LIC NEW ENDOWMENT PLAN
LIC's New Endowment Plan is a participating non-linked plan which offers an attractive combination of protection and saving features. This combination provides financial support for the family of the deceased policyholder any time before maturity and a good lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.
On Death: Sum Assured on Death + Simple Reversionary Bonuses till the term of death + Final
Additional Bonus shall be payable.
On Maturity:
Sum Assured + Simple Reversionary Bonuses + Final Additional Bonus shall be payable.
OPTIONAL BENEFITS:
Accidental Benefit Rider:
On Death double, the Sum Assured shall be payable.
The benefit covered under this plan is up to the age of Life Assured is 70 Years or till PPT, whichever is earlier.
Accidental Death and Disability Benefit:
On Death double, the Sum Assured shall be payable.
On Disability, the future premium will be waived off and Accidental Sum Assured will be paid in 120 monthly instalments.
Allowed only for Age 18 years and above.
Maturity Installments:
Death benefit shall be received in instalments over a period of 5 or 10 or 15 years instead of lumpsum amount.
Term Assurance Rider: Provides Life Cover in case of Death. Allowed only for Age 18 years and above.
The additional premium for the term rider is paid along with the premium of the basic plan.
Premium Waiver Rider:
In case of the death of the Proposer, the payment of the premium falling due after the date of death shall be waived.
It is granted on the basis of the Proposer's age, Personal declaration and other related documents.
The Rider can be revived at any time but within two consecutive years from the due date of unpaid premium.
Critical Illness Rider:
On the first diagnosis of any one of the 15 Critical Illness covered under this rider, the Critical Sum Assured shall be payable. Nothing will be payable on Death and Maturity.
Critical Illness covered:
1. Cancer for Specified Severity 9. Aortic Surgery
2. Open Chest CABG 10. Alzheimer's Disease/ Dementia
3. Myocardial Infraction 11. Blindness
4. Kidney Failure with Dialysis 12. Third Degree Burns
5. Major Organ / Bone Marrow Transplant 13. Open Heart Valve Replace / Repair
6. Storke resulting in Permanent Symptoms 14. Benign Brain Tumor
7. Permanent Paralysis of Limbs 15. Primary (Idiopathic) Pulmonary Hypertension
8. Multiple Sclerosis ( Persisting Symptoms )
MODE OF PREMIUM:
Yearly, Half Yearly, Quarterly, Monthly
ELIGIBILITY CONDITIONS:
MIN AGE: 8
MIN TERM: 12
MIN SA: 100000
BASIC SA IN MULTIPLES OF 5000
MAX MATURITY AGE: 75
MAX AGE: 55
MAX TERM: 35
MAX SA: No-Limit
SURRENDER VALUE:
The policy can be surrendered at any time during the policy term provided at least two full years premium have been paid
Surrender Value equal to higher of Guaranteed Surrender Value or Special Surrender Value shall be payable.
Guaranteed Surrender Value : (Total Premiums paid excluding any extra premiums or riders x Surrender Value
Factor ) + (Vested bonuses x Surrender Value Factor for Vested bonuses)
Special Surrender Value : (Maturity paid-up Sum Assured + Vested bonuses) x Special Surrender value factor
Discounted Value of the sum of paid-up sum assured and the vested bonuses
LOAN:
At least two full years of premium payment to apply for the loan facility
The rate of interest for loan amount shall be determined from time to time by Corporation.
Income Tax exemption:
All premiums paid to the LIC New Endowment plan are tax exempted as per Section 80C of Income Tax.
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