LIC Launches Innovative Endowment Plus Plan(See Benefits)

LIC New Endowment Plus Plan is a unit-linked, regular premium, and non-participating insurance plan offered by LIC.

It aims to provide a combination of savings and insurance benefits to policyholders.

Here are the main features of the plan:

1. 1. Investment Funds: The policyholder can choose from four investment funds: Bond Fund, Secured Fund, Balanced Fund, and Growth Fund.
      These funds offer different risk profiles and potential returns, allowing policyholders to align their investments with their risk appetite.
   2. Discontinuation of Old Plan: The previous version of the plan, known as the Old Endowment Plus Plan (Table No. 835), was discontinued on 1st February 2020. The new version, called the New Endowment Plus Plan (Table No. 935), was introduced as a replacement.
   3. Premium Payment: Premiums can be paid regularly on a yearly, half-yearly, quarterly, or monthly basis through online payment modes. A grace period of 30 days is provided for annual, half-yearly, or quarterly premium payments, while a grace period of 15 days is given for monthly premiums if the due date is missed.
   4. Eligibility: The minimum age for purchasing the LIC New Endowment Plus Plan is 90 days, while the maximum age is 50 years. The maturity age of the policy ranges from a minimum of 18 years to a maximum of 60 years.
   5. Death Benefit: In the event of the policyholder’s demise before the commencement of the risk, the nominee receives the total fund value. If the policyholder passes away after the commencement of the risk, the higher of the following amounts is paid:
   6. a. 105% of the total premiums paid.b. 10 times the annualized premium.c. Net Fund Value.

It is important to thoroughly understand the policy terms, conditions, and benefits before investing in the LIC New Endowment Plus Plan.

Consider consulting with LIC representatives or financial advisors to make an informed decision based on your specific requirements and financial goals.