LIC NEW ENDOWMENT PLAN

LIC's New Endowment Plan is a participating non-linked plan which offers an attractive combination of protection and saving features. This combination provides financial support for the family of the deceased policyholder any time before maturity and good lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.


Benefits:

Death benefit:
In case of death during the policy term provided all due premiums have been paid Death benefit, defined as sum of "Sum Assured on Death" and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where, “Sum Assured on Death” is defined as higher of Basic Sum Assured or 10 times of annualised premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death.

Where premiums exclude service tax, extra premium and rider premiums, if any.

Maturity Benefit: Basic Sum Assured, along with vested simple reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on Survival to the end of the policy term provided all due premiums have been paid.

Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.

Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity, provided the policy has run for certain minimum term.

Optional Benefit:

LIC’s Accidental Death and Disability Benefit Rider: LICs Accidental Death and Disability Benefit Rider is available as an optional rider by payment of additional premium. In case of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan. In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.

Min. Entry age: 8rs                                                                                            Max. Entry age: 55yrs

Max. Maturity age: 75yrs                                                                                Min. Policy term: 12yrs

Max. Policy term: 35yrs                                                                                   Min. Sum assured:  100000/-      

Max. Sum assured: no limit                                                                           Extra sum assured: 25% of SA

Premium payment term: as equal to policy term                                Payment mode: monthly/ quarterly/half yearly/ yearly

Accidental Rider: Available                                                                           Loan facility: after 3yrs

Tax benefit:  Available                                                                                     Maturity benefit: SA + bonus+ interim bonus                    

Death benefit:  SA + bonus+ interim bonus                                             Accidental Death benefit:  2XSA + bonus+ interim bonus

Sample premium details

LIC new endowment plan

PAYMENT TERM 20YRS & SA 2LAC

PAYMENT TERM 15YRS & SA 2LAC

AGE

MLY

QLY

HLY

YLY

AGE

MLY

QLY

HLY

YLY

10

 

2518

4983

9863

10

 

3549

7025

13904

20

 

2588

5123

10139

20

 

3618

7164

14180

25

 

2596

5138

10170

25

 

3624

7174

14201

30

 

2611

5168

10230

30

 

3624

7195

14241

35

 

2644

5235

10362

35

 

3658

7240

14332

40

 

2709

5362

10614

40

 

3704

7332

14514

 

LIC new endowment plan

PAYMENT TERM 20YRS & SA 1LAC

PAYMENT TERM 15YRS & SA 1LAC

AGE

MLY

QLY

HLY

YLY

AGE

MLY

QLY

HLY

YLY

10

437

1310

2595

5137

10

608

1826

3615

7158

20

448

1345

2664

5276

20

621

1861

3684

7297

25

449

1349

2672

5291

25

622

1864

3690

7306

30

453

1357

2688

5322

30

623

1869

3700

7327

35

458

1374

2721

5386

35

627

1880

3724

7372

40

469

1406

2784

5513

40

634

1903

3769

7463