale); or
b. Other transaction, by servicing branch of the Corporation; or
c. Successful Registration of Service Requests as and when made available on LIC’s
Customer Portal
the closing NAV of the next business day shall be applicable.
In case of Offline sale, premium paid by CTS 2010 cheque/demand draft drawn on a
bank which is participating in local/CTS/speed clearing house shall only be accepted.
Cheques /demand draft not coming under above category shall not be accepted.
7. CHARGES UNDER THE PLAN
A) 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 of the chosen fund for the policy.
The allocation charges are as below:
• For Offline sale: 3.30%
• For Online sale: 1.50%
B) Mortality Charge:
Mortality Charge is the cost of life insurance cover, which is age specific and this
will be taken at the beginning of each policy month by canceling the appropriate
number of units out of the Unit Fund Value. The monthly charges will be one
twelfth of the annual Mortality Charges.
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 This charge shall depend upon the Sum at Risk i.e. the difference between the
Basic Sum Assured and Unit Fund Value as on the date of deduction of charge,
after deduction of all other charges, and shall be deducted only if, the Basic Sum
Assured is more than the Unit Fund Value on the date of deduction.
In case of partial withdrawals, the Basic Sum assured shall be reduced to the
extent of all Partial Withdrawals made during the two years period immediately
preceding the date of deduction of Mortality Charges
The rate of Mortality Charge per annum per Rs. 1000/- Sum at Risk for some of
the ages in respect of a healthy life are as under:
Age 25 35 45 50
Rs. 1.26 1.62 3.48 5.99
C) Accident Benefit Charges ( if LIC’s Linked Accidental Death Benefit Rider ( is
opted for):
Accident Benefit Charge is the cost of Accident Benefit cover, if LIC’s Linked Accidental
Death Benefit Rider(if opted for).This charge will be taken at the beginning of each
month by canceling appropriate number of units out of Unit Fund. A level annual
charge shall be at the rate of Rs. 0.40 per thousand Accident Benefit Sum Assured
per policy year. If the Life Assured is engaged in police duty in any police organization
other than paramilitary forces and opted for this cover while engaged in police duty,
then the level annual charge shall be at the rate of Rs 0.80 per thousand Accident
Benefit Sum Assured per policy year. The monthly charges will be one-twelfth of the
annual Accident benefit Charge
D) Other Charges:
The following charges shall be deducted during the term of the policy:
i. Fund Management Charge: This is a charge levied as a percentage of the value
of assets and shall be appropriated by adjusting the Net Asset Value. Fund
Management (FMC) Charge shall be as under:
• 1.35% p.a. of Unit Fund for all the four Funds available i.e. Bond Fund, Secured
Fund, Balanced Fund and Growth Fund
• 0.50% p.a. of Unit Fund for “Discontinued Policy Fund”
This is a charge levied at the time of computation of NAV, which will be done on
daily basis. The NAV thus declared will be net of FMC.
ii. Switching Charge: This is a charge levied on switching from one segregated fund
to another available within the product. The charge per switch, if any, shall be
levied at the time of effecting the switch. During a given policy year 4 switches
will be allowed free of charge. Subsequent switches in that year shall be subject
to a Switching Charge of Rs. 100 per switch. This charge will be recovered by
canceling appropriate number of units out of the Unit Fund..
iii. Partial Withdrawal Charge: This is a charge levied on the Unit Fund at the time
of each partial withdrawal of the fund during the contract period. A flat amount
of Rs. 100/- shall be deducted by cancelling appropriate number of units out of
Unit Fund on the date on which partial withdrawal takes place.
iv. Discontinuance Charge: This Charge shall be deducted by cancelling appropriate
number of units out of Unit Fund Value as on the date of discontinuance of
Policy. The Discontinuance charge applicable is as under:
Where the policy is Discontinuance Charges for the Discontinuance Charges for
discontinued during Policies having Single Premium the Policies having Single
the policy year up to Rs 3,00,000 Premium above Rs 3,00,000
1 Lower of 2% * (SP or FV) Lower of 1% * (SP or FV)
subject to maximum of subject to maximum of
Rs. 3000/- Rs. 6000/-
2 Lower of 1.5% * (SP or FV) Lower of 0.70% * (SP or FV)
subject to maximum of subject to maximum of
Rs. 2000/- Rs. 5000/-
3 Lower of 1.00% * (SP or FV) Lower of 0.50% * (SP or FV)
subject to maximum of subject to maximum of
Rs. 1500/- Rs. 4000/-

