LIC’s New Endowment Plus plan
is a unit linked assurance plan, offering investment-cum-insurance during the
term of the policy. This plan is an Endowment Plan no. 835 having unique
identification number of 512L301V01. This is unit link assurance plan,
which provide insurance + investment. According to level of risk and expected
return, four fund options are available, a customer can opt one the four fund
types. The deposited premium will be used to buy units from funds types which
are mix of Investment in Government, Government Guaranteed Securities &
Corporate Debt, Short-term investments such as money market instruments and
Investment in Listed Equity Shares.
Eligibility for LIC New Endowment Plus ULIP
·
Minimum Entry Age: 3 Months
·
Maximum Entry Age: 50 years (nearest
birthday)
·
Policy Term: 10 to 20 Years
·
Minimum Premium: 20,000 Rs/-
·
Maximum Premium: No Limit
·
Premium Paying Term: Same as Policy Term
·
Basic Sum Assured: Higher of 10 times
Annualized Premium or 105% of the total premiums paid
·
Commencement of Risk –
·
Age at Entry less than 8 years – Date of purchase
+2 Years
·
Age at Entry 8 years or more – Immediately
·
Lock in Period - 5 Years
- Death Benefit – An
amount equal to the higher of Basic Sum Assured or Policyholder’s Fund Value
shall be payable.
- Maturity Benefit – On
Life Assured surviving the date of maturity provided the policy is
in-force, an amount equal to Policyholder’s Fund Value shall be
payable.
- Fund Options – The
allocated premiums will be utilized to buy units as per the fund type
opted by the Policyholder. LIC is offering four fund types under New
Endowment Plus.