LIC’s New Endowment Plus is a Regular Premium, Non-Participating, Unit Linked Insurance plan, which offers investment-cum-insurance during the term of the policy. The Policyholder can choose the amount of premium he/she desires to pay, depending on which Policyholder will get the equivalent level of cover.
Premium Payment Mode
The modes of premium payment allowable are Yearly, Half Yearly, Quarterly, and Monthly (through NACH only) or through salary deductions (SSS).
Eligibility conditions and restrictions
|Minimum Age at entry:||90 days (completed)|
|Maximum Entry Age:||50 years (nearer birthday)|
|Minimum Maturity Age:||18 Years (Completed)|
|Maximum Age at Maturity:||60 years (nearer birthday)|
|Minimum Policy term:||10 years|
|Maximum Policy Term:||20 years|
|Premium Paying Term:||Same as policy term|
|Basic Sum Assured:||10 times of Annualized Premium|
|Minimum Premium (as given below) :|
|Half Yearly||Rs. 13,000|
Fund Types :
The allocated premiums will be utilized to buy units as per the fund type opted by the Policyholder out of the four fund types options available.
- Bond Fund
- Secured Fund
- Balanced Fund
- Growth Fund
On death before the Date of Commencement of Risk:
An amount equal to the Unit Fund Value shall be payable.
On death after the Date of Commencement of Risk: An amount equal to the highest of
- Basic Sum Assured less Partial withdrawals made during the two years period immediately preceding the date of death; or
- Unit Fund Value; or
- 105% of the total premiums received upto the date of death less Partial withdrawals made during the two years period immediately preceding the date of death shall be payable; where, ‘Basic Sum Assured’ is equal to ‘10 times of Annualized Premium’.
The liability shall be booked immediately on the date of receipt of intimation of death with death certificate. Policy Administration charge, Mortality charge, Accident Benefit charge, and Tax charges thereon recovered subsequently to the date of death shall be paid back to the nominee or beneficiary along with death benefit.
The death benefit shall be payable either in lumpsum or in instalments, if Settlement Option is opted.
On Life Assured surviving the stipulated date of maturity, an amount equal to the Unit Fund Value is payable. The maturity benefit shall be payable either in lumpsum or in instalments, if Settlement Option is opted.
Optional rider benefits
LIC’s Linked Accidental Death Benefit is available as an optional rider. This rider can be opted for at the inception or any time during the policy term subject to the eligibility conditions and restrictions given below. Whenever this Rider is opted for, the Accident Benefit Charges, will be deducted at the beginning of each policy month during the period of cover and the benefit cover under this rider shall be available till the Date of Maturity.
No loan facility shall be available under this plan.
Statutory Taxes, if any, imposed on such insurance plans by the Government of India or any other constitutional tax Authority of India shall be as per the Tax laws and the rate of tax as applicable from time to time.