Status: Withdrawn October 2024
Plan Type: ULIP (Unit Linked Insurance Plan) – Single Premium
Lock-in Period: 5 Years
LIC formally discontinued the LIC Nivesh Plus Plan 849 on October 14, 2024, making it essential for existing policyholders to understand the plan’s important features, benefits, and the role of the LIC Nivesh Plus Plan 849 Calculator in tracking and managing their investments.
Launch and Discontinuation Dates
When Was LIC Nivesh Plus Plan 849 Introduced?
LIC Nivesh Plus Plan 849 was launched on March 2, 2020.
When Was LIC Nivesh Plus Plan 849 Withdrawn?
The plan was withdrawn from sale on October 14, 2024. After this date, new investors could no longer purchase the policy. However, all existing policies continue to remain active according to the original policy conditions.
What is LIC Nivesh Plus Plan 849?
LIC Nivesh Plus Plan 849 is a single premium, non-participating Unit Linked Insurance Plan (ULIP). Under this policy, the premium is paid only once at the beginning, while the plan provides both life insurance protection and market-linked investment growth opportunities.
What Are the Key Features of LIC Nivesh Plus Plan 849?
Main Features of LIC Nivesh Plus Plan 849
- One-time premium payment option
- Market-linked returns through ULIP investment structure
- Life insurance coverage during the entire policy term
- Multiple investment fund choices
- Different assured options based on policy needs
- Flexible policy duration ranging from 10 years to 25 years
The flexibility of the plan allows policyholders to select the desired sum assured and invest their lump-sum premium in different fund categories such as equity funds, debt funds, balanced funds, or secured funds depending on their investment goals and risk tolerance.
Eligibility Criteria for LIC Nivesh Plus Plan 849
What Are the Eligibility Conditions for LIC Nivesh Plus Plan 849?
| Parameter | Details |
|---|---|
| Minimum Entry Age | 90 days completed |
| Maximum Entry Age | Option 1: Up to 70 years |
| Option 2: Up to 35 years | |
| Policy Term | 10 years to 25 years |
| Minimum Premium | ₹1,00,000 |
| Maximum Premium | No upper limit |
| Sum Assured Options | Option 1: 1.25 times single premium |
| Option 2: 10 times single premium |
The available sum assured choices have different impacts on tax benefits, insurance coverage, and investment suitability.
What Are the Sum Assured Options in LIC Nivesh Plus Plan 849?
Option 1: Sum Assured Equal to 1.25 Times Single Premium
This option is mainly suitable for investors who are more focused on investment growth rather than tax-saving advantages.
- Suitable for wealth creation purposes
- Policy term available from 10 to 25 years depending on entry age
- Tax deductions under Section 80C may not be available
- Lower insurance coverage compared to Option 2
Option 2: Sum Assured Equal to 10 Times Single Premium
This option is designed for policyholders looking for both investment growth and tax benefits.
- Premium qualifies for tax benefits under Section 80C
- Maturity proceeds may qualify for exemption under Section 10(10D)
- Higher insurance protection
- Policy term available between 10 and 25 years depending on entry age
- Preferred by investors seeking long-term insurance and tax efficiency
Once the sum assured option is selected at the beginning of the policy, it cannot be modified later during the policy term.
What Are the Benefits of LIC Nivesh Plus Plan 849?
1. Death Benefit
If the life assured passes away during the policy duration, the nominee receives whichever is higher between the sum assured and the unit fund value. The benefit can be paid either as a lump sum or through installments based on the policyholder’s selected option.
2. Maturity Benefit
If the policyholder survives until the end of the policy term, the accumulated unit fund value is paid as the maturity benefit. Since this is a ULIP, the maturity amount depends on market performance and is not guaranteed.
3. Guaranteed Additions
The policy may provide guaranteed additions that are credited to the unit fund based on the prevailing Net Asset Value (NAV) after completion of specified durations.
4. Partial Withdrawal Facility
Partial withdrawals are permitted after completion of 5 years from the policy commencement date, subject to LIC rules and conditions. In case of policies issued for minors, withdrawals become available only after the child attains 18 years of age.
