LIC's New Endowment Plus is a unit linked non-participating endowment assurance plan which offers investment cum insurance cover during the term of the policy. This plan is specially designed for you to provide a very good combination of protection and long term savings and also provides you greater flexibility to build a better life and realise your dreams.
You have a choice of investing premiums in one of the four types of investment funds available. Premiums paid after deduction of Premium Allocation Charge will purchase units of the Fund type chosen. The unit fund is subject to various charges and value of units may increase or decrease, depending on Net Asset Value (NAV).
1.Payment of Premiums: You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (through ECS mode only) intervals over the term of the policy.
A grace period of 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly (ECS) premiums.
A) Death Benefit: On death of the Life Assured before the stipulated Date of Maturity provided policy is inforce, then
On death before the Date of Commencement of Risk:
An amount equal to the Policyholder's Fund Value shall be payable.
On death after the Date of Commencement of Risk:
An amount equal to the higher of Basic Sum Assured or Policyholder's Fund Value shall be payable. Where, Basic Sum Assured is (10 * Annualized Premium) or (105% of the total premiums paid), whichever is higher.
B) Maturity Benefit:
On Life Assured surviving the date of maturity provided the policy isinforce, an amount equal to Policyholder's Fund Value shall be payable.
The policyholder has an option of availing LIC's Linked Accidental Death Benefit Rider (UIN: 512A211V01).