LIC New Endowment Plan is a plan with Profits Non-linked endowment Plan. It is a Combination of Protection and Savings
Key Features of LIC New Endowment Plan
- LIC New Endowment Plan is a premium paying, non-linked plan.
- This plan is a short term plan with term starting at 12 years.
- Premium payment is as long as the policy term.
- Death benefit within the term of the policy is Sum Assured + accrued bonus.
- Maturity benefit is Sum Assured + Bonus.
- Policy holder can take a loan against the policy after paying a premium for three years.
New Endowment plan provides good maturity amount in case of unfortunate death of Policyholder any time before maturity and a lump sum amount at the time of maturity irrespective of survival of the Policyholder.
Premiums paid towards New Endowment Plan is eligible for Tax rebate under Section 80C each year upto Rs.1,50,000. The Maturity/ Death claim paid under New Endowment Plan is 100% Tax-free under Section 10(10d)
Eligibility Conditions And Restrictions
- Minimum Age : 8 Years Completed
- Maximum Age : 55 years
- Maximum Maturity Age : 75 years
- Policy Term : 12 years to 35 years
- Premium Payment Term : Policy term
- Minimum Sum Assured : Rs,1,00,000
- Maximum Sum Assured : No limit
- Premium Payment : Yearly/Half yearly/Quarterly/Monthly/(Through Bank)
- Loan : Eligible After 3 years