Review of LIC New Endowment Plan

Bought the amazing life insurance policy from LIC. The New Endowment Plan offered by LIC offers the dual benefit of life insurance and savings. I am glad that I decided to invest in this amazing plan. I would like to thank the expert team of policybazaar who helped me in making my decision. By Mrs. Jayanti Jain 

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Mrs. Jayanti Jain bought LIC New Endowment Policy in 2021 for securing the future of her family if something unfortunate happens to her. In addition to this, the plan also satisfies her investment needs by offering the benefit of savings. Let us explore more about the plan and understand what made Mrs. Jayanti interested in buying this plan.

LIC New Endowment policy, offered by LIC of India is a traditional life insurance that offers the combination of saving cum protection to the family. The plan pays death benefit to the policy’s nominee in case of the policyholder’s death. Not just this, the plan also offers maturity benefits to the policyholder if he/she outlives the policy term.

Benefits of LIC New Endowment Plan

The plan offers the below-mentioned benefits to the policyholder:

  1. Death Benefit

    If the insured person dies while the policy is still in effect, the beneficiary will get the death benefit, which is the entire sum promised on death plus any accrued or simple reversionary bonuses, and the policy's term will expire. The death benefit payable will be higher of:

    • Basic Sum Assured as chosen at the beginning of the policy

    • 7 times of annualized premium

  2. Maturity Benefit

    If the policyholder lives the whole term of the policy, then at the time of maturity of policy he/she will get the basic sum guaranteed amount along with vested Simple Reversionary Bonuses and Final Additional Bonus.

  3. Participation in Profitt

    The LIC New Endowment Plan shares in the company's profits, and the policy accrues Simple Reversionary Bonuses and Final Additional Bonuses that are determined depending on the company's performance.

  4. Rider Benefit for Enhanced Protection

    LIC New Endowment Plan offers 5 optional riders such as LIC’s Accidental Death and Disability Benefit Rider, LIC’s Accident Benefit Rider, LIC’s New Term Assurance Rider,. LIC’s New Critical Illness Benefit Rider and LIC’s Premium Waiver Benefit Rider

Eligibility Criteria of LIC New Endowment Plan

Parameters Minimum Maximum
Entry Age 8 years 55 years
Maturity Age - 75 years
Policy Term (PT) in years 12 years 35 years
Premium Paying Term (PPT) in years Equal to the Policy term
Premium Paying Frequency Annual, half-yearly, quarterly and monthly
Sum Assured Rs 1, 00,000 No Limit

Policy Details

  1. Grace Period

    If the policyholder doesn't pay the premium on time, the plan offers a grace period of 30 days during which the insured can pay the overdue premium. The coverage expires if the policyholder doesn't pay during the grace period. 

  2. Free Look Period

    The policyholder has the opportunity to cancel the policy, provided there hasn't been a claim, within 15 days of receiving the policy paperwork if he/she is unhappy with the coverage or terms and conditions.

  3. Exclusions

    In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher than 80% of premiums paid or acquired Surrender Value is paid

Summing It Up

LIC New Endowment Plan is a life insurance plan that is quite popular among those individuals who are looking to secure the future of their loved ones. Other than Mrs. Jayanti, the other customers who have bought this plan are satisfied with the plan’s benefits and its terms and conditions. If you are looking for a plan that secures the future of your loved ones and fulfills your financial needs, then you can check out LIC New Endowment Plan.

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