LICs NEW ENDOWMENT PLUS | PLAN 935 1

This is a regular premium Unit Linked Assurance Plan, which offers investment- cum-insurance. Policyholder can choose the amount of premium one desires to pay, depending on premium paid policyholder will get the equivalent level of risk cover.

Features & Conditions of NEW ENDOWMENT PLUS Plan:

Minimum age at entry :90 days

Maximum age at entry : 50 years Near Birth Day

Minimum Maturity age : 18 years Near Birth Day

Maximum Maturity age : 60 years Near Birth Day

Policy term :10 to 20 years

Minimum Premium :

  • Yly – Rs. 20,000
  • Hly- Rs. 13,000,
  • Qly- Rs. 8,000,
  • Mly ECS – Rs. 3,000
  • and in multiple of Rs. 250 for Mly NACH and in multiple of Rs. 1,000 for other modes.
  • Maximum Premium : No limit

Available Riders:

LIC’s Linked Accident Benefit Rider. Maximum Rs. 1 Crore under all plans.

Options:

  1. Switching between any fund types.
    4 switches per annum are free.
  2. Death Benefit in installments for 5 years.
  3. Partial Withdrawal after 5 years.
  4. Accident Rider can be cancelled.
  5. Top Up not allowed.

Force Maieure Conditions:

In event of certain force majeure conditions declaration of NAV on day to day basis may be deferred and could include other actions as a part of investment strategy.

Mode of Payment: Yearly, Half Yly, Qly & Mly NACH only.

Rebates: Nil

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

Policy Loan: Not Available

Surrender/Paid up : Allowed After 5 years.

Revivals: Within 3 years of FUP.

Suicide Clause: Within 12 months of DOC or Revival claim will be restricted to Fund Value.

Back Dating: Not Allowed.

Proposal Form: Separate form.

Tax Benefits :

On Basic Premiums : u/s 80C

Maturity/Death claim : u/s 10(10D)

DATE OF COMMENCEMENT OF RISK:

For age at entry less than 8 years LBD :

One day before completion of 2 years from DOC or one day before Policy Anniversary after completion of age of 8 years LBD, whichever is earlier.

For age at entry 8 years LBD or more: Risk will commence immediately.

DEATH BENEFIT:

Before Commencement of Risk: Fund Value

After Risk Commences : Basic SA or Fund Value or 105% of Total Premiums Paid whichever is higher.

Basic SA = 10 times of annualized Premium.

MATURITY BENEFIT: Fund Value

Fund Options: Bond Fund, Secured Fund, Balanced Fund & Growth Fund.

Underwriting Rules:

Actual Sum Assured (ASA) for SUC:

For FMR, Special Reports, MHR & TRSA: Basic S.A. only.

Non -Medical Schemes: One time Stand Alone NM limit of 5 lakhs Basic SA is allowed to proposers of Age group 18 to 35 years. (Excluding Major Students). This 5 lakhs NM Basic SA is not to be added for calculation of SUC for subsequent proposals under this plan.

Age Proofs: All Allowed.

Female Lives : All Allowed.

Pregnant ladies: Cat A1 only up to 24 weeks of pregnancy.

Third Gender: Standard Age proof is must. Proposal will be decided at CO NB&R Department.

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.

Sub-Standard Major lives:

Up to age 40 – Up to Class X,

Age 41 to 45 – Up to Class VIII, Age 46 to 50 – Up to Class I! Physically Handicapped lives should be gainfully employed.

Occupation/Residence Extra:

Standard extra is to be charged.
Max Permissible Extra: Rs. 15 upto age 45 and Rs. 4 for age 46 and above.

If occupation extra is charged, Accident rider will not be allowed.

Kevman/Partnership/Empl-Emplovee:

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.
  • House wives & Juvenile Lives: Group IV & V only.
  • NMS : Group V only.
  • Mail order : Only NRIs of Group V

One comment on “LICs NEW ENDOWMENT PLUS | PLAN 935

  1. Reply Vishwanath Kisan Pawar Feb 16,2020 11:40 AM

    I want this (table no.935) policy’s illustration

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