LIC Endowment Plus is a unit linked insurance plan (ULIP), where the risk of investment is borne by the policyholder. If the Life Insured dies within the policy tenure, the nominee would receive the Sum Assured or the Fund Value, whichever is higher.
· Unit linked insurance plan with choice of 4 investment funds
· Higher of Sum Assured or Fund Value will be paid as Death Benefit
· Choice of two riders is Accidental Death Benefit and Critical Illness Benefit cover
· Option to decrease the Sum Assured during the policy tenure
Death Benefit - In case of death of the Life Insured, the nominee would get Sum Assured or Fund Value, whichever is higher.
Maturity Benefit - On maturity, the policy fund value is paid to the policyholder.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
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Sum Assured (in Rs.)
(Policy Term +1) x Annual premium
30 x Annualized premium
Sum Assured (in Rs.)
1.25 x Single premium
5 x Single Premium
Policy Term (in years)
Premium Payment Term (in years)
Equal to Policy Term
Entry Age of Policyholder (in years)
Age at Maturity (in years)
Single Premium (in Rs.)
Yearly, half-yearly, quarterly or monthly (ECS only)
Premium = Rs.20,000
Age = 20 years
Sum Assured = Rs.420000
Policy Term = 20 years
PPT = Regular Pay
Total Investment = Rs 20,000 x 20 years = Rs 4,00,000
Riders – There are 2 riders available in this policy
1. Accidental Death Benefit rider
2. Critical Illness Benefit rider
Investment Fund Options
There are 4 Investment Funds available
1. Bond Fund
2. Secured Fund
3. Balanced Fund
4. Growth Fund
You can switch between the four fund types for the entire Fund Value during the policy term subject to switching charges, if any.
Partial withdrawals are allowed only after completion of 5 policy years or the life insured’s age is at least 18 years, whichever is later. Partial withdrawal will be allowed subject to at least 2 year’s premiums should remain in the Policyholder’s Fund Value in case of regular premium policies and 25% of the single premium paid in case of single premium policies.
You stop paying the premium before 5 years - If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
You want to surrender the policy – If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.
You want a loan against your policy - There is loan available under this plan under terms and conditions.