LIC New Endowment Plan

LIC New Endowment Plan is a non-linked life insurance policy which offers assured profits and bonus. The policy can be availed for duration of 12 to 35 years. Policy can be occupied for anyone between 8 to 55 years of age and can be sustained till 75 years of age.

In this plan, premium needs to be paid for the entire policy tenure. The Sum Assured along with vested Simple Reversionary Bonus + Final Addition Bonus would be paid to the Life Insured on survival till the end of the Policy Tenure as Maturity Benefit.

Key Features of LIC New Endowment Plan

                               i.            Plan with guaranteed returns and bonus

                             ii.            Simple Reversionary Bonus is payable on maturity or earlier death

                          iii.            Large Sum Assured Rebate is available

                          iv.            LIC’s Accidental Death and Disability Benefit Rider can be taken

LIC's New Endowment Plan is a participating non-linked plan which offers an smart grouping of protection and exchangeable features. This combination affords financial maintenance for the family of the deceased policyholder any time before maturity and good bulge quantity amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidness 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.