LIC's New Endowment Plan
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LIC's New Endowment Plan (Plan No. 914, UIN: 512N277V02) was a non-linked, participating, individual life assurance plan offered by the Life Insurance Corporation of India (LIC). This plan combined the benefits of protection and savings, providing financial support to the policyholder's family in case of unfortunate demise and a lump sum amount at maturity for surviving policyholders
🔑 Key Features
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Plan Type: Non-linked, participating, individual life assurance plan.
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Premium Payment Modes: Yearly, Half-yearly, Quarterly, Monthly (through NACH only), or through salary deductions over the term of the policy.
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Loan Facility: Available after payment of premiums for at least two full years.
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Grace Period: 30 days for yearly, half-yearly, and quarterly premiums; 15 days for monthly premiums.
🎯 Eligibility Criteria
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Minimum Entry Age: 8 years (completed).
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Maximum Entry Age: 55 years (nearest birthday).
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Minimum Policy Term: 12 years.
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Maximum Policy Term: 35 years.
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Minimum Basic Sum Assured: ₹1,00,000.
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Maximum Basic Sum Assured: No upper limit (subject to underwriting).
💰 Benefits
1. Death Benefit
In case of death during the policy term, provided all due premiums have been paid, the nominee receives:
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Sum Assured on Death, which is higher of:
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10 times the annualized premium, or
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Basic Sum Assured.
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Plus vested Simple Reversionary Bonuses and Final Additional Bonus,
2. Maturity Benefit
On survival to the end of the policy term, provided all due premiums have been paid, the policyholder receives:
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Basic Sum Assured,
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Plus vested Simple Reversionary Bonuses,
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Plus Final Additional Bonus, if any.
3. Participation in Profits
As a participating plan, it is eligible for Simple Reversionary Bonuses declared annually and a Final Additional Bonus, depending on the Corporation's experience.