LIC NEW ENDOWMENT – 914

LIC New Endowment Plan is a participating non-linked plan which offers an attractive combination of protection and saving features. This plan can suit for all celebrations and years as the proposer needs. If the education planning is delayed also, this plan can help as the minimum tenure is 12 years only. 

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. This plan also takes care of liquidity needs through its loan facility.

BENEFITS

On Death : Sum Assured on Death + Simple Reversionary Bonuses till the term of death + Final Additional Bonus shall be payable.

On Maturity : Sum Assured + Simple Reversionary Bonuses + Final Additional Bonus shall be payable.

OPTIONAL BENEFITS

Accidental Benefit Rider : 

On Death double the Sum Assured shall be payable. The benefit cover under this plan is up to age of Life Assured is 70 Years or till PPT, whichever is earlier.

Accidental Death and Disability Benefit : 

On Death double the Sum Assured shall be payable. On Disability, future premium will be waived off and Accidental Sum Assured will be paid in 120 monthly installments.

Accident death and Disability benefit allowed only for Age 18 years and above.

Maturity Installments : Death benefit shall be received in installments over a period of 5 or 10 or 15 years instead of lump-sum amount.

Term Assurance Rider : Provides Life Cover incase of Death. Allowed only for Age 18 years and above.

The additional premium for the term rider is paid along with the premium of the basic plan.

Premium Waiver Rider : In case of death of Proposer, the payment of premium falling due after the date of death shall be waived.

It is granted on the basis of Proposer’s age, Personal declaration and other related documents.

The Rider can be revived at any time but within two consecutive years from due date of unpaid premium.

Critical Illness Rider : On first diagnosis of any one of the 15 Critical Illness covered under this rider, the Critical Sum Assured shall be payable. Nothing will be payable on Death and Maturity.

Critical Illnesses rider under LIC New Endowment plan are : 

1. Cancer for Specified Severity

2. Open Chest CABG

3. Myocardial Infraction

4. Kidney Failure with Dialysis

5. Major Organ / Bone Marrow Transplant

6. Stroke resulting in Permanent Symptoms

7. Permanent Paralysis of Limbs  

8. Multiple Sclerosis ( Persisting Symptoms )

9. Aortic Surgery

10. Alzheimer’s Disease/ Dementia

11. Blindness

12. Third Degree Burns

13. Open Heart Valve Replace / Repair

14. Benign Brain Tumor

15. Primary (Idiopathic) Pulmonary Hypertension

ELIGIBILITY CONDITIONS

Minimum entry age : 8

Minimum term age : 12

Minimum sum assured : 100000

Maximum entry age : 55

Maximum term : 35

Maximum sum assured : No Limit

MODE OF PREMIUM : Yearly, Half Yearly, Quarterly, Monthly

SURRENDER VALUE

Policy can be surrendered at any time during the policy term provided atleast two full years premium have been paid

Surrender value equal to higher of Guaranteed Surrender Value or Special Surrender Value shall be payable.

Guaranteed Surrender Value : 

(Total Premiums paid excluding any extra premiums or riders x Surrender Value Factor ) + (Vested bonuses x Surrender Value Factor for Vested bonuses)

Special Surrender Value : 

(Maturity paid-up Sum Assured + Vested bonuses) x Special Surrender value factor

Discounted Value of the sum of paid-up sum assured and the vested bonuses

LOAN

At least two full years of premium payment to apply for loan facility

Loan is a percentage of Surrender Value

For In-force policies : Upto 90% of Surrender value

For Paid-up policies : Upto 80% of Surrender value

The rate of interest for loan amount shall be determined from time to time by Corporation.