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LIC New Endowment Plan

 

LIC NEW ENDOWMENT PLAN

New Endowment Plan is a non-linked plan This is a Regular premium paying with .Profits Endowment Assurance plan. combination of protection and saving features. This plan also takes care of liquidity needs through its loan facility.

LIC New Endowment policy available for the duration of 12 to 35 years. Endowment Plan 814 can be taken for anyone between the age 8 to 55 years and continued till 75 years old. Premium paid for the policy term. Sum Assured + Vested Simple Reversionary Bonus +Final Additional bonus, Provided all due premiums have been paid If any, shall be payable. This death benefit shall not be less than 105% of all the premiums paid as on date of death. service tax, extra premium and rider premiums exclude premiums

Features of Lic New Endowment plan

LIC New Endowment Plan  Features & Benifits

LIC released Lic New Endowment Plan (814)

As per new guidelines of IRDA by small changes 14 table.

LIC Endowment Plan combination of Endowment Plus Term insurance.

In LIC Endowment Plan 814 Calculator Service tax is added, with is 3.09%.

Maturity Benefit:

Basic Sum Assured, along with vested simple reversionary bonuses and Final Additional bonus, if any shall  be payable.

Death Benefit

paid to Nominee i.e. SUM ASSURED + BONUS acquired till that Year.

 

Optional Benefit:

Accidental Death & Disability Benefit Rider(ADDB):

Accidental Death and Disability Benefit Rider is available is  an optional rider by payment of additional premium.

Eligibility Conditions for ADDB Rider:-

Min Entry Age:—                18 years

Max Entry Age:—               55 Years

Max ABSA :—                    Rs.1 Lack

Max ABSA:–                       Equal to Basic Sum Assured

Max Cover Ceasing Age :  70 years

ABSA in Multiples of :-       Rs 5000

In New LIC Endowment Plan 814 has a High Bonus and High liquidity and saving point.

LIC New Endowment Policy Details

Entry Age

Minimum age – 8 years.

Maximum age – 55 years.

Policy Term              Minimum Term -12 years.

Maximum Term – 35 years.

Max. Maturity age 75. years

Sum Assured           Minimum SUM ASSURED – Rs. 1, 00,000/-.

Maximum SUM ASSURED – No Limit

Premium Paying

Mode                         Monthly (SSS, ECS), Quarterly, Half yearly, Yearly.

LIC New Endowment Plan Premium Chart

LIC Endowment Plan 814 Premium Chart is provided

LIC New Endowment Plan Maturity Calculator

Lic New Endowment Plan 814 Rebates

LIC New Endowment policy provides discounts based on the Sum Assured chosen by Policyholder. Detailed Information about rebates is below.

Mode Rebate

Yearly              Table Premium 2%.

Half yearly       Table Premium 1%.

Sum Assured Rebate

Sum Assured   Rebate

Rs. 1,00,000/- to Rs. 1,95,000/-          NIL

Rs. 2,00,000/- to Rs. 4,95,000/-          2.00 % Basic Sum Assured

Rs. 5,00,000/- and above                    3.00 % Basic Sum Assured

 

any LIC New Endowment Plan Benefits

Additional Information

Locking period: 3 years.

Loan Facility: Available.

Risk Coverage: Till end of Term of the Policy.

Income Tax Reduction: Available under Section 80C for premiums paid and

Section 10 (10D) for Maturity returns.

Housing Loan Surety: Under LIC New Endowment Plan House Loan Surety is

available.

Riders available: Yes.

Policy Revival: Policy can be revived for 2 years from the date of First Unpaid

Premium (FUP).

Proposal Forms: Proposal Form no. 300 or 340 will be used under this plan.

Service Tax: Under LIC New Endowment policy 3.09% service tax is applicable.

Cooling-off Period: If a policyholder is not satisfied with the ‘Terms and

Conditions” of the policy, he/she may return the policy within 15 days from the

date of   receipt of the plan.

Back-dating interest: The policies can be dated back within the same financial year.

Assignments/Nominations: Assignment and nominations are possible under this plan.

For more Information regarding the New Lic Endowment Plan, please refer the below official link,



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