LIC's New Endowment Plan

LIC's New Endowment Plan is a non-linked participating endowment plan which also provides the benefits of a life cover. The plan participates in profits of the company and thus its policyholders are entitled to receive simple reversionary bonuses. The policy also provides for a final bonus in the year in which a claim is made either due to life assured’s death or plan maturity.

The plan comes with 5 additional rider options to help you enhance its standard coverage. The policies which feature a sum assured of INR 2 Lakh and more or yearly/half-yearly mode of premium payment qualify for premium rebates of up to 3% of the standard premium. 

Best Features of LIC's New Endowment Plan

The best features of the LIC's New Endowment Plan are as follows:

• Benefit Payout Options- The plan offers the life assured an option to receive the death benefit in instalments over the chosen period of 5, 10, or 15 years instead of a lump sum amount. The instalments can be received on a yearly, half-yearly, quarterly or monthly basis.
• Policy Loan- After the payment of at least full 2 years’ premiums, you can avail a loan under the policy.
• Participation in Profits- The investors of the plan are entitled to receive Simple Reversionary Bonuses out of the profits declared by LIC from time to time. The insurer also provides an additional final bonus in the year of the claim.
• Rider Options- There are 5 optional riders namely Accidental Death and Disability Benefit Rider, Accident Benefit Rider, Term Assurance Rider, Critical Illness Benefit Rider, and Premium Waiver Benefit Rider available with the plan.
• Policy Revival- A lapsed or paid-up policy can be revived within 5 years starting from the date of the first unpaid premium.

Benefits of LIC's New Endowment Plan

The key benefits available under the LIC's New Endowment Plan are as follows:

1. Death Benefit

In case of an untimely demise of the life assured, the higher of the following is paid to the nominee as the death benefit - 

• Basic Sum Assured
• 7 times of annualised premium
• 105% of total premiums paid upto the date of death

In addition to the above, the vested simple reversionary bonuses along with the final additional bonus shall also be payable to the nominee.

2. Maturity Benefit

On the survival of the life assured till the end of the policy term, the sum assured on maturity equivalent to the Basic Sum Assured along with the vested simple reversionary bonuses and final additional bonus is paid as the maturity benefit.

LIC's New Endowment Plan Eligibility

LIC's New Endowment Plan comes with the following eligibility conditions:

LIC's New Endowment Plan Review

LIC's New Endowment Plan is a savings plan coupled with the benefits of a life cover. One of the unique features of the plan is its participation in profits of the company which provides you with simple reversionary bonuses from time to time and a final bonus in the year in which a claim is made.

Moreover, the plan provides 5 additional rider options to provide you with financial assistance during uncertainties like accidental death, disability and critical illness. Another remarkable feature of the plan is the rebate on high sum assured policies and policies with yearly and half-yearly modes of premium payment. This plan can be shortlisted by individuals looking for a simple savings cum life insurance plan with the additional benefits in the form of bonuses.