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.
Read moreThe following are the core benefits of the LIC New Endowment Plus insurance plan offered by Life Insurance Corporation of India:
*Tax benefit is subject to changes in tax laws. Standard T&C applies.
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.
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
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.
When the online LIC’s New Endowment Plus is purchased, a set of documents as mentioned below need to be submitted along with it.
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.
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.
*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
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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