LIC New Endowment Plan (Plan No: 914)

LIC New Endowment Plan is Non-Linked, participating, Individual, Life Assurance Savings Plan.

Unique Identification Number: 512N277V02

Launch Date: 1st February 2020

Maturity Benefit:

Basic Sum Assured + Simple Reversionary Bonuses + Final Additional Bonus, if any.

• on Survival to the end of the policy term provided all due premiums have been paid.
• Payable in Lump Sum or as per Settlement Option exercised

LIC New Endowment Plan Death benefit:

“Sum Assured on Death” + Vested Simple Reversionary Bonuses + Final Additional Bonus, if any, shall be payable.

• In case of death during the policy term provided all due premiums have been paid.
• Where “Sum Assured on Death” is defined as higher of Basic Sum Assured or 10 times the annualized premium.
• This death benefit shall not be less than 105% of all the premiums paid as on the date of death. Where premiums exclude service tax, extra premium, and rider premiums if any.

Income Tax Benefit:

1) under section 80C of the Income Tax Act, premiums paid under the L.I.C’s New Endowment Plan are eligible for a rebate up to the limit of Rs: 1,50,000/-

2) under Section 10(10D) of Income Tax Act, The Maturity benefit received by the policyholder or the Death claim received by the Nominee is entirely tax-free and no TDS is deductible

Synopsis of LIC New Endowment Plan:

Sr. No.	Particulars	Eligibility Condition
1	Age at entry for Life assured	Minimum – 8 years completed Maximum -55 yrs nearest birthday
2	Policy Term and Premium paying term	Minimum – 12 Years Maximum – 35 Years
3	Maximum Maturity Age	75 years (nearer birthday)
4	Basic Sum assured (in multiples of 5,000/-)	Minimum – 1,00,000/- Maximum – Unlimited
5	Mode rebate	Yearly –  2% of tabular premium Half Yearly – 1% of tabular premium Quarterly, SSS – Nil
6	Large Sum Assured rebate (per 1000 S.A)	1,00,000 to 1,95,000 – NIL 2,00,000 to 4,95,000 – Rs: 2 %o B.S.A. 5,00,000 and above – Rs: 3 %o B.S.A.
7	Mode of payment of premiums	Yearly  Half-yearly Quarterly Monthly NACH Salary Saving Scheme
8	Grace Period	30 days for Yrly/H-Yrly/Qtrly modes 15 days for NACH/SSS modes
9	Surrender & Policy Loan	After payment of premiums of 2 full years  *conditions apply
10	Revival	Within 5 years from First Unpaid Premium & before Maturity
11	Optional Riders Available:	L.I.C’s Accidental Death & Disability Benefit Rider L.I.C’s Accident Benefit Rider L.I.C’s Term Assurance Rider L.I.C’s Critical Illness Benefit Rider L.I.C’s Premium Waiver Benefit Rider

Suicide Clause :-

• If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of 80% of the premiums paid excluding any taxes, extra premium and rider premiums, if any, provided the policy is in-force.
• If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the premiums paid till the date of death (excluding any taxes, extra premium and rider premiums, if any,) or the surrender value, provided the policy is in-force, shall be payable. The Corporation will not entertain any other claim under this policy.

Settlement Option for Maturity Benefits:

• The settlement option can be exercised for Maturity benefits under this plan. If opted, the maturity claim amount will be paid in an installment to the policy holder. To read more about Settlement Option for Maturity Benefits read: http://www.punitshet.com/lic-policy-maturity-claim-in-instalment

Option to take Death Claim Benefits in installment:

• Death Claim Benefits under this plan can be paid to the Nominee in installments provided the option has been exercised by the policyholder. To know more about How to take Death Claim in Installments read: http://www.punitshet.com/take-lic-policyholders-death-claim-amount-in-instalments

Other LIC Plans

Endowment Plans * Lic’s New Jeevan Anand * Lic’s Jeevan Labh * Lic’s New Endowment Plan * Lic’s Single Premium Endowment Plan * Lic’s New Bima Bachat * LIC’s Jeevan Lakshya * LIC’s Aadhaar Shila * LIC’s Aadhaar Stambh Whole Life Plans * LICs Jeevan Umang Money-Back Plans * LIC’s Bima Shree * LIC’s Jeevan Shiromani * LIC’s NEW MONEY BACK PLAN – 20 YEARS * LIC’s NEW MONEY BACK PLAN – 25 YEARS Children Plans * LIC’s NEW CHILDREN’S MONEY BACK PLAN * LIC’s Jeevan Tarun Pension Plans * LIC’s Jeevan Shanti

Unit Linked Insurance Plan (ULIP) * LIC’s NEW ENDOWMENT PLUS * LIC’s NIVESH PLUS * LIC’s SIIP Health Insurance Plans * LIC’s JEEVAN AROGYA * LIC’s Cancer Cover Term Assurance Plans * LIC’s TECH TERM * LIC’s Jeevan Amar Riders * LIC’s Linked Accidental Death Benefit Rider * LIC’s Accidental Death and Disability Benefit Rider * LIC’s Accident Benefit Rider * LIC’s Premium Waiver Benefit Rider * LIC’s New Critical Illness Benefit Rider * LIC’s NEW TERM ASSURANCE RIDER Micro Insurance Plans * LICs New Jeevan Mangal * LIC’s Micro Bachat Plan * LIC’s Bhagya Lakshmi