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 4 Lower of 0.5% * (SP or FV) Lower of 0.35% * (SP or FV)
subject to maximum of subject to maximum of
Rs. 1000/- Rs. 2000/-
5 and onwards NIL NIL
Where
SP- Single Premium
FV – Unit Fund Value on the date of discontinuance of Policy.
“Date of discontinuance of the policy” shall be the date on which the insurer
receives the intimation from the Life Assured or policyholder about surrender of
the policy.
v. Tax Charge: Tax charges, if any, will be as per prevailing Tax laws and rate of tax
as applicable from time to time.
Tax Charge shall be levied on all or any of the charges as per the prevailing
Tax laws/ notification etc. as issued by Government of India or any other
Constitutional Tax Authority of India from time to time in this regard in this
regard without any reference to the policyholder.
vi. Miscellaneous Charge: This is a charge levied for an alteration during the
contract, such as Grant of Accident Benefit Rider after the issue of the policy,
and shall be a flat amount of Rs. 100/- which will be deducted by cancelling
appropriate number of units out of Unit Fund and the deduction shall be made
on the date of alteration in the policy.
E) Right to revise charges: The Corporation reserves the right to revise all or any
of the above charges except, Mortality charge and Accident Benefit Charge. The
modification in charges will be done with prospective effect with appropriate
approval after giving the policyholders a notice of 3 months which shall be
notified through our website.
Although the charges are reviewable, they will be subject to maximum charges
as declared by IRDAI from time to time. The current cap on charges is as under:-
The Fund Management Charge shall not exceed the limits specified by IRDAI
which are currently same as mentioned in Para 7. D .i above.
- Partial withdrawal charge shall not exceed Rs. 500/- on each withdrawal.
d. Switching Charge shall not exceed Rs. 500/- per switch.
- Miscellaneous Charge shall not exceed Rs. 500/- each time when an alteration is
requested.
- Discontinuance charges shall not exceed the limits specified by IRDAI, which are
currently same as mentioned under Para 7.D.iv above
In case you do not agree with the revision of charges then you shall have the
option to withdraw the Unit Fund Value. If such revision in charges is made
during the lock-in-period of 5 years, withdrawal shall be allowed only after the
expiry of 5 years’ lock-in-period.
8. SURRENDER
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 you apply for surrender of the policy during the 5 years’ lock-in-period, then
the Unit Fund Value after deducting the Discontinuance Charge as specified in
Para 7.D.(iv) 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 this
policy, as specified Para 9 below, shall be payable at the end of 5 years’ lock-in-
period.

9
 In case of death of the life assured after the date of surrender but before the
expiry 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 you apply for surrender of the policy after 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.
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.
9. CALCULATION OF PROCEEDS OF THE DISCONTINUED POLICY FUND
The Proceeds of the Discontinued Policy Fund of the policy shall be higher of
Discontinued Policy Fund Value or the Guaranteed Monetary Amount. The
Guaranteed Monetary Amount is the accumulation of monetary amount
transferred into the Discontinued Policy Fund at the guaranteed interest rate.
The guaranteed interest rate shall accrue from the date when the monetary
amount is transferred to the Discontinued Policy Fund to the date when the
policy exits from the Discontinued Policy Fund either by death or at the end of 5
years’ lock-in-period in case of surrender.
Currently this guaranteed interest rate is 4% p.a. and shall be subject to change
from time to time as declared by IRDAI.
10. 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.
11. OTHER FEATURES
a) Increase / Decrease of risk covers: No increase / decrease of benefits will be
allowed under the plan. The policyholder can, however, cancel the LIC’s Linked
Accidental Benefit Rider at anytime during the policy term. However, once the
rider is cancelled, the same cannot be subsequently restored
b) Top-up: No Top-up shall be allowed under the plan.
12. RISKS FACTORS AND DISCLAIMERS
i) LIC’s Nivesh Plus is a Unit Linked Life Insurance product, which is different from
the traditional insurance products.
ii) The premium paid in Unit Linked Life Insurance policies is subject to investment
risks associated with capital markets and the NAVs of the units may go up or
down based on the performance of fund and factors influencing the capital
market and the insured is responsible for his/her decisions.
iii) Life Insurance Corporation of India is only the name of the Insurance Company
and LIC’s Nivesh Plus is only the name of the unit linked life insurance contract
and does not in any way indicate the quality of the contract, its future prospects
or returns.
iv) Please know the associated risks and the applicable charges, from your Insurance
agent or the Intermediary or policy document of the insurer.
v) The various fund types offered under this contract are the names of the funds
and do not in any way indicate the quality of these plans, their future prospects
and returns.
vi) All benefits under the policy are also subject to the Tax Laws and other financial
enactments as applicable from time to time.
vii) The actual value of units under your policy in the IRDAI prescribed
FORM D02 can be viewed through a secured login on the Corporation’s
website (www.licindia.in)

