LIC New Participating Endowment Plan 256

About New Participating Endowment Plan 256

The life assured receives the sum assured, along with the accrued bonus, on the maturity of the policy. If the life assured passes away before maturity, the same combination, sum assured plus accrued bonus, is instead paid to the beneficiary.

Key Features of New Participating Endowment Plan 256

This endowment plan is built around a few defining features that make it accessible and flexible:

• A participating endowment structure paying the sum assured with accrued bonus, either on maturity or on earlier death

• An optional Accident Benefit Rider, which can be added during the policy term or up to age 70, whichever is earlier

• Flexible premium paying terms, with a choice between the Full Term option and Limited Term options of 5 or 7 years

• Premiums payable yearly, half-yearly, quarterly, or monthly, based on what suits the policyholder

• A premium sealing facility, allowing premiums to be paid up to 5 years in advance at a discounted rate

Eligibility Criteria for New Participating Endowment Plan 256

Eligibility under the New Participating Endowment Plan 256 is set by the sum assured chosen, the entry age, and the policy and premium paying terms:

Benefits of New Participating Endowment Plan 256

New Participating Endowment Plan 256 benefits are as follows:

Maturity Benefit

The life assured receives the sum assured, along with accrued bonus, in a lump sum on the maturity of the policy.

Death Benefit

If the life assured passes away before the policy matures, the sum assured with accrued bonus is paid to the beneficiary instead of the maturity payout.

Accident Benefit Rider

Policyholders have the option to add an Accident Benefit Rider during the term of the policy, or up to age 70, whichever comes earlier. If the life assured passes away as a result of an accident while the policy is in force, an additional amount equal to the Accident Benefit Sum Assured is paid alongside the standard claim. This rider is capped at a maximum sum assured of USD 100,000 per individual, taking into account every policy they hold with the company.

Policy Details of New Participating Endowment Plan 256

New Participating Endowment Plan 256 has several servicing features that shape how the policy is administered. Below are the key policy details discussed briefly:

Grace Period

A grace period of one calendar month, but not less than 30 days, is allowed for the payment of yearly, half-yearly, or quarterly premiums, and 15 days for monthly premiums.

Paid Up Value

If premiums have been paid for a period of 2 years or more, and payment then cannot be made due to unforeseen circumstances, the policy is automatically converted into a paid-up policy for a reduced sum assured, payable on the date of maturity or on earlier death, whichever comes first.

Surrender Options

The policy acquires a surrender value after premiums for two full policy years have been paid. Once it acquires a surrender value, the policyholder can surrender the policy in accordance with the plan's terms and conditions.

Policy Loan

The policyholder can obtain a loan against the policy once it has acquired a surrender value, which happens after premiums have been paid for at least two years from the date of commencement.

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