LIC New Endowment Plan 814
LIC New Endowment Plan is a participating non-market-linked plan which offers an attractive combination of protection and saving features. This combination provides financial support for the family of the deceased policyholder any time before maturity and good lump sum amount at the time of maturity for the surviving policyholders.
LIC Endowment Plan is best for those looking for short term investment. Endowment Plan shortest premium paying term is 12 years, which is minimum term among all plans in LIC. As minimum entry age is 8 years, this plan suits children from age 8 to 12 for higher studies and marriage planning.
• Minimum Basic Sum Assured: Rs. 1,00,000/-
• Maximum Basic Sum Assured: No Limit
• Minimum Policy Term: 12 years
• Maximum Policy Term: 35 years
• Minimum Entry Age: 8 years (completed)
• Maximum Entry Age: 55 years (nearer birthday)
• Maximum Age at Maturity for Life Assured: 75 years
• Mode of Premium Payment: Yearly, Half-yearly, Quarterly & Monthly
• Accidental Death & Disability Benefit Rider is available on payment of additional premium.
LIC’s New Endowment Benefit Details
• On Death of the Policy holder :
“Sum Assured + Vested Bonus + FAB if any.”
• Where ‘S.A. on Death’ is defined as the higher of
i. 10 times of Annualised Premium, OR
ii. 105%of all Premiums paid as on death
• On Survival : On survival Basic Sum Assured + Vested Bonus + FAB if any.• Surrendered Value:
The Policy can be surrendered at any time during the policy term provided at least 3 full years premiums have been paid.
• Loan : Loan Facillity is available under this plan, after payment of premiums for at least 3 full years.
• Income Tax Benefit:
Maturity under this plan is free under sec 10(10D).