lic’s New Endowment plan is a non-linked,regular premium paying,with profit Endowment plan.Maturity Benefit of LIC New Endowment Plan is Equal to The Sum Assured along with vested Simple Reversionary Bonus + Final Addition Bonus. Lic Endowment plan(814) provides a healthy amount which can be used to fulfill financial requirements like children’s higher education and marriage. This plan may be recommended for everyone because of following reasons.Lic’s New Endowment plan(814) is a unique combination of protection and savings features.This plan also takes care of liquidity needs through its loan facility.This is another most Popular and highest selling plans of LIC of India and hot favorite amongst NRI’s
Also see : Other LIC Money Back Policy Plan
LIC New Endowment Plan(814) Eligibility Conditions and Restrictions :
Minimum Entry Age : 8 Years Compeleted
Maximum Entry Age : 55 Years (Nearest Birthday)
Maximum Maturity Age : 75 Years
Minimum Sum Assured : 1,00,000
Maximum Sum Assured : NO LIMIT (Depending upon Income)
Premium Payment : Yearly,Halfly,Quarterly,& Monthly(ECS)
Maximum Accidental Death and Disability Benefit Rider up to age 70 years.
Back dating: The policies can be dated back within the same financial year. Back-dating interest as applicable at the time of completion of the policy.
Read More about : LIC Bima Bachat Single Premium Plan Key Features
LIC New Endowment(814) Policy Benefits :
On Death :
policy holder die within the period year, LIC will provide the full basic Sum Assured on Death and added Bonuses shall be payable to the nominee.10 times of annualized premium.OR Subject to a minimum of 105% of the total premiums paid as on date of death, whichever is higher.
On Survival :
On survival Basic Sum Assured + Vested Bonus + FAB if any.
Income Tax Benefit :
Available under Section 80C for premiums paid and Section 10 (10D) for Maturity returns.
Also see : Jeevan Akshay Pension Plan Review
Yearly mode – 2% of Tabular Premium
Half-yearly mode – 1% of Tabular premium
Quarterly & Monthly mode – NIL.
Surrendered Value :
The Policy can be surrendered at any time during the policy term provided atleast Three ful years premiums have been paid.
Loan can be availed under the policy provided the policy has acquired a surrender value and subject to the terms and conditions as the company may specify from time to time.