New Endowment - 914

LIC’s New Endowment Plan is a Non-linked, Participating, Individual, Life Assurance plan which offers an attractive combination of protection and saving features. This combination provides financial support for the family of the deceased policyholder any time before maturity and good lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.

1. Benefits:

a. Maturity Benefit: On Life Assured surviving the policy term, provided the policy is in-force, “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Maturity” is equal to Basic Sum Assured.

b. Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in-force. Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity. Final Additional Bonus shall not be payable under paid-up policies.

c. Death Benefit: Death benefit payable in case of death of the Life assured during the policy term provided the policy is in-force shall be “Sum Assured on Death” along with vested Simple Reversionary Bonuses and Final Additional bonus, if any. Where, “Sum Assured on Death” is defined as higher of Basic Sum Assured or 7 times of annualized premium. This death benefit shall not be less than 105% of total premiums paid upto the date of death. Premiums referred above exclude taxes, extra premium and rider premium(s) if any.

2. Eligibility Conditions and Other Restriction :

a) Minimum Basic Sum Assured ` 100000

b) Maximum Basic Sum Assured No Limit (The Basic Sum Assured shall be in multiples of ` 5000/-)

c) Minimum Age at entry 8 years (completed)

d) Maximum Age at entry 55 years (nearer birthday)

e) Maximum Maturity Age 75 years (nearer birthday)

f) Minimum Policy Term 12 years

g) Maximum Policy Term 35 years

Date of commencement of risk under the plan: Risk will commence immediately on acceptance of the risk

Date of vesting under the plan: The policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.

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