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13. FREE LOOK PERIOD
If you are not satisfied with the “Terms and Conditions” of the policy, the policy
may be returned to the Corporation within 30 days from the date of receipt of
the electronic or physical mode of the policy document, whichever is earlier,
stating the reasons of objections. On receipt of the same the Corporation shall
cancel the policy and the amount to be refunded shall be as under:
Value of units in the Unit Fund (as on the date of request).
Plus Unallocated Premium (equal to Allocation Charge multiplied by the
Premium received)
PlusProportionate Mortality and Accident Benefit charge, if any, for the balance
period from the date of opting for Free-Look to the end of the policy month for
which the respective charges have been deducted
Plus Tax Charges deducted
Less Actual cost of medical examination and special reports, if any,
Less Stamp duty@ Rs.0.20 per thousand Basic Sum Assured and Accident Benefit
Sum Assured, if any.
14. LOAN
No loan shall be allowed under this plan.
15. TERMINATION OF THE POLICY
The policy shall immediately and automatically terminate on the earliest
occurrence of any of the following events:
a) The date on which death benefit is paid if Settlement Option for death is not
exercised; or
b) The date on which surrender benefits are settled under the policy; or
c) The date of maturity;or
d) On payment of final installments under Settlement Options, if opted in case of
death; or
e) On payment of free look cancellation amount; or
f) On compulsory termination as specified in Para 10; or
g) In the event of forfeiture as specified in Para 16
16. FORFEITURE IN CERTAIN EVENTS
In case it is found that any untrue or incorrect statement is contained in the
proposal, personal statement, declaration and connected documents or any
material information is withheld, then and in every such case the policy shall
be void and all claims to any benefit in virtue of this policy shall be subject to the
provisions of Section 45 of the Insurance Act, 1938, as amended from time to time.
17. NOMINATION AND ASSIGNMENT
Nomination shall be as per Section 39 of the Insurance Act, 1938, as amended
from time to time.
Assignment shall be as per Section 38 of the Insurance Act, 1938, as amended
from time to time.
18. TAXES
Statutory Taxes, if any, imposed on charges of such insurance plans by the
Government of India or any other constitutional Tax Authority of India shall be
as per the Tax laws and the rate of tax as applicable from time to time.
Regarding Income tax benefits/implications on premium(s) paid and benefits
payable under this plan, please consult your tax advisor for details.
19. EXCLUSIONS
Suicide: If the 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 available as on the date of intimation of death
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 along with death certificate. The Corporation will not entertain any claim under
the policy and the policy shall terminate
Any charges and Tax levied thereon other than Fund Management Charges (FMC)
and Tax charges levied on FMC recovered subsequent to the date of death shall
be added back to the to the Fund Value as available on the date of intimation
of death with death certificate. Any Guaranteed Additions added subsequent to
the date of death shall be recovered from the Unit fund
This clause shall not be applicable in case age at entry of the Life Assured is
below 8 years and death benefit as mentioned in para 2 (A) shall be payable
20. SAMPLE ILLUSTRATION

Pulkit is 30 years old and opts to take LIC’s Nivesh Plus policy by payment
of lump sum amount of Rs 1,25,000/- for a policy term of 20 years. He can
choose the death benefit cover from two options:
a) Option 1: Basic Sum Assured is 1.25 * Single Premium.
b) Option 2: Basic Sum Assured is 10 * Single Premium
a) Option 1: Basic Sum Assured is 1.25 * Single Premium.
If Pulkit chooses Option 1, the various benefits available, based on the assumed
investment returns shall be as per the table below:
End of Rate of Fund Value Guaranteed Fund Value Sum Death
Policy return before Additions after Assured Benefit
Duration (p.a.) Guaranteed (in Rs) Guaranteed (in Rs) payable
(Years) Additions Additions (in Rs)
( in Rs) (in Rs)
@4% 137920 3750 141670 141670 156250
6
@8 % 173172 3750 176922 176922 176922
@4% 180383 6250 186633 186633 186633
15
@8 % 313458 6250 319708 319708 319708
@4% 209775 7500 217275 217275 217275
20
@8 % 433980 7500 441480 441480 441480
Thus on the maturity date, Pulkit’s Maturity Benefit shall be as given below:

