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Launch Date Table No. UIN Status
9/10/2013 814 512N277V01 Active

About LIC New Endowment plan

  • An investment plan wherein a person gets life protection with a good amount of money back at the end of tenure
  • Premium is paid till end of the policy term
  • An additional option of life cover (rider) due to accidental death is provided

 

Modes of Payment Yearly
Half-yearly
Quarterly
Monthly
Claim Settlement Ratio of the Insurer 98.31%
USP of the Policy Life insurance coverage along with saving option
Bonus Rate Bonus rates change on a yearly basis according to the performance of the company. The bonus rates for the year 2017 – 18 for different policy terms are as follows:
  • The bonus rate for 12 to 15 years is 0.38% 
  • The bonus rate for 16 to 20 years is 0.42% 
  • The bonus rate for more than 20 years is 0.48%

 

Illustration

Person’s age: 25
Sum assured: Rs 25 lakhs
Premium Paying Term: 35 years
Policy term: 35 years

For a sum assured of INR 25 lakhs and a policy term of 35 years, a 25-year-old individual will have to pay a premium of Rs 5,800 per month. 

Sum payable to the policyholder on maturity of the fund is INR 60,00,000 with an assumed 4% rate of return.

How does this plan work?

Under LIC New Endowment Plan, an individual invests regularly for a selected period chosen between 12 to 35 years. Additionally, for the plan, a sum assured of more than INR 1 lakh has to be selected by the buyer. On completion of the premium paying term, the individual receives a Maturity Benefit which is a lumpsum comprising of the basic sum assured and accrued bonus.

In case on death of the insured, during the policy term his nominee receives the Death benefit that is a lumpsum amount called sum assured on death including reversionary bonuses. The sum assured on death paid is a higher value among;

  1. Basic Sum assured or
  2. 10 times of the yearly premium amount paid till death

Note that the death sum assured paid > 105% of the premiums paid till death Plus Accrued bonuses.

Illustration:

Consider,

Person’s age: 25
Sum assured: Rs. 25 lakhs
Premium Paying Term: 35 years
Policy term: 35 years

A 25 year old individual pays a premium of Rs 5800 per month for a policy term of 35 years. On completion of the policy paying term, he will receive a lumpsum of Rs. 60,00,000 as the maturity amount which is inclusive of accrued bonus(consider 4% reversionary bonus every year).

In-case on death of the individual before the end of policy term, his nominee will receive death benefit lumpsum which includes accrued bonus and is of a higher valuation from basic sum assured or total annual premium paid till his death.

Why should you buy LIC New Endowment Plan?

  • It is one of the secure investment option which provides monetary gains over the years
  • High Life cover ratio means higher bonus amounts.
  • This plan can be used for availing house loans 
  • Premiums paid are tax exempt under section 80C and maturity amount is tax free

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Bonus History

Company Name : Life Insurance Corporation of India

Plan Name : New Endowment Plan

BonusYear RevBonus MinPT MaxPT
2014 3.80% 12 15
2014 4.20% 16 20
2014 4.80% > 20
2015 3.80% 12 15
2015 4.20% 16 20
2015 4.80% >20
2016-17 3.8% 12 15
2016-17 4.2% 16 20
2016-17 4.8% >20

Bonus explained: For a sum assured of Rs. 100000/-, if the bonus declared is 4.2% or Rs 42/- per thousand, then the amount of Rs 4200/- gets accumulated into the policy for that year.

Who should buy LIC New Endowment Plan?

For any individual who is between 8 to 55 year old can be insured under this plan. As it offers secure investment with good lump sum returns for a maximum tenure of 35 years with life cover.

Riders & Add On

The following rider is available under this plan:

Accidental Death and Disability Rider: The nominee receives the sum assured after the insured’s accidental death or dismemberment or permanent disability.

Claim Process

Know Claim Process of LIC New Endowment Plan

Claim Process

Company Overview

Life Insurance Corporation is a government owned insurance and Investment Company with its headquarters in Mumbai. LIC offers a wide range of products such as term plans, pension plans, group schemes and unit-linked plans. With a huge presence in overall Indian markets, unmatched distribution network, strong brand value and a wide range of products, LIC is the largest public insurance company in India.

BENEFITS OF BUYING FROM ONEINSURE

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Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.

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Tab 2

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burger₹ 700
Your yearly cost on fast food = roughly ₹ 8,400
price
Cost of Health Insurance for whole family with ₹ 5 lakhs cover!

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