New Endowment Plan
New Endowment Plan
New Endowment Plan (Plan No. 814)
Being an Endowment assurance plan, this policy is suitable for people of all ages and social groups. This is a savings oriented plan which earns a high bonus. The premium is very low as compared to other policies and returns are high.
Features
- Life risk cover for the life insured
- Additional accidental risk cover
- Moderate Premiums
- High bonus
- Savings oriented plan
- The upper limit of additional accidental sum assured is Rs 50 Lakhs only.
Eligibility Conditions
Minimum age at entry
|
8 years
|
Maximum age at entry
|
55 years
|
Minimum Term
|
12 years
|
Maximum Term
|
35 years
|
Maximum age at maturity
|
75 years
|
Minimum sum assured
|
Rs 1,00,000.00
|
Maximum sum assured
|
No higher limit
|
Double Tax Benefit
U/S 10(D) : Maturity Returns / Death claim amount is also tax free u/s 10 (D)
Possible Events during policy duration
On Death
If the policy holder dies during the policy term, his/her nominee will be paid following, after which the policy will terminate.
1. Basic sum assured or 10 times of the Annual premium (whichever is higher)
If the policy holder dies during the policy term, his/her nominee will be paid following, after which the policy will terminate.
1. Basic sum assured or 10 times of the Annual premium (whichever is higher)
2. Simple Reversionary Bonus
3. Final Additional Bonus (if any)
On Accidental Death
In case, the policy holder dies due to an accident, the nominee will get following, after which the policy will terminate.
1. Basic sum assured or 10 times of the Annual premium (whichever is higher)
3. Final Additional Bonus (if any)
On Accidental Death
In case, the policy holder dies due to an accident, the nominee will get following, after which the policy will terminate.
1. Basic sum assured or 10 times of the Annual premium (whichever is higher)
2. Additional accidental sum assured (maximum upto Rs. 50 Lakhs)
3. Simple Reversionary Bonus
4. Final Additional Bonus (if any)
3. Simple Reversionary Bonus
4. Final Additional Bonus (if any)
On Maturity
The policy holder will get the following returns at maturity:
1. Basic sum assured
1. Basic sum assured
2. Simple Reversionary Bonus
3. Final Additional Bonus (if any)
The policy will terminate after this.3. Final Additional Bonus (if any)
Understand New Endowment Plan with an example
Mr. Jitender aged 30 years, plans to take New Endowment Plan for the term of 20 years and sum assured of Rs 2,00,000.00 (Rupees Two Lakhs only).
He is required to pay an annual premium of Rs 10,230.00 (Rupees Ten Thousand Two Hundred and Thirty only).
Possible Events
On Death
If Mr Jitender dies during the policy term, his nominee will receive the Sum Assured i.e. Rs 2,00,000.00 (Rupees Two Lakhs only) + Accrued Bonuses. After this, the policy will terminate.
On Accidental Death
If during the policy term, Mr. Jitender dies due to an accident, his nominee will receive the Basic Sum Assured (Rs 2,00,000.00) + Additional Sum Assured (Rs 2,00,000.00) + Accrued Bonuses. The policy will terminate after this event.
On Survival till maturity
If Mr. Jitender survives till the end of policy term, he will get the Basic Sum Assured i.e. Rs 2,00,000.00 (Rupees Two Lakhs only) + Accrued Bonuses. The policy will terminate thereafter.
| Other LIC Plans | |||
|---|---|---|---|
| Term Plans | Endowment Plans | Money-Back Plans | Children Plans |
| Anmol Jeevan | New Jeevan Anand | Money-Back 20 years | Jeevan Tarun |
| Amulya Jeevan | Jeevan Lakshya | Money-Back 25 years | Children's Money Back |
| Jeevan Rakshak | |||
| Limited Premium Endowment | |||
