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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We are rated~
rating
7.7 Crore
Registered Consumer
53
Insurance Partners
4.2 Crore
Policies Sold

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  • Partial Withdrawal Benefits – Units can be partially withdrawn at any time after five years of the policy have been completed provided all the premiums have been duly paid.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

Parameters

Details

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

Liquidity

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.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
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LIC India Insurance Reviews & Ratings
4.6 / 5 (Based on 73 Reviews)
(Showing Newest 10 reviews)
Meer
Chalakudy, January 01, 1970
Easy claim settled
I bought the Lic India term plan from the suggestion of my family friend and he recommended me a lot of plans. He said that the claim settlement ratio is quick and easy. Also, it is protective plan.
Ram
Balasore, January 01, 1970
Child security fulfilled
I have bought a Lic India child plan online and it has been a year now. I like the way the this works. It is a nice plan I got for my child’s security.
Jyotsana
Asifabad, January 01, 1970
Additional riders
Along with my Lic India term insurance plan I have got the additional riders too. It has been an important thing for me and can be useful at any point in time. It can be added with a minimal amount.
Anubha
Mainpuri, January 01, 1970
Low premium
The premium rate of the child insurance plan of LIC India which I bought 3 years ago is best and it was under my budget. I was searching for some good plans related to child insurance. I got the way of buying this plan and loved it.
Nimesh
Lakhimpur Kheri, January 01, 1970
Tax rebate
I bought a Lic India term insurance policy online and it has been into my budget. Also, I like one thing that I would able to get the tax benefits under it. It is a good option and can be beneficial for all tax payers.
Amisha
Babina, January 01, 1970
Maturity benefits to get
It is easy to get the maturity benefits when LIC India child plan gets matured and my child would get a better return. It would be easy for him to get the best education and can go for a higher education abroad.
Jay
Lakhimpur, January 01, 1970
Safety
I feel safe and secured for my family when I will be not around. The Lic India ULIP plan will give the better returns and maturity benefits. And will be quite helpful for my family to sustain their future.
Amit
Raghunathpur, January 01, 1970
Happy customers
I am one of the happiest customer of Lic India term plan and I have found various good deals. It is the plan which has come under my budget. And it has been a protective shield for me and my family.
Ashok
Mota Chiloda, January 01, 1970
Great plan
I am happy with this plan and have recommended many people for the same. I bought the Lic India ulip plan 2 years back and It is a best kind of investment.
Azam
, January 01, 1970
Good Benefits
It is important for everyone to understand that benefit is must when you are buying a child insurance plan. I bought a beneficial child plan of LIC India.
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