My LIC agent showed me the Nivesh Plus ULIP, but the benefit illustration only shows 4 % and 8 % returns. How do I know what I’m really paying for—fund management, mortality, GST, policy admin—without a CA degree
So two things changed in July 2019.
First, LIC must hand you a two-pager called the Key Features Document—think of it as the ingredient list behind the insurance. It lists every single charge, not in insurance-speak, but in rupees and paise: how much goes to life cover, how much to fund management, even the 18 % GST on top.
Second, every quarter LIC emails (or couriers) a mini-statement that shows your fund value after every deduction. You’ll see a line that reads something like “Mortality charge: ₹168, Policy admin: ₹60, Net units added: 47.312.” If the numbers don’t match what the agent promised, you screenshot it and send it back—within 15 days you can still return the policy like an unwanted Amazon order.
IRDAI basically told every insurer: “Put that asterisk in 72-point font.”