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LIC | New Endowment Plan 2014 (UIN: 512N277V01)

LIC’s New Endowment Plan is a participating non-linked plan which offers an attractive combination of protection and saving features. This combination provides financial support for the family of the deceased policyholder any time before maturity and good lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.

 

Eligibility Criteria:

The eligibility criteria for this plan listed as below;

For Basic plan

Parameters

Criterion

Minimum *Basic Sum Assured

Rs. 100,000

Maximum *Basic  Sum Assured

No Limit

Minimum Age at entry

8 years

Maximum Age at entry

55 years

Maximum Maturity Age

75 years

Minimum Term

12 years

Maximum Term

35 years

 

For LIC’s Accidental Death and Disability Benefit Rider

Parameters

Criterion

Minimum Accident Benefit Sum Assured*

Rs. 100,000

Maximum Accident Benefit Sum Assured*

Rs.50 lakh

Minimum Age at entry

18 years

Maximum Age at entry

70 years

Maximum cover ceasing age

70 years

 

*The Basic Sum Assured shall be in multiples of Rs. 5000/-

Payment of Premiums:

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS only) or through salary deductions over the term of policy.

Sample Premium Rates:

Following are some of the sample tabular premium rates (exclusive of service tax) per Rs. 1000/- Basic Sum Assured:

Age/Term

15

25

35

20

71.20

40.10

28.10

30

71.50

40.75

29.40

40

72.85

43.25

33.15

50

77.10

49.40

 

Benefits:

The main benefits of this plan are listed as below;

Death benefit: In case of death during the policy term provided all due premiums have been paid Death benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where, “Sum Assured on Death” is defined as higher of Basic Sum Assured or 10 times of annualized premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death.

Maturity Benefit: Basic Sum Assured, along with vested simple reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on Survival to the end of the policy term provided all due premiums have been paid.

Policy Loan: Loan can be availed under the policy provided the policy has acquired a surrender value and subject to the terms and conditions as the company may specify from time to time.

Taxes: Taxes, if any, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.

 

 

Source: LIC

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