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.• Minimum Basic Sum Assured: Rs. 1,00,000/-
• Maximum Basic Sum Assured: No Limit
• Minimum Policy Term: 12 years
• Maximum Policy Term: 35 years
• Minimum Entry Age: 8 years (completed)
• Maximum Entry Age: 55 years (nearer birthday)
• Maximum Age at Maturity for Life Assured: 75 years
• Mode of Premium Payment: Yearly, Half-yearly, Quarterly & Monthly
• Accidental Death & Disability Benefit Rider is available on payment of additional premium.
LIC’s New Endowment Benefit Details
• On Death: “Sum Assured + Vested Bonus + FAB if any.”
• Where ‘S.A. on Death’ is defined as the higher of
i. 10 times of Anualized Premium, OR
ii. 105%of all Premiums paid as on death
• On Survival : On survival Basic Sum Assured + Vested Bonus + FAB if any.
• Surrendered Value: The Policy can be surrendered at any time during the policy term provided atleast 3 full years premiums have been paid.
• Loan : Loan Facillity is available under this plan, after payment of premiums for at least 3 full years.
• Income Tax Benefit: Premium paid under this plan is eligible for TAX rebate under section 80c.
• Maturity under this plan is free under sec 10(10D).