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LIC of India 2719 views August 6, 2020
During such inflation, it is necessary for an individual to make investments and accumulate some funds for their future. But nowadays most of the individuals prefer an investment insurance plan because not only it helps to boost up their savings but also gives them a life cover. One such plan is LIC New Endowment Plus Plan that is a unit-linked plan and you will have to pay a regular premium for it. It is an individual life insurance plan that will also cover your life. On the other hand, it includes death and maturity benefits. The company also allows you to make partial withdrawals during the policy term. So, you can see the key features of this insurance plan so that you can make the best use of it.
Table of Contents
There are some exciting benefits of this plan that will help you to understand this plan better. You must go through all of them before buying the plan.
During the unfortunate death of the insured, the nominee is entitled to receive the death benefits. There are two conditions for the death benefits and they are:-
If the insured dies before the date of the commencement of risk:-
If the insured dies after the date of the commencement of risk then the highest of the following will be payable:-
If the insured survives the policy term then he is entitled to receive the maturity benefits in this insurance plan. The maturity benefits will include the Unit Fund Value and it shall be payable after the expiry of the policy term.
You can also add a rider to this plan to cover some extra risks related to an accident. The company allows you to add LIC Linked Accidental Death Benefit Rider to the LIC New Endowment Plus Plan in which all the risks related to the death due to an accident will be covered. There are some terms and conditions of this rider.
The company allows you to make partial withdrawals after the 6th policy year in this insurance plan. If you go through any kind of emergency during the policy term then you can make partial withdrawals in order to meet them. You can see the percentage of the maximum partial withdrawals in the table given below:-
Policy Year | Percentage of the Fund Value for Withdrawal |
---|---|
6th Year to 10th Policy Year | 3 Annualized Premiums or 50% of the Fund Value (Whichever is Higher) |
11th Year to 20th Policy Year | 3 Annualized Premiums or 25% of the Fund Value (Whichever is Higher) |
The company also allows you to switch freely among 4 funds available in the New Endowment Plus Plan. The funds available in this plan are as follows:-
The company allows you to surrender the policy anytime during the policy term if you are in need of money. The surrender benefits will be paid as follows:-
There is a free-look period offered by the company during which you can return the policy if you don’t find it interesting. The free-look period offered are as follows:-
Particulars | Details |
---|---|
Basic Sum Assured | 10 Times of the Annualized Premium |
Minimum Age of Entry | 90 Days |
Maximum Age of Entry | 50 Years |
Minimum Maturity Age | 18 Years |
Maximum Maturity Age | 60 Years |
Policy Term | 10 Years to 20 Years |
Premium Paying Mode | Regular Premium |
Minimum Premium Amount | Rs.20000 for Yearly Payment Mode Rs.13000 for Half-Yearly Payment Modes. Rs8000 for Quarterly Payment Mode Rs.3000 for Monthly Payment Mode |
Maximum Premium Amount | No Limit |