5. Fund Switching Facility
Policyholders are allowed to switch investments between the available fund categories such as growth, balanced, secured, and bond funds. These switches generally do not attract tax liability, although switching charges may apply according to policy terms.
6. Optional Rider Benefits
The plan also offers an optional Linked Accidental Death Benefit Rider that can be added either at policy inception or later during the policy term. This rider provides an additional payout in case of accidental death.
How Does LIC Nivesh Plus Plan 849 Calculator Work?
The LIC Nivesh Plus Plan 849 Calculator is designed to help policyholders estimate various policy benefits and investment outcomes.
What Can the LIC Nivesh Plus Calculator Estimate?
- Expected maturity value
- Premium payable amount
- Death benefits for nominees
- Effect of fund switching
- Impact of partial withdrawals
The calculator uses details such as age, premium amount, policy duration, and selected fund type to provide estimated projections.
How to Use LIC Nivesh Plus Plan 849 Calculator?
Steps to Use LIC Nivesh Plus Calculator
- Visit the LIC website or authorized LIC insurance portals
- Open the premium or return calculator section
- Enter age, gender, and policy duration
- Input the single premium investment amount
- Select preferred sum assured option
- Choose suitable fund options or combinations
- View the estimated maturity value, death benefits, and projected returns
The results shown by the calculator are indicative and depend on assumed market performance. Actual returns may vary because ULIP investments are subject to market risks.
What Charges Apply in LIC Nivesh Plus Plan 849?
Like other ULIP plans, LIC Nivesh Plus Plan 849 includes certain charges and fees that affect the overall fund value.
Main Charges Under LIC Nivesh Plus Plan
- Premium allocation charges
- Mortality charges
- Fund management fees
- Switching charges
- Partial withdrawal charges
- Policy discontinuance charges
These charges are deducted from either the premium amount or the accumulated fund value according to policy rules.
What Tax Benefits Are Available in LIC Nivesh Plus Plan 849?
The tax advantages under this policy depend mainly on the selected sum assured option.
Tax Benefits Under LIC Nivesh Plus Plan 849
- Premiums paid under Option 2 may qualify for deduction under Section 80C
- Maturity proceeds may remain tax-free under Section 10(10D), subject to applicable conditions
- Death benefits paid to nominees are generally tax-free
These tax-saving features make the plan attractive for long-term investors seeking both wealth growth and tax efficiency.
Frequently Asked Questions
What is LIC Nivesh Plus Plan 849?
LIC Nivesh Plus Plan 849 is a single premium ULIP (Unit Linked Insurance Plan) that combines life insurance protection with market-linked investment opportunities through different fund options.
When Was LIC Nivesh Plus Plan 849 Introduced and Withdrawn?
The plan was launched on March 2, 2020, and later withdrawn from new sales on October 14, 2024. However, existing policyholders continue to receive benefits according to the original policy terms.
Can I Select the Policy Term in LIC Nivesh Plus Plan 849?
Yes, the policy offers flexible policy duration choices ranging from 10 years to 25 years depending on the age of the policyholder at entry.
Are Partial Withdrawals Allowed in LIC Nivesh Plus Plan 849?
Yes, partial withdrawal facility is available after completion of 5 policy years, subject to LIC guidelines and applicable terms.
How Does LIC Nivesh Plus Plan 849 Calculator Help?
The LIC Nivesh Plus Plan 849 Calculator helps estimate premium details, maturity value, death benefits, and expected investment returns based on selected funds and policy inputs.
Which Investment Funds Are Available Under LIC Nivesh Plus Plan 849?
Policyholders can invest in different fund categories including growth funds, balanced funds, secured funds, and bond funds according to their financial goals and risk preference.
Conclusion
LIC Nivesh Plus Plan 849 was introduced as a modern ULIP that offered a combination of investment growth and life insurance protection. Even though the plan has been discontinued since October 14, 2024, its features and benefits still remain important for existing policyholders and investors comparing ULIP plans in India.
The plan provided:
- Flexibility through single premium investment and multiple fund choices
- Two sum assured options catering to both insurance and investment requirements
- Additional features such as partial withdrawals, fund switching, and optional rider benefits
- Tax benefits under applicable provisions of the Income Tax Act
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