Feature of 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:-

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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.

Plan Parameter:-

Age at entry : 8 Years to 55 Years
Age at Maturity: 75 Years Maximum
Policy Term : 12 Years to 35 Years
Premium Mode : Yearly, Half Yearly, Quarterly, Monthly, Salary Saving Scheme
Loan Availability : Loan available after 3 years
Guaranteed Surrender Value: GSV available after 3 years

Premium Rebate for Mode:-

Yearly Mode : 2% on tabular premium
Half Yearly Mode : 1% on tabular premium
Quarterly Mode : Nil
Monthly Mode : Nil

Premium Rebate for Higher Sum Assured:-

Rs. 5,00,000 and Above 3% of Basic Sum Assured
Rs. 2,00,000 to Rs. 4,95,000 2% of Basic Sum Assured
Less then 2,00,000 Nil

Loan Availability Rule:-

Loan is available after 3 years and will be grated as % of Surrender Value

Guaranteed Surrender Value:-

GSV will be % of total premiums paid excluding taxes and extra premium. For Example 3Yrs= 30%, 5Yrs= 50%, or Policy Term- 1yrs= 80%

Policy Revival Rule:-

Policy may be reviewed within 2 years of from the date of first unpaid premium.

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