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LIC New Endowment Plus Plan

LIC New Endowment Plus Plan – Table No. 835

LIC’s New Endowment Plus Plan is a unit-linked insurance plan popularly called ULIP. The New Endowment Plus is a blend of insurance and investment. In this plan, a premium needs to be paid for the entire policy term. You can invest your money in a choice of 4 funds as per your risk appetite. The Fund Value is paid on policy maturity as Maturity Benefit to the policyholder.

Launch Date19th August, 2015
Plan DetailsTable No. 835
Policy TypeULIP
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Riders
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Top-up
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Switching
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Key Features

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It is a Unit-linked endowment insurance plan
Choice of 4 investment fund options
Free fund switches
Income Tax Benefit under Sections 80C & 10 (10D)
Investment Fund Options
Fund Name Risk - Return Investments
Bond Fund Low Risk At least 60% in Government Guaranteed Securities & Corporate Debt.
Rest in other money market instruments and listed shares
Secured Fund Low to Medium Risk - Steady Income At least 45% in Government Guaranteed Securities & Corporate Debt.
Rest in other money market instruments and listed shares
Balanced Fund Medium Risk - Balanced Income & Growth At least 30% in Government Guaranteed Securities & Corporate Debt.
Rest in other money market instruments and listed shares
Growth Fund High Risk - Long term Capital Growth At least 20% in Government Guaranteed Securities & Corporate Debt.
Rest in other money market instruments and listed shares

The Daily NAVs of these funds are mentioned in the links at the end. You can track how your funds are performing on a daily basis.

Switching

There are 4 free switches allowed in each policy year beyond which there is a charge of Rs. 100 applicable to each switch. Switching is basically moving your investments from one fund to another. In case you want to change the Fund Options you had earlier decided, you can do the Switch

Partial Withdrawal

Partial withdrawal is allowed after the 5th policy anniversary. Partial withdrawal shall be allowed subject to maintaining a minimum balance of:

  • From 6th to 10th policy year: 3 annualized premiums or 50% of Policyholders' Fund Value, whichever is higher
  • From 11th to 20th policy year: 3 annualized premiums or 25% of Policyholders' Fund Value, whichever is higher
Riders

Accidental Death Benefit Rider is available in this plan on payment of extra premiums.

Top-up

Top Ups are not allowed in this plan.

Free look Period

if the policyholder is not convinced with the terms and conditions of the policy, s/he can cancel the policy within 15 days from the receipt of the policy document.

Grace Period

In case of Yearly, Half-yearly and Quarterly premium payment mode you have a grace period of 30 days from the premium due date.

Surrender Value

This plan does not acquire any surrender value at any point of time.

Benefits

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Death Benefit

If the Life Insured dies, before the Risk commencement date: the Fund Value is paid to the nominee.

If the Life Insured dies, after the Risk commencement date: an amount equal to the higher of the following is paid out:

  • 10 times the Annualized Premium
  • 105% of the total premiums paid
  • Fund Value
Risk Commencement Date
  • In case the age of the policyholder is less than 8 years at the time of taking the policy - The risk cover benefits will start one day before the completion of 2 years from the policy start date OR one day before the policy anniversary after the policyholder becomes 8 years old, whichever is earlier.
  • In case the age of the policyholder is 8 years or more - The risk cover starts immediately.

For better understanding, we have used some examples for the Risk Commencement Date in LIC New Endowment Plus Plan.

Maturity Benefit

When the policy matures, the Fund Value is paid to the policyholder as Maturity Benefit.

How it works

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The premium paid by you is invested into the 4 Funds of your choice. The details of the Fund Options are mentioned later in this page. You will receive Units of the Funds. The value of funds will be determined by the NAV of funds which keeps changing on a daily basis depending on how they are invested. The Units x NAV of the funds you hold gives you the Fund Value of your investments on a daily basis. There are a list of charges which are applicable in this plan - details will be explained in the “Charges” section later in this article.

Eligibility

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Minimum Maximum
Policy Term 10 years 20 years
Premium Payment Term Same as the policy term
Age of Entry 90 days
(completed)
50 years
(nearest birthday)
Age at Maturity 18 years
(completed)
50 years
(nearest birthday)
Premium Payment Modes Yearly, Half-yearly, Quarterly & Monthly
Premiums Yearly - Rs. 20,000
Half-yearly - Rs. 13,000
Quarterly - Rs. 8,000
Monthly - Rs. 3,000
No limit

FAQs

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angle down iconWhat if I stop paying the premium before 5 years?

The policyholder has the following options:

  • Pay the due premium(s) within the 30 days from the due date - benefits under the policy shall continue
  • Revive the policy at any time within a revival period of two years from the date of discontinuance - Fund Value after deducting the Discontinuance Charge, if any, shall be transferred to the Discontinued Policy Fund.
  • Complete withdrawal from the policy without any risk cover: The fund value will be paid after 5 years.
angle down iconWhat if I stop paying the premium after 5 years?

The policyholder has the following options:

  • Pay the due premium(s) within the 30 days from the due date - benefits under the policy shall continue.
  • Revive the policy at any time within a period of two years from the date of discontinuance or up to the date of maturity, whichever is earlier
  • Complete withdrawal from the policy without any risk cover - the policy shall be terminated on the date of intimation for complete withdrawal and the balance amount in the Policyholder's Fund shall be refunded.
  • Convert the policy into paid-up policy - Policy will be treated as paid-up policy and no premiums shall be payable thereafter.
angle down iconWhat if I want to surrender the policy?

If the policy is surrendered on or before the expiry of the 5 years' lock-in period, then the Policyholder's Fund Value after deducting the Discontinuance Charges, if any, shall be transferred to the Discontinued Policy Fund and the amount shall be paid after 5 years. If the policy is surrendered after the expiry of 5 years' lock-in-period, then the fund value is paid immediately.

angle down iconWhat if I want a loan against your policy?

There is no loan available under this plan.