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  • LIC's New Endowment Plus Plan

    LIC Life Insurance

    The New Endowment Plus plan by LIC is a unit-linked endowment plan that offers investment-cum-insurance cover during the term of the policy. The plan is specifically customized to offer a combination of long-term savings and protection, with a greater flexibility of investing.

    Eligibility Criteria for LIC’s New Endowment Plus

    In order to be eligible for the New Endowment Plus policy, an individual needs to fulfill the following criteria:

    Minimum age at entry 7 years (age at the last birthday)
    Maximum age at entry 60 years (age nearer birthday)
    Minimum maturity age 18 years (completed)
    Maximum maturity age 70 years (age nearer birthday)

    Key Features of LIC’s New Endowment Plus

    The New Endowment Plus insurance plan offered by LIC has a number of attractive features.

    Parameters Minimum Maximum
    Policy term 10 years 20 years
    Regular premium: Monthly ECS mode Other modes   Rs 1,750 per month Rs 20,000 per annum   Rs 100,000
    Single premium Rs 30,000 No limit
    Sum assured Regular premium: (Policy term +1) times the annual premium Regular premium: 30 times of the annualized premium if age at entry is upto 45 years. 25 times of the annualized premium if age at entry is 46 to 60 years.
      Single Premium: For age at entry of below 45 years: 1.25 times of the single premium For age at entry of 45 years and above: 1.10 times of the single premium Single Premium: Critical Illness Benefit Rider:
    • 5 times the Single premium if age at maturity is upto 55 years.
    • 3 times the Single premium if age at maturity is 56 to 60 years.
    No Critical Illness Benefit Rider:
    • 5 times the Single premium if age at maturity is upto 65 years.
    • 3 times the Single premium if age at maturity is 66 to 70 years.

    Benefits of LIC’s New Endowment Plus

    The benefits of LIC’s New Endowment Plus insurance policy are listed below:

    • The policyholder can opt from one of the four funds - bond, secured, balanced, and growth - for investing.
    • The New Endowment Plus plan has maturity benefit where an amount equal to the fund value is paid to the policyholder on maturity of the plan.
    • The policy comes with a death benefit, which can be availed by the nominee in case of the death of the life insured before the stipulated date of maturity. Fund value’s equal amount is paid in case the policyholder dies before the commencement of the risk.
    • An amount equal to the higher of the policyholder’s fund value or basic sum assured will be paid on the policyholder’s death after the commencement of the risk. Where, Basic Sum Assured is (10 * Annualized Premium) or (105% of the total premiums paid), whichever is higher.

    How LIC’s New Endowment Plus Works

    Mr. Kumar, aged 20 years, purchases a policy under the New Endowment Plus for a sum assured of Rs 4,00,000. This plan has a single premium payment term of Rs 20,000 for a tenure of 20 years. In the middle of the policy term, Mr Kumar meets with an accident and passes away. His nominee is paid Rs 4,20,000 as sum assured.

    Premium Payment

    The policyholder can pay premiums on a monthly, quarterly, half-yearly or yearly basis (through ECS mode only) over the policy’s term. Single premiums can also be paid. There will be a grace period of 30 days for paying quarter, semi-annual, and annual premiums. For monthly premium (through ECS) a grace period of 15 days can be availed.

    Riders

    Linked Accidental Death Benefit Rider can be availed by the policyholder.

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