LIC New Endowment Plus ULIP Plan Table 835 Features & Benefit

LIC New Endowment Plus Plan Table 835 is a Unit Linked Insurance cum Investment plan. LIC New Endowment Plus Plan will be launched on 17th Aug, 2015. LIC will be investing the premium amount in the market for the better return. Let’s take a closer look at LIC New Endowment Plus ULIP Plan No 835.

LIC New Endowment Plus ULIP Key Features

  • LIC New Endowment Plus allows policy holder to select amount of premium. Insurance coverage will be provided based on the amount of premium.
  • A premium allocation charges specific percentage shall be deducted from the premium amount. This amount will be used for cost of printing policy and distribution.

allocation charges

  • Balance amount of premium shall be invested in market as per investment fund section by the policy holder.
  • Types of fund options and their investment patterns available under LIC New Endowment Plus ULIP plan is given below.

LIC New Endowment

  • Units will be allocated to policy holder on the base of NAV (Net Asset Value) of the respective fund applicable on the date of allotment.
  • There is No Bid Offer. The NAV will be computed on daily basis, based on the investment performance and Fund management charges.

Eligibility for LIC New Endowment Plus ULIP

  • Minimum Entry Age: 90 Days
  • Maximum Entry Age: 50 years (nearest birthday)
  • Policy Term: 10 to 20 Years
  • Minimum Premium: 20,000 Rs/-
  • Maximum Premium: No Limit
  • Premium Paying Term: Same as Policy Term
  • Basic Sum Assured: Higher of 10 times Annualized Premium or 105% of the total premiums paid
  • Commencement of Risk –
    • Age at Entry less than 8 years – Date of purchase +2 Years
    • Age at Entry 8 years or more – Immediately
  • Lock in Period – 5 Years

Benefits of LIC New Endowment Plus ULIP

On the death of the policy holder before the date of maturity sum payable will be:-

Death before commencement of Risk:-

  • An Amount equal to policy holder fund value shall be payable immediately on the date of receipt of intimation of death with death certificate.

Death after commencement of Risk:-

An Amount equal to the higher of

  • Basic Sum Assured (105% of total premium paid or 10 times Annualized Premium) or
  • Policy Holder fund value

Maturity Benefit on Survival:-  

Policy holder will receive amount equal to fund value on the maturity. This maturity benefit can be payable either lump sum or in 20 equal installment.

Accidental Death Benefit:- LIC New Endowment Plus allows accidental death benefit rider on payment of extra premium.

Switching of Funds:-  

LIC New Endowment Plus allows switching of funds anytime during the policy term. This switching is allowed 4 times free of charge after that policy holder needs to pay 100 Rs per switch.

Top Up:-

Top Up option for increase or decrease in premium shall not be allowed under this plan. One can cancel accidental benefit rider anytime during policy term.

Loan:-

No Loan Facility available for this plan.

Surrender after 5 years:-  Fund value as on surrender date shall be payable.

Charges:-

Fund Management Charges:-

0.70% p.a of Unit Fund for all the four fund types available under in force policy

0.50% p.a of Unit Fund for “Discontinued Policy Fund”

LIC New Endowment Plus ULIP Plan Poster 

LIC New Endowment Plus Poster

Article by Raviraj

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