LIC New Endowment Plan (814 Table No) is a non linked plan offers an good combination of Life Insurance and also saving features, and financial security to the family members and nominee. List of best LIC New Endowment Policies which is launched in 2018 gives two major benefits are covered under this life insurance plan; One is maturity benefit at end of the policy term, Second benefit is complete protection to the policy holder for a specific period of time (policy term), it’s one of the Top Listed LIC New Endowment Plan in India with good return. Before buy the policy Know the Eligibility, Sum Assured, policy details, policy new features, benefits, reviews, life insurance coverage, maturity Benefits, premium calculator, maturity calculator, premium chart, return calculator, tax Benefits under Section 80(C) and Section 10 (D). Generally New Endowment LIC Policies are inbuilt Accidental Death and Disability Benefit Rider. PolicyandFunds.com is one of the top & best LIC Agent in Chennai, provides good customer services to choose perfect Life Insurance Plans in India 2018.

LIC Endowment Policies are the best tool to achieve Short-Term as well as Long-Term Financial Goals & for Retirement savings. LIC Policy gives highest return of bonus, final addition bonus in the Life Insurance Industry of India, Plans available Like, 12 years, 15 years, 20 years, 25 years up to 35 years, this policy helpful to to double the money easily, plans are also helps for girl or boy baby child future Higher Education, Carrier, future Marriage.

LIC New Endowment Policy

Policy Main Specification

• Age at Entry (Last Birthday): 8 Years
• Maximum Age at Entry (Last Birthday): 55 Years
• Maximum Maturity Age (Last Birthday) : 75 Year
• Policy Term (PT): 12 – 35 years
• Minimum Sum Assured: 1,00,000
• Maximum Sum Assured: No bound (based on income Limit)
• Variable options to pay Premium (Paying Mode): Yearly, Half-yearly, Quarterly, Monthly (by bank ECS)

Key Features of LIC’s New Endowment Policy

• LIC’s New Endowment Policy is a Traditional Endowment Insurance Plan
• Premiums has to be paid to the full policy chosen period (years)
• Policy continued existence till the period of the policy and the final maturity benefit + bonus and Final Additional Bonus will be paid to the policyholder.
• If the life insured person (policy holder ) may die within the period of policy year, the death and other benefits will be paid to the nominee.

Benefits of LIC’s New Endowment Policy

• Bonus: Policy holder can be eligible for LIC’s declared bonus and also Final Additional Bonus.
• Maturity Benefit: The Basic Sum Assured and declared bonuses, final additional bonus will be paid to the policy holder
• Death Benefit: Life Insured (policy holder) die within the period year, LIC will provide the full basic Sum Assured on Death and added Bonuses shall be payable to the nominee.
  1. 10 times of annualized premium (or)
  2. Subject to a minimum of 105% of the total premiums paid as on date of death, whichever is higher
• Additional Rider Benefit is available: LIC’s Accidental Death and Disability Benefit Rider
• Surrendered Value : The policy eligible to surrender at least three full year premiums are paid by the policy holder.
• Loan : Three full policy year premiums has to paid to eligible for the Loan
• Mode and High S.A. Rebates:
• Mode Rebate:
  1. Yearly mode – 2% of Tabular Premium
  2. Half-yearly mode – 1% of Tabular premium
  3. Quarterly & Monthly mode – NIL
  4. High Sum Assured Rebate discount offered to the policy holder. For choosing yearly and half yearly premium modes.
• Income Tax Benefit: Policy Premium paid under this plan is eligible for TAX under section 80c. and Maturity under this plan is tax free under sec 10 (10D)

Endowment Policy Premium Calculator

With the Endowment Plan Premium Calculator you can know the points of interest like Premium sum, development esteem, surrender esteem, credit esteem and returns of the Policy. Endowment Policy Premium adding machines will request that you input data like your age, policy term and measure of entirety guaranteed. Utilizing this data, the number cruncher will register the top notch which you will be required to pay towards your endowment policy.

Sample Premium Detail with Rates

Sample premium rates declared below in table (excluding service tax) per Rs. 1000/- Basic Sum Assured (SA):

Riders For Endowment Policy

Most endowment policies offer additional items to improve the insurance gave by the policy. A portion of the riders usually accessible with endowment approaches are as per the following.

• Basic Disease (Critical illness)
• Waiver of premium
• Accidental death (Unplanned passing)
• Quickened sum assured
• Disability and perpetual handicap
• Hospital cash (Healing facility money)

LIC’s New Endowment Policy Details and KYC

Under the policy Grace Period: 30 days will be allowed to premium pay. Policyholder if fails to pay the premium within the policy grace period, automatically the policy will be get lapsed. And there is a option to be revived the policy within the period of two years from the date of the first unpaid policy premiums.

Free Look Period: Policy holder are not satisfied under the policy condition or like coverage etc., policy holder have the options to cancel the policy within the period of 15 days from date of receipt, provided any claim happen LIC will not be paid.

Exclusions: Suicide committed within one year (12 months) of policy period from the date of commencement of risk, LIC will not pay any claim under this policy except for to the extent of 80% of the premiums paid excluding any taxes, extra premium and rider premiums, if any, provided the policy is in force.

Documents Required: Proposal Form 300/340/360 shall be filled under this plan with exact medical history, and also other proof of documents are required to completed the policy, like address proof and other Know your customer (KYC) documents. Additionally Medical test may required based on the sum assured also the age of the person wants to take the policy

Required Documents to buy Endowment Policy

Keeping in mind the end goal to apply for an endowment policy, clients will for the most part be required to submit essential documentation, for example, the accompanying:

• Completely filled Application form/Proposal form.
• Photo.
• Evidence of living arrangement/address verification.
• Evidence(proof) of age.
• Medical Reports (just if required).

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