LIC's New Endowment Plus Plan
LIC's New Endowment Plus is a unit linked non-participating endowment assurance plan which offers investment cum insurance cover during the term of the policy. This plan is specially designed for you to provide a very good combination of protection and long term savings and also provides you greater flexibility to build a better life and realise your dreams.
You have a choice of investing premiums in one of the four types of investment funds available. Premiums paid after deduction of Premium Allocation Charge will purchase units of the Fund type chosen. The unit fund is subject to various charges and value of units may increase or decrease, depending on Net Asset Value (NAV).
Payment of Premiums
You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (through ECS mode only) intervals over the term of the policy.
A grace period of 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly (ECS) premiums.
Benefits
Death Benefit
On death of the Life Assured before the stipulated Date of Maturity provided policy is inforce, then
On death before the Date of Commencement of Risk: An amount equal to the Policyholder's Fund Value shall be payable.
On death after the Date of Commencement of Risk: An amount equal to the higher of Basic Sum Assured or Policyholder's Fund Value shall be payable. Where, Basic Sum Assured is (10 * Annualized Premium) or (105% of the total premiums paid), whichever is higher.
Maturity Benefit
On Life Assured surviving the date of maturity provided the policy is inforce, an amount equal to Policyholder's Fund Value shall be payable.
Optional Benefit
The policyholder has an option of availing LIC's Linked Accidental Death Benefit Rider (UIN: 512A211V01).
Eligibility conditions and other restrictions in LIC's New Endowment Plan
- Sum Assured Minimum Rs.20,000 & Maximum Unlimited
- Policy Term are Minimum 10 Years & Maximum 20 Years
- Entry Age of Insured Minimum 90 days & Maximum 50 Years
- Payment modes are Yearly, Half-Yearly, Quarterly or monthly (through ECS mode only)
For more details of Eligibility conditions and other restrictions Click here
Note
IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. THE LINKED INSURANCE PRODUCTS DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICYHOLDERS WILL NOT BE ABLE TO SURRENDER/ WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF FIFTH YEAR.