LIC Nivesh Plus 749: Tax Benefits, Charges, and Policy Details
If you are looking for a life insurance plan that combines investment and protection, LIC Nivesh Plus (Plan 749) could be an excellent option. It is a single premium, unit-linked insurance plan (ULIP) that allows policyholders to enjoy market-linked returns while securing their family’s financial future. In this blog, we will explore the tax benefits, charges, and key policy details of LIC Nivesh Plus 749 to help you make an informed decision.
What is LIC Nivesh Plus 749?
LIC Nivesh Plus is a single premium ULIP plan where policyholders make a one-time investment. The premium is allocated to investment funds of their choice, providing both life insurance coverage and wealth creation opportunities.
Key Highlights:
✔ Single premium payment
✔ Choice of investment funds
✔ Life insurance cover
✔ Partial withdrawal facility after 5 years
✔ Market-linked returns
✔ Tax benefits under Section 80C and 10(10D)
Tax Benefits of LIC Nivesh Plus 749
One of the major attractions of LIC Nivesh Plus is its tax benefits. Here’s how you can save on taxes:
1. Tax Deduction Under Section 80C
- The premium paid for the policy qualifies for a tax deduction of up to ₹1.5 lakh per financial year under Section 80C of the Income Tax Act, 1961.
- The deduction is applicable only if the sum assured is at least 10 times the premium amount.
2. Tax-Free Maturity Under Section 10(10D)
- The maturity amount received, including the fund value, is tax-free under Section 10(10D) if the sum assured is 10 times the premium.
- If the sum assured is less than 10 times the premium, the maturity proceeds will be taxed as per the policyholder’s income slab.
3. Tax-Free Death Benefit
- The death benefit paid to the nominee is completely tax-free under Section 10(10D), ensuring financial security for your loved ones without any tax burden.
Charges in LIC Nivesh Plus 749
While LIC Nivesh Plus offers market-linked growth, certain charges are applicable. Here’s a breakdown:
1. Premium Allocation Charge
- 3% of the single premium is deducted before investing the funds.
- Example: If you invest ₹1,00,000, ₹97,000 will be allocated for investment.
2. Fund Management Charges
- LIC charges a fixed percentage on the fund value annually:
- Bond Fund: 0.80%
- Balanced Fund: 1.00%
- Growth Fund: 1.25%
- Secure Fund: 0.75%
3. Mortality Charges
- These charges depend on age, sum assured, and health conditions. The amount is deducted monthly from the fund value.
4. Policy Administration Charges
- A fixed ₹60 per month for the first five years.
- No charges after the 5th policy year.
5. Fund Switching Charge
- 4 free switches per year; ₹100 per switch beyond that.
6. Partial Withdrawal Charges
- Allowed after 5 policy years.
- No charges for partial withdrawal.
Key Policy Details of LIC Nivesh Plus 749
1. Eligibility & Policy Term
| Criteria | Details |
|---|---|
| Entry Age | 90 days – 70 years |
| Policy Term | 10 years / 25 years |
| Minimum Premium | ₹1,00,000 |
| Sum Assured | 1.25 times or 10 times the premium |
| Lock-in Period | 5 years |
2. Death Benefit
In case of the policyholder’s unfortunate demise, the nominee receives the higher of the sum assured or the fund value, ensuring financial protection.
3. Maturity Benefit
On survival till maturity, the policyholder receives the total fund value as per the prevailing NAV (Net Asset Value).
4. Investment Fund Options
Policyholders can choose from four different fund options based on their risk appetite:
- Bond Fund (Low Risk)
- Balanced Fund (Medium Risk)
- Growth Fund (High Risk)
- Secure Fund (Very Low Risk)
Why Should You Choose LIC Nivesh Plus 749?
✅ Single premium plan – No need for yearly payments
✅ Market-linked returns – Potential for wealth creation
✅ Flexible investment choices – Choose funds as per your risk tolerance
✅ Tax-saving benefits – Deductions under Section 80C & 10(10D)
✅ Partial withdrawal facility – After 5 years for emergencies
✅ Trusted brand – LIC ensures reliability and security
Conclusion
LIC Nivesh Plus 749 is an excellent ULIP plan for individuals looking for a one-time investment option with life insurance benefits and market-linked growth. The tax benefits, transparent charges, and flexible fund options make it a worthy addition to your financial portfolio. However, as with any investment, consider your risk tolerance and financial goals before investing.
For more details and expert assistance, visit LICFuture.com or contact your LIC advisor today!
FAQs on LIC Nivesh Plus 749
1️⃣ Is LIC Nivesh Plus a good investment?
✔ Yes, if you prefer a single-premium ULIP with insurance coverage and market-linked returns.
2️⃣ Can I withdraw my money from LIC Nivesh Plus before maturity?
✔ Yes, partial withdrawal is allowed after 5 years.
3️⃣ Does LIC Nivesh Plus offer guaranteed returns?
✔ No, the returns are market-linked, and depend on fund performance.
4️⃣ Is the maturity amount of LIC Nivesh Plus tax-free?
✔ Yes, if the sum assured is at least 10 times the premium.
For further queries, drop a comment below or visit LICFuture.com!
