LIC’s New Endowment Plan (914)

LIC’s New Endowment Plan is a life insurance product of LIC (Life Insurance Corporation of India). This is an endowment or traditional plan- which means it is not linked to stock market. The return on investment will be based on the profit of LIC and thereafter the declaration of bonus rate for the particular product. To know more about this policy let us start with its features:

 Premium paying term: 12 to 35 years (same as policy term)

 Policy term (time until your policy matures):12 to 35 years

 Minimum Sum Assured: 100000

 Maximum Sum Assured: Unlimited (may require special medical report and income proof for higher sum assured)

 Minimum Entry Level Age: 08 years (completed)

 Maximum Entry Level Age: 55 years in nearest birthday

 Maximum Maturity Age: 75 years

 Maximum Accidental Death and Disability benefit rider applicable up to age of 70 years

 Maturity Benefit: Sum assured + Bonus + Final Additional Bonus (for illustration keep on reading)

 Minimum years to pay premium: 2years (after paying premium for 2 years one can stop paying premium; your money will be safe to withdraw or for loan

 Loan and Surrender: after 2 years of policy period considering there is no unpaid premium in first 2 years of policy period.

 Revival: Policy can be revived within 5 years of lapsation.

 Benefit illustration:

Manish Kumar a Government servent has purchased LIC’s New Endowment Plan,35 years term of Sum assured 1000000 INR at the age of 25 years after considering following benefit illustration:-

All of these maturity is tax free under income tax act 10 (D)

*all maturity projection is based on current rate of bonus paid by LIC.