Rate of investment @ 4 % p.a. • Rs 2,17,275/-

Rate of investment @ 8 % p.a. • Rs 4,41,480/-
Where Net yield on projected rate of investment of @ 8 % p.a. is 6.79%.
b) Option 2: Basic Sum Assured is 10 * Single Premium.
If Pulkit chooses Option 2, the various benefits available, based on the assumed
investment returns shall be as per the table below:
End of Rate of Fund Value Guaranteed Fund Value Sum Death
Policy return before Additions after Assured Benefit
Duration (p.a.) Guaranteed (in Rs) Guaranteed (in Rs) payable
(Years) Additions Additions (in Rs)
( in Rs) (in Rs)
@4% 125798 3750 129548 129548 1250000
6
@8 % 159595 3750 163345 163345 1250000
@4% 134981 6250 141231 141231 1250000
15
@8 % 256362 6250 262612 262612 1250000
@4% 128576 7500 136076 136076 1250000
20
@8 % 328156 7500 335656 335656 1250000
Thus on the maturity date, Pulkit’s Maturity Benefit shall be as given below:

Rate of investment @ 4 % p.a. • Rs 1,36,076/-

Rate of investment @ 8 % p.a. • Rs 3,35,656/-
Where Net yield on projected rate of investment of @ 8 % p.a. is 6.79%

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 Disclaimer
i) This illustration is applicable to a non-smoker male/female standard (from
medical, life style and occupation point of view) life for a policy purchased
offline, wherein LIC’s linked Accidental Death Benefit rider is not opted.
ii) In this benefit illustration it is assumed that the Projected Investment Rate of
Return that LICI will be able to earn throughout the term of the policy will be
4% p.a. or 8% p.a., as the case may be. The Projected Investment Rate of Return
is not guaranteed and they are not upper or lower limits of what you might get
back as the value of your policy is dependant on a number of factors including
future investment performance.”
iii) The above illustration has been given considering the prevailing Tax Charge (GST)
of 18% which is subject to change from time to time.
iv) The main objective of the illustration is that the client is able to appreciate the
features of the product and the flow of benefits in different circumstances with
some level of quantification.
v) LIC does not authorize its agents/intermediaries, staff and officials to express
their opinion on the future performance of the “ULIP” fund, excepting the above
illustrative rate of 4% and 8% growth.
21. GRIEVANCE REDRESSAL MECHANISM
Of the Corporation:
The Corporation has Grievance Redressal Officers (GROs) at Branch/ Divisional/
Zonal/ Central Office to redress grievances of customers. The customers can visit
our website (https://licindia.in/web/guest/grievances) for names and contact
details of the GROs and other information related to grievances.
For ensuring quick redressal of customer grievances the Corporation has
introduced Customer friendly Integrated Complaint Management System
through our Customer Portal (website) http://www.licindia.in, where a
registered policy holder can directly register complaint/ grievance and track its
status. Customers can also contact at e-mail id co_complaints@ licindia.com for
redressal of any grievances.
Claimants not satisfied with the decision of death claim repudiation have the option
of referring their cases for review to Zonal Office Claims Dispute Redressal Committee
or Central Office Claims Dispute Redressal Committee. A retired High Court/ District
Court Judge is member of each of the Claims Dispute Redressal Committees.
Of IRDAI:
In case the customer is not satisfied with the response or do not receive
the response from us within 15 days, then the customer may approach the
Policyholder’s Protection and Grievance Redressal Department through any of
the following modes:
i) Calling Toll Free Number 155255/18004254732(i.e. IRDAI Grievance Call Centre-
(BIMA BHAROSA SHIKAYAT NIVARAN KENDRA))
ii) Sending an email to [email protected]
iii) Register the complaint online at https://bimabharosa.irdai.gov.in/
iv) Address for sending the complaint through courier/letter:
General Manager, Policyholders Protection and Grievance Redressal Department,
Insurance Regulatory and Development Authority of India, Survey No. 115/1,
Financial District, Nanakramguda, Gachibowli, Hyderabad-500032, Telangana.
Of Ombudsman:
For redressal of Claims related grievances, claimants can also approach Insurance
Ombudsman who provides for low cost and speedy arbitration to customers.
Section 45 of the Insurance Act, 1938
The provision of Section 45 of the Insurance Act, 1938 as amended from time to
time shall be applicable. The current provision is as under:
(1) No policy of life insurance shall be called in question on any ground whatsoever
after the expiry of three years from the date of the policy, i.e. from the date of
issuance of the policy or the date of commencement of risk or the date of revival

