LIC’s New Endowment Plus is a unit linked non-participating endowment assurance NAV based plan which offers perfect investment cum 10 times insurance cover during the term of the policy. LIC’s unit linked plan is specially designed for you to provide best combination of risk protection & long term savings. LIC’s Unit Linked plan also provides you superior flexibility to build a better life and realise your beautiful dreams.
You have a choice of investing premiums in one of the four types of investment funds available. Premiums paid after deduction of Premium Allocation Charge will purchase units of the Fund type chosen. The unit fund is subject to various charges and value of units may increase or decrease, depending on Net Asset Value (NAV).
Payment of Premiums: You may pay premiums regularly at yearly, half-yearly, quarterly or monthly
(through ECS mode only) intervals over the term of the policy.
A grace period of 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly (ECS) premiums.
On death of the Life Assured before the stipulated Date of Maturity provided policy is inforce, then On death before the Date of Commencement of Risk: An amount equal to the Policyholder’s Fund Value shall be payable.
On death after the Date of Commencement of Risk:
An amount equal to the higher of Basic Sum Assured or Policyholder’s Fund Value shall be payable. Where, Basic Sum Assured is (10 * Annualized Premium) or (105% of the total premiums paid), whichever is higher.
On Life Assured surviving the date of maturity provided the policy is inforce, an amount equal to Policyholder’s Fund Value shall be payable.
Eligibility Conditions And Other Restrictions:
(a) Minimum Age at entry – 90 Days (Completed)
(b) Maximum Age at entry – 50 years (nearest birthday)
(c) Minimum Maturity Age – 18 years (Completed)
(d) Maximum Maturity Age – 60 years (nearest birthday)
(e) Policy Term – 10 to 20 years
(f) Premium Paying Term – Same as Policy Term
(g) Premium Amount: Minimum Rs.20,000/- per year