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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

Compare this plan with other Investment Plans

LIC New Endowment Plus Plan - Key Features

It is a Unit-linked endowment insurance plan
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Choice of 4 investment fund options
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Free fund switches
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Income Tax Benefit under Sections 80C & 10 (10D)
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Investment Fund Options
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Fund Nam...

Switching
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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 m...

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

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

Top-up
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Top Ups are not allowed in this plan.

Free look Period
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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...

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

LIC New Endowment Plus Plan - Benefits

Death Benefit

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

If the Life Insured die...

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 sta...

Maturity Benefit

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

How does the LIC New Endowment Plan work?

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 Conditions in LIC New Endowment Plus Policy

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

LIC New Endowment Plus Plan - FAQs

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

There is no loan available under this plan.