LIC's New Endowment Plan - Features
LIC’s New Endowment Plan is a participating non-linked plan which offers an attractive combination of protection and saving features. This combination provides financial support for the family of the deceased policyholder any time before maturity and good lump sum amount at the time of maturity for the surviving policyholders. After the completion of Policy term the Maturity amount will be equal to The Basic Sum Assured along with vested Simple Reversionary Bonus + Final Addition Bonus as applicable and declared by LIC of India. This is another most Popular and highest selling plans of LIC of India and hot favorite amongst NRI's
LIC's New Endowment Plan – Benefits
- Survival Benefit : (provided all due premiums have been paid)
Maturity : Basic Sum Assured + Vested Simple Reversionary Bonuses + Final Additional Bonuses (as applicable and declared)
- Death Benefit : (provided the policy is In force)Basic Sum Assured + Vested Simple Reversionary Bonuses + Final Additional Bonuses (as applicable and declared), OR 10 times of Annualized Premium, OR 105% of all Premiums paid as on death, WHICHEVER IS HIGHER
- Income Tax Benefit : Premium paid under this plan is eligible for TAX rebate under section 80C of Income Tax Act
Maturity under this plan is 100% Tax free under sec 10(10D)
LIC's New Endowment Plan – Details
- Endowment Plan with Guaranteed Returns.
- Comparatively lowest premium.
- Simple Reversionary Bonus & Final Additional Bonus as applicable is payable on Maturity or earlier death.
- Rider Benefit - Accidental Death and Disability Benefit Rider and Term Rider.
- Rebate on Higher Sum Assured and Mode of Payment