LIC's New Endowment Plus Plan

The New Endowment Plus insurance plan offered by LIC has a number of attractive features.

Benefits of LIC's New Endowment Plus

The benefits of LIC's New Endowment Plus insurance policy are listed below:

1. The policyholder can opt from one of the four funds - bond, secured, balanced, and growth - for investing.
2. The New Endowment Plus plan has maturity benefit where an amount equal to the fund value is paid to the policyholder on maturity of the plan.
3. The policy comes with a death benefit, which can be availed by the nominee in case of the death of the life insured before the stipulated date of maturity. Fund value's equal amount is paid in case the policyholder dies before the commencement of the risk.
4. An amount equal to the higher of the policyholder's fund value or basic sum assured will be paid on the policyholder's death after the commencement of the risk. Where, Basic Sum Assured is (10 * Annualized Premium) or (105% of the total premiums paid), whichever is higher.

How LIC's New Endowment Plus Works

Mr. Kumar, aged 20 years, purchases a policy under the New Endowment Plus for a sum assured of Rs 4,00,000. This plan has a single premium payment term of Rs 20,000 for a tenure of 20 years. In the middle of the policy term, Mr Kumar meets with an accident and passes away. His nominee is paid Rs 4,20,000 as sum assured.

Premium Payment

The policyholder can pay premiums on a monthly, quarterly, half-yearly or yearly basis (through ECS mode only) over the policy's term. Single premiums can also be paid. There will be a grace period of 30 days for paying quarter, semi-annual, and annual premiums. For monthly premium (through ECS) a grace period of 15 days can be availed.

Riders

Linked Accidental Death Benefit Rider can be availed by the policyholder.