LIC New Endowment Plus

A non-participating endowment assurance plan, LIC’s New Endowment Plus is a unit-linked participating policy. This plan offers a combination of investment cum insurance throughout the entire policy term, making it a super combination of protection and savings. There are four types of investments in LIC’s New Endowment Plus policy, allowing for great flexibility in choosing where one's money goes. Once the premium is paid after the subtraction of premium allocation charges, the fund type can be selected.

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Benefits of the LIC’s New Endowment Plus

The following are the core benefits of the LIC New Endowment Plus insurance plan offered by Life Insurance Corporation of India:

  • Maturity Benefits – An amount that is equivalent to the unit fund value is payable as a maturity benefit at the time of maturity provided the LIC's New Endowment Plus policy status is still active.
  • Death Benefits – Death benefit is calculated as the amount that is equivalent to the unit fund value. This shall be payable at the time of death or before the date of commencement of risk. After the date of commencement of risk, an amount that is equivalent to the higher unit fund value or basic sum assured minus any withdrawals is payable to the beneficiary or nominee. *Standard T&C Apply
  • Partial Withdrawal Benefits – Units can be partially withdrawn at any time after five years of the policy have been completed provided all the premiums have been duly paid. *Standard T&C Apply
  • Switching Between the Funds – Switching between the four investment funds during the entire term of the policy, subject to charges incurred for the same. *Standard T&C Apply
  • Tax Benefits – When one buys LIC’s New Endowment Plus, they can avail tax exemptions on the maturity benefit, death benefit, and partial withdrawals as well as on premium payments.

*Tax benefit is subject to changes in tax laws. Standard T&C applies.

Eligibility for LIC’s New Endowment Plus



Policy Tenure

10 – 20 years

Premium Paying Term

10 – 20 years

Premium Paying Mode

Monthly, quarterly, bi-annually, and annually

Entry Age

Minimum – 90 days (complete)

Maximum – 50 years (nearest birthday)

Maturity Age

Minimum – 18 years (complete)

Maximum – 60 years (nearest birthday)

Grace Period

30 days  (15 days for monthly payment)

Sum Assured

10 times the annualized premium


Partial withdrawals can be made once the policy completes 5 years

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C applies.

Premiums for LIC’s New Endowment Plus

LIC’s New Endowment Plus premium payment modes can be made in monthly (NACH), quarterly, half-yearly, and yearly installments. The premium paying term is the same as the policy paying term in this plan. To be able to get an exact amount on how much premium is to be paid, one can access the LIC’s New Endowment Plus calculator, easily available online.  *Standard T&C Apply

Additional Riders for LIC’s New Endowment Plus

LIC’s linked accidental death benefit rider can be opted for during the inception or at any anniversary of the active term of the policy. In case this rider is purchased, the accidental death benefit rider sum assured will be payable at the time of claim.

What are the Documents Required to Buy this Policy?

When the online LIC’s New Endowment Plus is purchased, a set of documents as mentioned below need to be submitted along with it.

  • Identification papers – passport, PAN card, Aadhar, driving license, etc.
  • Proof of income papers – IT returns, financial asset portfolios, salary slips
  • Proof of address – ration card, utility bills, driving license, voter ID, Aadhar, etc.

How to Buy this Plan Online?

To know more about how to buy this plan, the applicant can visit the official website and contact the customer care personnel who will guide the applicant through the process. Read through the LIC’s New Endowment Plus reviews before making any decision.

Exclusions of LIC’s New Endowment Plus

If the insured commits suicide within 12 months from the commencement of the plan, the death benefit shall be paid as per the terms and conditions stated in the policy. The death occurred due to suicide, alcohol abuse, an overdose of illegal substances, drugs, disability due to participation in terrorism will count as exclusions of this plan.

*Standard terms and conditions apply.

LIC’s New Endowment Plus - FAQs

  • Q1. What happens if the life assured died due to an accidental drug overdose?

    Ans: In such a case, the death benefit stands lapsed or can be paid out as per the terms and conditions mentioned in the fine print of the policy.
  • Q2. What does a grace period mean?

    Ans: A grace period is an extension the company provides to its customers in goodwill in case they are unable to pay the premium payment on time. This period allows for a 30 days extension (15 days for monthly mode) within which this payment can be made without any interest charges.
  • Q3. Can the nominee be a minor?

    Ans: Once the minor reaches adulthood, then he/she can be the official acting nominee and get the benefits. Until then, a minor can be a nominee if there is a legal guardian to overlook the policy.
  • Q4. What is the premium amount I need to pay for the monthly mode?

    Ans: The minimum amount that needs to be paid in the monthly installment is Rs. 20,000/- (*Standard terms and conditions apply)
  • Q5. How much are the switching fund charges?

    Ans: Switching charges are no more than Rs. 500 per month.
  • Q6. Can I revive the policy if it has lapsed?

    Ans: Yes. You can revive the policy within three years from the first date of the first unpaid premium or until the date of maturity, whichever comes before. For the policy to be revived, all balance premiums would need to be paid in full, and the new premiums would be calculated at the prevailing rates at the time of revival. (*Standard terms and conditions apply)
  • Q7. Can the beneficiary and nominee be the same person?

    Ans: Yes. The nominee, as well as the beneficiary, can be the immediate family member. As long as he or she is of sound age, this clause is possible. In case the beneficiary is a minor, then the nominee would have to be a different person of sound age.
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