LIC New Endowment Plan is a participating non-market-linked plan which offers an attractive combination of protection and saving features. LIC New Endowment Plan 814 details would help you to understand the benefits of combination which provide 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.
LIC Endowment Plan is best for those looking for short-term investment. Endowment Plan the shortest premium paying term is 12 years, which is minimum term among all plans in LIC. As minimum entry age is 8 years, this plan suits children from age 8 to 12 for higher studies and marriage planning.
On Death of the Policyholder:
“Sum Assured + Vested Bonus + FAB if any.”
Where ‘S.A. on Death’ is defined as the higher of
i. 10 times of Annualized Premium, OR
ii. 105%of all Premiums paid as on death
On Survival: On survival Basic Sum Assured + Vested Bonus + FAB if any.
The Policy can be surrendered at any time during the policy term provided at least 3 full years premiums have been paid.
Loan Facility is available under this plan, after payment of premiums for at least 3 full years.
Income Tax Benefit:
|Eligibility Conditions & Restrictions|
|Minimum age||8 years (Completed)|
|Maximum age||55 years|
|Maximum maturity age||75 years|
|Policy Term||12 years to 35 years|
|Minimum Sum Assured||Rs.1,00,000|
|Maximum Sum Assured||No limit|
|Premium payment||Yearly / Half yearly / Quarterly / Monthly (Thru Bank)|
|Loan||Eligible after 3 years|
|Surrender||Eligible after 3 years|
|On Death||Sum Assured + Bonus is payable|
|On Maturity||Sum Assured + Bonus is payable|