LIC’s New Endowment Plan (Table No. 914)
INTRODUCTION :- LIC’s New Endowment plan (table No. 914) is a non-linked, with profit, regular premium endowment life assurance plan. This is an attractive combination of savings and protection. LIC’s New Endowment plan is an ideal policy for those individuals who want to collect money to achieve any of their goals and also want to provide security to their family. The benefits and other details of the plan are given below.
Basic Eligibility Conditions and Features of LIC’s New Endowment Plan (Table No. 914): –
a) Minimum Basic Sum Assured:- ` 100000
b) Maximum Basic Sum Assured:- No Limit (The Basic Sum Assured shall be in multiples of ` 5000/-)
c) Minimum Age at entry:- 8 years (completed)
d) Maximum Age at entry:- 55 years (nearer birthday)
e) Maximum Maturity Age:- 75 years (nearer birthday)
f) Minimum Policy Term:- 12 years
g) Maximum Policy Term:- 35 years
Premium Paying Term:- Policy term
Modes of Payments:- Premium can be paid in Yearly, Half-yearly. Quarterly, Monthly (SSS and NACH)
Death Benefit: – “Sum Assured on Death” becomes payable in case of death claims provided the death occurs before the maturity date and the policy is in force at the time of death. Sum Assured on death shall be the highest of 7 times of annualized premium, or 105% of all premiums paid as on date of death, or Basic Sum Assured.
Option to take Death Benefit in Instalments: – This is an option to receive death benefit in instalments over the chosen period of 5 or 10 or 15 years instead of lump sum amount under an in-force as well as paid-up policy. This option can be exercised by the Policyholder during minority of the Life Assured or by Life Assured aged 18 years and above, during his/her life time; for full or part of Death benefits payable under the policy. The amount opted for by the Policyholder/Life Assured (ie. Net Claim Amount) can be either in absolute value or as a percentage of the total claim proceeds payable.
Riders Available:– Accident Benefit Rider, Accidental Death and Disability Rider and Premium Waiver Benefit rider can be opted by paying extra premium.
Maturity Benefit:- On Life Assured surviving the policy term, provided the policy is in-force, “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Maturity” is equal to Basic Sum Assured.