New Endowment Plan

Key Features


LIC's New Endowment Plan ( Table NO -18 ) 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.   




       
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.
• Maturity Benefit :
  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
• Income Tax Benefit :
  100% Income Tax Exemption Under Section 80C

  Maturity/claims are 100% tax free Under Section 10 (10) D

• 	Minimum	Maximum
  Sum Assured(in Rs.)	100,000	No limit
  Policy Term(in years)	12 years	35 years
  Entry Age of Policyholder	8 years	55 years
  Age at Maturity -	75 years	75 years
  Single Premium	N/A	N/A
  Payment modes	Yearly/Half Yearly/Quarterly/Monthly(ECS)/SSS



• LOAN : 

  Loan can be availed under this plan any time after completion of first policy year and subject to terms and conditions as the company may specify from time to time.

  SURRENDER VALUE:

  Buying a life insurance contract is a long term commitment. However, surrender value is available under the plan on earlier termination of the contract.
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• Eligibility Conditions and Other Restrictions:
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• For Basic plan
  1.    Minimum Basic Sum Assured                     :   Rs. 100,000
  2.    Maximum Basic  Sum Assured                    :   No Limit
         (The Basic Sum Assured shall be in multiples of Rs. 5000/-)
  3.    Minimum Age at entry                                :  8 years (completed)
  4.    Maximum Age at entry                                :  55 years (nearest birthday)
  5.    Maximum Maturity Age                              :  75 years (nearest birthday)
  6.    Minimum Term                                              :  12 years
  7.    Maximum Term                                             :  35 years
  For LIC’s Accidental Death and Disability Benefit Rider
  8.    Minimum Accident Benefit Sum Assured  :   Rs. 100,000
  9.    Maximum Accident Benefit Sum Assured  :  
  An amount equal to the Sum Assured under the Basic Plan subject to the maximum of Rs.50 lakh Accident Benefit Sum Assured taking all existing policies of the Life Assured under individual as well as group schemes including policies with in-built accident benefit taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured under the new proposal into consideration.
         (The Accident Benefit Sum Assured shall be in multiples of Rs. 5000/-)
  10. Minimum Age at entry                                :  18 years (completed)
  11. Maximum Age at entry                                : The cover can be opted for at any policy anniversary during the policy term but before the policy anniversary on which the age nearer birthday of the Life Assured is 70 years.
  12. Maximum cover ceasing age                       :  70 years (nearest birthday)
  Payment of Premiums
  Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS only) or through salary deductions over the term of policy.
  However, a grace period of one month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums. 
  Sample Premium Rates 
  Following are some of the sample tabular premium rates (exclusive of service tax) per Rs. 1000/- Basic Sum Assured:

  AGE/TERM	15	25	35
  20	71.20	40.10	28.10
  30	71.50	40.75	29.40
  40	72.85	43.25	33.15
  50	77.10	49.40

  Mode and High S.A. Rebates:
  Mode Rebate:
  Yearly mode                               -       2% of Tabular Premium
  Half-yearly mode                       -       1% of Tabular premium
  Quarterly & Salary deduction   -      NIL
  High Sum Assured Rebate:
         Basic Sum Assured (B.S.A)                     Rebate (Rs.)
  1, 00,000 to 1, 95,000             -           Nil
  2, 00,000 to 4, 95,000             -           2.00 %o B.S.A.
  5, 00,000 and above               -           3.00%o B.S.A.
  13. Revival
  If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revive within a period of 2 consecutive years from the date of first unpaid premium and before the date of maturity, as the case may be by paying all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation at the time of the payment, subject to submission of satisfactory evidence of continued insurability.
  Revival of rider(s), if opted for, will be considered along with revival of the Basic Policy, and not in isolation.
  14. Paid-up Value
  If at least three full years’ premiums have been paid and any subsequent premiums be not duly paid, this policy shall not be wholly void, but shall continue as a paid-up policy. The Basic Sum Assured under the policy shall be reduced to such a sum, called Paid-up Sum Assured and shall bear the same ratio to the Basic Sum Assured as the premiums paid bears to the total number of premiums i.e. Basic Sum Assured *(no. of premiums paid / no. of premiums payable).
  This Paid-Up Sum Assured along with vested simple reversionary bonuses, if any, is payable on the expiry of policy term or in case of prior death. The reversionary bonuses already accrued to the policy as on the date of paid-up will remain attached to the policy. A paid-up policy will not accrue any further bonuses.

                                                                  Official Policy Document

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