LIC New Endowment
LIC’s New Endowment plan is a participating, non-market linked, insurance plan offering the dual advantage of long term saving and life cover. In case the policy holder survives the policy term, a lump sum amount is paid as Maturity benefits. However, in case of death of the policy holder during the policy term, Death benefits are paid.
In case of death of the policy holder during the policy term, Death Benefit is calculated as the higher of Basic Sum Assured/10 times annualized premium + Simple Reversionary Bonuses + Final Additional Bonus.
LIC’s New Endowment plan–Key Features
- Maturity Benefits:The Maturity benefits of the plan include (Sum Assured + Simple Reversionary Bonus + Final Additional Bonus). Payable as lump sum at the end of policy term.
- Death Benefit: Basic Sum Assured/10 times annualized premium + Simple Reversionary Bonuses + Final Additional Bonus. The Death Benefit shall not be less than 105% of premiums paid till date of death.
- Income Tax Benefits: All premiums paid under the policy are eligible fordeduction under Section 80C of the Income Tax Act 1961. Death benefits too are exempted from tax under Section 10(10D) of the same.
- Types of Deaths Covered: Both types of deaths, natural and accidental, are covered under the plan.
- Riders:Benefits of Accidental Death and Disability Benefit Rider can be enjoyed upon paying an additional premium.
Policy Details at a Glance:
- Sum Assured – Rs 1,00,000 to No limit
- Policy Term – 12-35 years
- Premium Paying Term – Equal toPolicy Term
- Entry Age: 18 Years
- Maturity Age:75 Years
- Surrender Value:The policy acquires a surrender value if at least three premiums are paid.
- Loan:Loan can be availed against the policy in case at least three premiums are paid.
- Premium Payment Mode:Monthly, Quarterly, Half- Yearly, Yearly
Premium Chart: The chart below shows the annualized premium for a Sum Assured of Rs. 1,00,000. The premium paid varies according to the age of the insurer and the plan term chosen.
|Age (Years)||Policy Term (Years)|
- Annual Premium for Sum Assured Rs. 1,00,000
- Premium Rates may vary after application of GST
- Premium Rates may get dearer under Monthly, Quarterly and Half- Yearly modes.
Life stage planning is a critical factor in financial planning. Therefore, endowment plans are so designed to fulfill the needs of long term saving and life cover. LIC’s New Endowment plan is a participating, non-market linked plan that promises growth and ensures safety. Get in touch with us to buy LIC’s New Endowment plan or to seek any further information about the plan. Call 9230091000 today! We are authorized agency for LIC of India and provide life insurance endowment plans/policies to individuals, HNIs/NRIs and corporates in Chandigarh, Panchkula, Mohali, Zirakpur, Kharar (Punjab).