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PLAN FEATURES
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Minimum Age
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90 days (completed)
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Maximum Age
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50 years (nearest birthday)
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Plan Term
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10 – 20 years
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Mode of Payment
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Monthly, quarterly, bi-annually, and annually
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Life Cover
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On death before the Date of Commencement : 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
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At the end of policy term policy holder will get fund
value.
Guaranteed additions shall be added and converted
to units at pre-defined specific intervals.
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Tax Benefit
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Savings on Premiums eligible u/s 80C. All benefits payable are tax free u/s 10(10D).
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Basic Sum
Assured
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10 times the annualized premium
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Why buy LIC New Endowment Plus ?
A non-participating endowment assurance plan, LIC’s New Endowment Plus is a unit-linked participating policy. This plan offers a combination of investment cum insurance throughout the entire policy term, making it a super combination of protection and savings. There are four types of investments in LIC’s New Endowment Plus policy, allowing for great flexibility in choosing where one’s money goes. Once the premium is paid after the subtraction of premium allocation charges, the fund type can be selected
Benefits of the LIC’s New Endowment Plus
The following are the core benefits of the LIC New Endowment Plus insurance plan offered by LIC:
- Maturity Benefits – An amount that is equivalent to the unit fund value is payable as a maturity benefit at the time of maturity provided the LIC’s New Endowment Plus policy status is still active.
- Death Benefits – Death benefit is calculated as the amount that is equivalent to the unit fund value. This shall be payable at the time of death or before the date of commencement of risk. After the date of commencement of risk, an amount that is equivalent to the higher unit fund value or basic sum assured minus any withdrawals is payable to the beneficiary or nominee.
- Partial Withdrawal Benefits – Units can be partially withdrawn at any time after five years of the policy have been completed provided all the premiums have been duly paid.
- Switching Between the Funds – Switching between the four investment funds during the entire term of the policy, subject to charges incurred for the same.
- Tax Benefits – When one buys LIC’s New Endowment Plus, they can avail tax exemptions on the maturity benefit, death benefit, and partial withdrawals as well as on premium payments.