Life Insurance Corporation launched the LIC's New Endowment Plan (Table No. 814) on 3rd January 2014. LIC Plan no 814 was a simple investment plan with high bonus and liquidity facility incorporated.Under this plan also provides a healthy amount which can be used to fulfill financial requirements such as higher education of the children and marriage.The Salient Features of the plan are as under:
This is Guaranteed Returns Plan with bonus Features.
Large Sum Assured Rebate is available.
Low premium when compared with other Endowment Plans.
Two Rider - LIC's Accidental Death and Disability Benefit Rider also Available with this Plan.
Term rider and accidental rider options are also available.
Double tax benefit of section 80C & 10(10D)
|New Endowment Plan Eligibility Criteria|
|Minimum Age at Entry||8 Years (Completed)|
|Minimum Age at Entry||55 Years(Nearest Birthday)|
|Maximum Maturity Age||75 Years(Nearest Birthday)|
|Policy Term||10 Years to 35 Years|
|Minimum Sum Assured||75000/-|
|Maximum Sum Assured||No Limit (sum assured in multiple 5000/-)|
|Policy Mode||Yearly, Half-Yearly, Quaterly, Monthly (NACH only)
|Rebate Of Mode Of Premium||Yearly-2%
Quaterly & Monthly-Nil
|High Sum Assured Rebate||75,000 to 1,90,000 - Nil
2,00,000 to 2,90,000 - 2% on B.S.A.
3,00,000 - 3% on B.S.A
|Loan||After payment of premiums for at least 3 full years|
|Surrender||Allowed after 3 year|
|Revival||Within 2 Years of lapse|
The Benefits of LIC New Endowment Plan are
In case of unfortunate death of the policyholder during the policy term, the nominee will receive the Death Benefit as
Death Benefit = Sum Assured on Death + Simple Reversionary Bonus + FAB (final additional bonus).
Sum Assured on Death is higher of basic sum assured or 10 times of annualized premium.
Death benefit shall not be less than 105% of total premiums paid as on date of death.
On survival till the end of the Policy Tenure, the policy holder will Basic Sum Assured + accrued Reversionary Bonus + Final Addition Bonus (if any) as Maturity Benefit and the policy will be terminated.