LIC’s New Endowment Plan

LIC’s New Endowment Plan (UIN: 512N277V02)

A Non-linked, Participating, Individual, Life Assurance saving plan

LIC’s New Endowment Plan combines protection and savings, providing financial support for the family in case of the policyholder’s death before maturity, and a lump sum amount for the surviving policyholders at maturity. The plan also offers liquidity through a loan facility.

Key Benefits:

1. Death Benefit:
   • In case of death during the policy term, the Death Benefit includes “Sum Assured on Death” along with vested Simple Reversionary Bonuses and Final Additional Bonus (if any).
   • “Sum Assured on Death” is the higher of the Basic Sum Assured or 7 times the annualized premium.
   • The death benefit is at least 105% of total premiums paid (excluding taxes and extra premiums).
2. Maturity Benefit:
   • On survival through the policy term, the policyholder receives “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional Bonus (if any).
   • “Sum Assured on Maturity” is equal to the Basic Sum Assured.
3. Participation in Profits:
   • The policy participates in the profits of the Corporation and is eligible for Simple Reversionary Bonuses. A Final Additional Bonus may also be declared.

Eligibility and Restrictions:

• Minimum Basic Sum Assured: ₹100,000
• Maximum Basic Sum Assured: No limit (in multiples of ₹5,000)
• Minimum Age at Entry: 8 years (completed)
• Maximum Age at Entry: 55 years (nearer birthday)
• Maximum Maturity Age: 75 years (nearer birthday)
• Policy Term: 12 to 35 years

Commencement of Risk:

The risk under the plan commences immediately on acceptance of the risk.

Additional Options:

1. Rider Benefits:
   • 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
   • LIC’s Premium Waiver Benefit Rider
2. Death Benefit in Instalments:
   • Option to receive death benefits in instalments over 5, 10, or 15 years instead of a lump sum.

Payment of Premiums:

Premiums can be paid yearly, half-yearly, quarterly, or monthly (through NACH only) or via salary deductions.

Grace Period:

30 days for yearly, half-yearly, or quarterly premiums and 15 days for monthly premiums.

Revival:

A lapsed policy can be revived within 5 years from the date of the first unpaid premium and before maturity.

Sample illustrative Premiums for Basic Sum Assured of ₹1 Lakh:

Age	15 years	25 years	35 years
20	₹6,978	₹3,930	₹2,754
30	₹7,007	₹3,994	₹2,881
40	₹7,139	₹4,239	₹3,249

Rebates:

• Mode Rebate:
  • Yearly: 2% of Tabular Premium
  • Half-yearly: 1% of Tabular Premium
• High Sum Assured Rebate:
  • ₹2,00,000 to ₹4,95,000: 2% of B.S.A.
  • ₹5,00,000 and above: 3% of B.S.A.

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For more details, please visit LIC’s official website or contact your nearest LIC branch.