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  • LIC's New Endowment Plan

LIC New Endowment Plan

Eligibility Conditions and Restrictions

  • Age at entry : 8 to 55 years.
  • Age at Maturity : 75 Years.
  • Plan Term : 12 to 35 years.
  • Premium Mode : Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS) .
  • Basic Minimum Sum Assured : 100000 and above (In multiples of 5000)

Maturity Benefit

  • Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if Any.

Death Benefit

  • ‘Sum Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any. The death benefit as defined above shall not be less than 105% of total premiums* paid as on the date of death. What is Sum Assured on Death? Sum Assured on Death shall be Higher of Basic Sum Assured (BSA) OR 10 times Annualised Premium.(10 x AP). [*The premiums mentioned in death benefit are excluding taxes, extra premiums and premiums for riders, if any]
High Sum Assured Rebate
Basic Sum Assured Rebate(Rs.)
5,00,000 and above 3.00‰ BSA
2,00,000 to 4,95,000 2.00‰ BSA
1,95,000 Nil

LIC’s New Endowment Plan– Loan

♦  Available after payment of 3 full years premiums.
♦ The maximum amount of loan that can be granted as a percentage of Surrender Value shall depend on the Policy Term, as given in the table below.
♦ Foreclosure action shall not be taken under fully paid-up and inforce policies even if there is default of loan interest.
Policy Term Upto 23 24 to 27 28 to 31 32 to 35
% for inforce policies 90% 80% 70% 60%
% for Paid-up policies 80% 70% 60% 50%

LIC’s New Endowment Plan– Surrender Value

♦  Guaranteed Surrender Value (GSV).
♦ Available after payment of 3 full years premiums..
♦ GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders,if opted for. Examples of GSV factors applicable for total premiums paid Policy Year ~ GSV factor 3 = 30% 5 = 50% t -1 = 80% (t=Policy Term)
GSV factor applicable to vested bonus,if any. Examples of Vested bonus factors – Year of SV – Policy Term – Factor 3 12 18.60% 19 25 20.85% 29 30 30%
♦  Guaranteed Surrender Value (GSV).
Surrender Value shall be the discounted value of the Paid-up Sum Assured and vested simple reversionary bonuses.
The discount factors shall be surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.
♦ Surrender Value payable
The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.
♦  Revival.
A Policy may be revived within a period of 2 years from the date of first unpaid premium.
Note : Service Tax shall be applicable at the prevailing rates and borne by the policyholder as per rules.

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Documents Required

  • Proposal Form No 300
  • 1 Passport size Photograph(Proposor)
  • Your ID Proof (Passport, DL, PAN, Voter ID)
  • Your Age Proof(Passport,School Certificate,DL,PAN,Voter ID)
  • Address Proof

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