LIC’s NEW ENDOWMENT PLAN | Table No 914

This is a regular premium, non-linked, with profits Endowment Plan.

 

Features & Conditions  of NEW ENDOWMENT PLAN

Minimum age at entry – 8 years (Last Birth Day)

Maximum age at entry – 55 years (Near Birth Day)

Max. age at maturity – 75 years (Near Birth Day)

Minimum term – 12 years

Maximum term – 35 years

Minimum S.A. – 1,00,000 (in multiples of 5000 thereafter)

Maximum S.A. – No Limit

Available Riders: ADDB/AB Rider, Term Rider, Critical Illness Rider & PWB Rider-Up to age 25 of Child.

Mode of Payment: Yearly, Half Yly, Qly & Mly ( SSS & NACH) Rebates:

Mode Rebate: Yearly : 2%, Half Yly : 1 %

High Basic S.A. Rebate: 

  • Upto 1,95,000  : Nil
  • 200000 to 4,95,000 : 2 % of Basic SA
  • 500000 & above : 3 % of Basic SA

DEATH BENEFIT: Sum Assured on Death + Vested Bonus + FAB if any.

MATURITY BENEFIT: Sum Assured + Vested Bonus + FAB if any.

Maturity/Death Claim in Installments for 5/10/15 years for Full or Part of Maturity/Death Claim Amount: Option to be exercised – 3 months before Maturity and for Death Claim during lifetime by Life Assured.

Grace Period: 15 Days for monthly mode and 30 days for other modes.

Claim Concessions: Available under Base Plan only. Not apply to Riders and Death due to Suicide.

Paid up/Surrender/Policy Loan: Available after payment of premium of 2 full years.

Revivals: Within 5 years of FUP.

Back Dating: Allowed with lean Month’s benefits

Proposal Form: 300, 340 or 360.

Tax Benefits:

  • On Premium : u/s 80C
  • Maturity/Death claim : u/s 10(10D)

Underwriting Rules: Without Term, Cl or PWB Rider:

  • Actual Sum Assured (ASA) for SUC: For FMR, Special Reports, MHR & TRSA: Basic S.A. only.
  • Non -Medical Schemes: All Allowed.
  • Age Proofs: All Allowed.
  • Female Lives : All Allowed.
  • Pregnant ladies: Cat A1 only up to 24 weeks of pregnancy.
  • Minor lives/Maior Students:
    • Max TRSA inclusive of all plans Rs. 2 crore & Standard Minor lives only.
    • TRSA beyond Rs. 2 crore/substandard minor lives at CUS only with MM’s recommendation.
    • Standard Age Proof is must.
  • Third Gender: Allowed, Standard Age Proof is must. Proposals will be decided by Central Office NB&R Department.
  • Sub-Standard Major lives:
    • Up to EMR Class Ten only.
    • Physically Handicapped lives should be gainfully employed.

Occupation/Residence Extra: Standard extra applicable. If Occupation Extra is charged CIR/ADDB/AB Rider will not be allowed.

Keyman/Partnership/Employer-Employee: Allowed only under Employer-Employee

NRIs & FNIOs Residence Group:

  • Group I & II : Not Allowed.
  • Group III & IV : Allowed with extra.
  • Group V    : Allowed without extra.
  • Minors & Housewives: Group IV & V only.
  • NMS   : Group V only.
  • Mail order : Only NRIs of Group V.

With Term, Cl or PWB Rider: Underwriting Rules of Term, Cl or PWB Rider will be applicable.

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