LIC New Endowment Plus

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• Partial Withdrawal Benefits – Units can be partially withdrawn at any time after five years of the policy have been completed provided all the premiums have been duly paid.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

*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