LIC’s New Endowment Plan 714
The New Endowment Plan from LIC is a participating individual life insurance plan that is non-linked and provides an alluring mix of saving and protection features. When this combination matures, the surviving policyholders will receive a sizable lump sum payment, while the family of the dead policyholder will get financial support at any point before to maturity. The borrowing facility under this scheme also meets liquidity demands.
Description
Features of the New Endowment Plan for LIC
The New Endowment Plan from LIC has a number of noteworthy characteristics.
- Participating Endowment Plan: Policyholders are able to share in the company’s earnings through this standard participating endowment plan.
- Free Look Period: During the 30-day free look period, policyholders can examine the conditions of the policy and return it if they’re not happy.
- Loan Facility: If policyholders have paid one full years’ worth of premiums and satisfy the requirements set forth by the company, they may be eligible for a loan under this plan.
- Surrender Value: If all necessary premiums have been paid for a minimum of two years, the insurance may be surrendered. The “Special Surrender Value” or the “Guaranteed Surrender Value,” whichever is larger, may be provided by LIC.
- Paid-Up Value: The insurance will become paid-up if fewer than two years’ worth of premiums have been paid and if further payments are not paid on schedule.
- Grace Period: Beginning on the date of the first unpaid premium, a grace period of 30 days is offered for annual, half-yearly, or quarterly premiums and 15 days for monthly premiums.
Advantages of LIC’s New Endowment Plan
Insurance buyers like LIC’s New Endowment Plan because of its alluring benefits:
Death Benefit
Should the life insured pass away during the policy’s term, the policy will terminate and the nominee will be entitled to the “Sum Assured on Death” and any earned bonuses. At least 105% of all premiums paid must be paid in order for the basic sum promised or ten times the yearly premium to be guaranteed upon death.
Benefit of Maturity
The policyholder gets the maturity benefit at the end of the policy term, provided that all premiums are paid on time. This benefit is a one-time payment that includes both the reversionary bonus and the baseline amount guaranteed.
Eligibility Conditions :
| Minimum Basic Sum Assured | 2,00,000 |
| Maximum Basic Sum Assured | No Limit |
| Minimum Age at entry | 8 years (completed) |
| Maximum Age at entry | 50 years (nearer birthday) |
| Maximum Maturity Age | 75 years (nearer birthday) |
| Minimum Policy Term | 12 years |
| Maximum Policy Term | 35 years |
*(The Basic Sum Assured shall be in multiples of amounts specified below:)
| Basic Sum Assured Range | Sum Assured Multiple |
| 2,00,000 to 4,50,000 | 5,000 |
| 4,50,000 to 9,00,000 | 50,000 |
| Above 9,00,000 | 1,00,000 |
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