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 of the policy or the date of the rider to the policy, whichever is later.
(2) A policy of life insurance may be called in question at any time within three years
from the date of issuance of the policy or the date of commencement of risk or
the date of revival of the policy or the date of the rider to the policy, whichever
is later on the ground of fraud:
Provided that the insurer shall have to communicate in writing to the insured or
the legal representatives or nominees or assignees of the insured the grounds
and materials on which such decision is based.
Explanation I- For the purposes of this sub-section, the expression “fraud”
means any of the following acts committed by the insured or by his agent, with
the intent to deceive the insurer or to induce the insurer to issue a life insurance
policy:-
(a) the suggestion, as a fact of that which is not true and which the insured does not
believe to be true;
(b) the active concealment of a fact by the insured having knowledge or belief of the
fact;
(c) any other act fitted to deceive; and
(d) any such act or omission as the law specially declares to be fraudulent.
Explanation II- Mere silence as to facts likely to affect the assessment of the
risk by the insurer is not fraud, unless the circumstances of the case are such
that regard being had to them, it is the duty of the insured or his agent, keeping
silence to speak, or unless his silence is, in itself, equivalent to speak.
(3) Notwithstanding anything contained in subsection (2), no insurer shall repudiate
a life insurance policy on the ground of fraud if the insured can prove that the
misstatement of or suppression of a material fact was true to the best of his
knowledge and belief or that there was no deliberate intention to suppress the
fact or that such misstatement of or suppression of a material fact are within the
knowledge of the insurer:
Provided that in case of fraud, the onus of disproving lies upon the beneficiaries,
in case the policyholder is not alive.
Explanation – A person who solicits and negotiates a contract of insurance shall
be deemed for the purpose of the formation of the contract, to be the agent of
the insurer.
(4) A policy of life insurance may be called in question at any time within three years
from the date of issuance of the policy or the date of commencement of risk or
the date of revival of the policy or the date of the rider to the policy, whichever
is later, on the ground that any statement of or suppression of a fact material to
the expectancy of the life of the insured was incorrectly made in the proposal or
other document on the basis of which the policy was issued or revived or rider
issued:
Provided that the insurer shall have to communicate in writing to the insured or
the legal representatives or nominees or assignees of the insured the grounds
and materials on which such decision to repudiate the policy of life insurance is
based:
Provided further that in case of repudiation of the policy on the ground of
misstatement or suppression of a material fact, and not on the ground of fraud
the premiums collected on the policy till the date of repudiation shall be paid to
the insured or the legal representatives or nominees or assignees of the insured
within a period of ninety days from the date of such repudiation.
Explanation - For the purposes of this sub-section, the misstatement of or
suppression of fact shall not be considered material unless it has a direct bearing
on the risk undertaken by the insurer, the onus is on the insurer to show that had
the insurer been aware of the said fact no life insurance policy would have been
issued to the insured.
(5) Nothing in this section shall prevent the insurer from calling for proof of age at
any time if he is entitled to do so, and no policy shall be deemed to be called in
question merely because the terms of the policy are adjusted on subsequent
proof that the age of the life insured was incorrectly stated in the proposal.

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 PROHIBITION OF REBATES (SECTION 41 OF THE INSURANCE ACT, 1938)
1) No person shall allow or offer to allow, either directly or indirectly, as an
inducement to any person to take out or renew or continue an insurance in
respect of any kind of risk relating to lives or property in India, any rebate of the
whole or part of the commission payable or any rebate of the premium shown
on the policy, nor shall any person taking out or renewing or continuing a policy
accept any rebate, except such rebate as may be allowed in accordance with the
published prospectuses or tables of the insurer.
2) Any person making default in complying with the provisions of this section shall
be liable for a penalty which may extend to ten lakh rupees.

Various Sections of the Insurance Act, 1938, applicable to LIC to apply as amended
from time to time.

This product brochure gives only salient features of the plan. For further details
please refer to the Policy document on our website www.licindia.in or contact
our nearest Branch Office.
To purchase the policy online please log on to www.licindia.in.

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS

IRDAI or its officials do not involve in activities of insurance business like selling
insurance policies, announcing bonus or investment of premiums, refunds of
amounts. Policyholders or the prospects receiving such phone calls are requested
to lodge a police complaint.

LIFE INSURANCE CORPORATION OF INDIA

“Life Insurance Corporation of India” was established on 1st September, 1956
under Life Insurance Corporation Act, 1956, with the objective of spreading life
insurance more widely, in particular to the rural areas with a view to reaching all
insurable persons in the country and providing them adequate financial cover
against insured events. LIC continues to be the important life insurer even in
the liberalized scenario of Indian insurance and is moving fast on a new growth
trajectory surpassing its own past records. In its existence of over six decades, LIC
has grown from strength to strength in various areas of operation.

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 Registered Office:
Life Insurance Corporation of India,
Central Office,
Yogakshema, Jeevan Bima Marg, Mumbai – 400021.
Website: www.licindia.in
Registration Number: 512

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