LIC New Endowment Plan
LIC New Endowment Plan - Table no 814 Features
LIC New Endowment Plan is offers Guaranteed Returns with Protections because it is not a non-linked life insurance plan (means not related to market). Any Person Can Take LIC New Endowment Plan for Minimum 12 years and Maximum 35 Years. Minimum Age will be 8 years and Maximum Age will be 55 Years for take this Policy and can be continued till 75 years of age. In this policy, Person Have to Pay Premium for the entire policy term. Maturity Benefit of LIC New Endowment Plan is Equal to The Sum Assured along with vested Simple Reversionary Bonus + Final Addition Bonus. .
LIC New Endowment Plan Details
- This is Guaranteed Returns Plan with bonus Features.
- In this Policy Simple Reversionary Bonus is also Available on maturity or earlier death
- Person Can Take Large Sum Assured Rebate.
- Two Rider - LIC's Accidental Death and Disability Benefit Rider also Available with this Plan.
LIC New Endowment Plan Benefits
Death Benefit - If Life Insured Person Dies During Policy Term, Nominee will Get Sum Assured along with Bonuses and Policy will Close. The Death Sum Assured is Equal to higher of Basic Sum Assured or 10 times the Annualized Premium subject to a minimum of 105% of all Premiums paid.
Maturity Benefit - Maturity Benefit of LIC New Endowment Plan is Equal to Sum Assured + accrued Reversionary Bonus + Final Addition Bonus (if any) and Policy Will be Close.
Income Tax Benefit - Income Tax Benefits available on Paid Life Insurance Premium under Section 80C & Maturity Benefit will also be tax free under section 10(10)D.
Eligibility conditions and other restrictions in LIC New Endowment Plan
- Sum Assured Minimum Rs. 1,00,000 in multiples of 5000 & Maximum Unlimited
- Policy Term Minimum 12 Years & Maximum 35 Years
- Premium Payment Term are Equal to Policy Term
- Entry Age of Policyholder Minimum 8 Years & Maximum 55 Years
- Age at Maturity Maximum 75 Years
- Payment modes are Yearly, Half Yearly, Quarterly or Monthly