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Features of LIC New Endowment Plan:


•   This plan is a simple endowment plan with guaranteed returns
•   Sum assured + Accrued Bonus paid on Maturity or on earlier Death
•   The lumpsum amount of money received on maturity can be reinvested to buy annuity for old age sustenance
•   This plan offers disability benefit as well where the future premiums would be waived along with payment of Disability Benefit. Optional higher cover through 3 additional riders

LIC New Endowment Eligibility Conditions :


Minimum

Maximum

Sum Assured (in Rs.) 1,00,000 No Limit
Policy Term (in years) 12 35
Premium Payment Term(in years) Equal to Policy Term
Entry Age of Policyholder 8 55
Age at Maturity - 75
Payment modes Yearly, Half-yearly, Quarterly, Monthly and SSS


Benefits of LIC New Endowment Plan:


Maturity Benefit - At the maturity of the policy, the insured will get Sum Assured + Accrued Bonus + Final Addition Bonus (if any)

Death Benefit – In case of death of the Life Insured, the nominee will receive Sum Assured or 10 times the Annual Premium whichever is higher.

Income Tax Benefit – Available under Section 80 C for Premiums paid and under Section 10 (10D) for returns
Loan on Policy - Available after payment of 3 full year premium.
Housing Loan Surity- Available

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Double Accident Benefit

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LIC New Endowment Policy

LIC New Endowment Policy (Table 814) is a pure investment plan with high bonus and liquidity facility incorporated. The Sum Assured along with accrued Bonus and Final Additional bonus (if any) will be paid at the end of the policy term.

This plan provides for disability benefit incorporated within it, where the future premiums would be waived off in case of permanent disability during the policy term.

An Accidental Death Benefit rider is available with payment of Rs.100/- per 1 Lakh sum assured per year. This is an optional rider, which if opted, twice the sum assured will be paid to the nominee in case of any accidental death.

Service Tax is applicable on the premium paid for this policy, at the rate of 3.625% for the 1st year premium and 1.81% from 2nd year onwards.