LIC’s New Endowment Plus (Table No. 935)
INTRODUCTION:- LIC’s New Endowment Plus (Table no. 935) is a unit linked assurance plan, which offers attractive combination of protection & investment during the term of the policy. LIC’s New Endowment Plus Plan is the ideal plan for those expecting good return along with life insurance cover. This plan also provides you greater flexibility to build a better life and realize your dreams. New Endowment Plus Plan has the multiple options of investing your premium in Debt or Equity market in proportion chosen by you. The benefits and other basic features of the plan are given below.
Basic Eligibility Conditions and Features of LIC’s New Endowment Plus (Table no. 935):-
(a) Minimum Age at entry:- 90 Days (Completed)
(b) Maximum Age at entry:- 50 years (Nearer birthday)
(c) Minimum Maturity Age:- 18 years (Completed)
(d) Maximum Maturity Age:- 60 years (nearer birthday)
(e) Policy Term:- 10 to 20 years
(f) Premium Paying Term:- Same as Policy Term
(g) Premium Amount:-
Payment Mode Minimum Maximum
Yearly Rs. 20,000 No Limit
Half-Yearly Rs.13,000 No Limit
Quarterly Rs. 8,000 No Limit
Monthly (NACH) Rs. 3,000 No Limit
(h) Basic Sum Assured:- (10 Times of Annualized Premium)
(i) Rider Benefit:- LIC’s Linked Accidental Death Benefit Ride This rider can be opted for at any policy anniversary within the policy term but on or before the policy anniversary on which the age nearer birthday of the Life Assured is 55 years, subject to minimum rider term of 5 years.
(A) Maturity Benefit:- On Life Assured surviving the stipulated date of maturity, an amount equal to the Unit Fund Value shall be payable.
(B) Death Benefit:-
On death before the Date of Commencement of Risk:- An amount equal to the Unit Fund Value shall be payable.
On death after the Date of Commencement of Risk:- An amount equal to the highest of the following shall be payable :-
• Basic Sum Assured reduced by Partial Withdrawals made during the two years period immediately preceding the date of death; or
• Unit Fund Value; or • 105% of the total premiums received up to the date of death reduced by Partial Withdrawals made during the two years period immediately preceding the date of death.
(C) Partial Withdrawals:- You may withdraw the units partially at any time after the fifth policy anniversary provided all due premiums till the date of Partial Withdrawal have been paid subject to the policy terms & conditions.
(D) Switching:- You have an option to switch between the four types of funds (Bond fund, Secured fund, Balance fund & Growth fund) for the entire Fund Value during the policy term. Within a given policy year 4 switches will be allowed free of charge subject to Switching Charges.
(E) Settlement Option:- This is the option to receive the Death Benefit in instalments. This option can be exercised during the lifetime while in currency of the policy, specifying the mode of instalment and period in years (not more than 5 years). The death claim amount shall then be paid to the nominee as per the option exercised and no alteration whatsoever shall be allowed to be made by the nominee.