LIC’s New Endowment Plan (Plan No 917)

                                                LIC’s Single Premium Endowment Plan

LIC’s single Premium Endowment Plan is a Non-linked (not related to share market),Participating (where dividend will be paid after some period of time), Individual plan which provides both financial cover facility during death situation and additional bonus + lump sum amount at the maturity stage along with several benefit if taken during policy activation period. You can also get loan facility through this policy.

We can get Benefit in several ways as follows: -

                                    A). Benefit on Death: -

1).Death before commencement of risk after paying single premium: -

   

Single Premium paid will be refunded excluding taxes and riders if issued during activation time without including interest.

 

 

2).Death after commencement of risk and paying single premium: -

   

Sum Assured will be paid along with all the benefit applied during policy activation like vested simple reversionary bonuses and Final additional bonuses.

Here sum assured is defined as 1.25 times of single premium (not including taxes and riders premium)

 

    Note: - Date of commencement of Risk will be applied immediately if the age of the policy holder will be more than 8 years otherwise will be applied after 2 years of activation of policy.

 

                                   b). Benefit on Maturity: -

Sum Assured generated on Maturity terms along with all bonuses and additional bonuses generated by company’s profit if any will be payable to the policy holder.

 

                                 Eligibility Conditions and Other Restrictions: -

                                  A). Minimum age for entry into policy: - After 90 days completion.

                                    b).Maximum age for entry into policy: - 65 Years (running).

                                    c).Maximum age of Maturity: - 75 years.

                                    D).Minimum term of policy: - 10 years.

                                    e).Minimum age of Maturity: - 18 years completed.

                                    f).Maximum term of policy: - 25 years.

                                    g). Minimum Sum Assured for policy: - Rs.50, 000.

                                    H).Maximum Sum Assured for policy: - No limit.

                                Note: - Here Sum Assured will be in multiple of Rs. 5, 000 /-

                                    I). Mode of Premium payment: - Single Premium only.

 

a)      LIC’s Accidental Death and Disability Benefit Rider

b)      LIC’s New Term Assurance Rider