Endowment Plus

This is Unit Linked Endowment plan offers investment cum insurance when you are under the term of the policy. According to the mode and amount of premium you can choose the level of cover within the limit.

Plan features at glance:

* Critical Illness Benefit

* Accident Benefit

* Partial withdrawals

* Loan on policy


BENEFITS:

a) Benefits payable on death:

In case of death of the policyholder when the cover is in full force, the nominee shall be eligible to get higher of Sum Assured under the Basic Plan and the Policyholder’s Fund Value as at the date of booking the liability. The liability shall be booked after receipt of intimation along with death certificate.

b) Benefits payable on maturity:

On maturity the policy holder will receive an amount equal to the his Fund Value.

Accident Benefit Rider Option:

Accident Benefit (AB) can be availed of as an optional Rider benefit by paying an additional premium of Rs.0.50 for every Rs.1,000/-

The Policyholder will have the option to choose any 1 of the below 4 Funds:

1. Bond Fund

2. Secured Fund

3. Balanced Fund

4. Growth Fund

MODES OF PREMIUM PAYMENT:

Regular premium can be paid either in yearly, half yearly, quarterly or monthly (ECS) installments.

Min. premium Rs. 20,000/- yearly or Rs.1750 per month by ECS mode.

Single Premium is also allowed under LIC Endowment Plus plan. Minimum onetime Investment Rs.30,000/-

Eligibility and other conditions for LIC Endowment plus Table No. 802:

For Basic Plan

a) Minimum Basic Sum Assured:

  • Regular Premium policies: (Policy Term +1) times the annualised premium
  • Single Premium:

For age at entry below 45 years: 1.25 times the single premium

For age at entry 45 years and above: 1.10 times the single premium

b) Maximum Basic Sum Assured:

  • Regular Premium policies:

30 times the annualized premium, if age at entry is upto 45 years

25 times the annualized premium, if age at entry is 46 to 60 years

  • Single Premium Policies:

If Critical Illness Benefit Rider is not opted for:

5 times the Single premium, if age at maturity is upto 65 years.

3 times the Single premium, if age at maturity is 66 to 70 years.

If Critical Illness Benefit Rider is opted for:

5 times the Single premium, if age at maturity is upto 55 years.

3 times the Single premium, if age at maturity is 56 to 60 years.

c) Minimum Premium:

Regular premium (other than monthly (ECS) mode): Rs. 20,000 yearly

Regular premium (for monthly (ECS) mode): Rs. 1,750 p.m.

Single premium: Rs. 30,000

d) Maximum Premium:

Regular premium: Rs. 1,00,000 p.a.

Single premium: No Limit

Annualized Premiums and single premium shall be payable in multiple of Rs. 1,000 for

other than ECS monthly. For monthly (ECS), the premium shall be in multiples of Rs. 250/-

e) Minimum Entry Age: 7 years last birthday

f) Maximum Entry Age: 60 years nearest birthday

g) Policy Term : 10 to 20 years

h) Minimum Maturity Age: 18 years completed

i) Maximum Maturity Age: 70 years nearest birthday

Age at entry for the policyholder is to be taken as age nearest birthday except for the

minimum age at entry i.e. 7 years.

For Accident Benefit

  • a) Minimum Sum Assured: Rs. 25,000
  • b) Maximum Sum Assured: Rs. 50,00,000 taking all existing policies of the Life Assured under individual as well as group schemes taken with Life Insurance Corporation of India and other insurance companies and the Accident Benefit Rider Sum Assured under the new proposal into consideration.
  • c) Minimum / Maximum Premium: No separate Limit
  • d) Minimum Entry Age: 18 years completed
  • e) Maximum Entry Age: 60 years nearest birthday
  • f) Policy Term: 10 to 20 years
  • g) Maximum Maturity Age: 70 years nearest birthday

Sum Assured shall be available in multiples of Rs. 5,000

For Critical Illness Rider Benefit

  • a) Minimum Sum Assured: Rs. 50,000
  • b) Maximum Sum Assured: Rs. 10,00,000 taking Critical Illness riders availed under all existing policies of the Life Assured with the Corporation and the Critical Illness Rider Sum Assured under the new proposal under consideration.
  • c) Minimum /Maximum Premium: No separate Limit
  • d) Minimum Entry Age: 18 years completed
  • e) Maximum Entry Age: 50 years nearest birthday
  • f) Policy Term: 10 to 20 years
  • g) Maximum Maturity Age: 60 years nearest birthday

Fund Switching: Within a given policy year, 4 switches will be allowed free of charge.

Partial withdrawals: A policyholder can partially withdraw the units at any time after the fifth policy anniversary and provided all due premiums till date of partial withdrawal have been paid.

LOANS:

Loan will be available under this plan subject to the following conditions:

  • Loan will be granted under the policy after completion of three years and provided all due premiums have been paid.
  • Policy Loan will be available to the extent of 30 % of the Policyholder’s Fund value.
  • No Partial Withdrawal will be allowed if any loan is outstanding.
  • If the Fund Value at any time is less than or equal to the loan outstanding along with interest thereon, the policy will be compulsorily terminated.

The rate of interest charged for this loan amount would be determined from time to time by LIC. Presently the rate of interest is 9 % p.a. payable half-yearly.

Allocation Charges:

The allocation charges are as below:

For Single premium policies: 3.3%

Allocation Charges for Regular premium policies:

  • First Year: 7.50%
  • 2nd to 5th Year: 5.00%
  • Thereafter: 3.00%

POLICY ADMINISTRATION CHARGE – The Policy Administration charge of Rs. 30/- per month during the first policy year and Rs 30/- per month escalating at 3% p.a. thereafter.

FUND MANAGEMENT CHARGE – Fund Management Charges (FMC) are dependent on type of Fund and are deductible on the date of computation of NAV at the following rates:

  • 0.50% p.a. of Unit Fund for “Bond” Fund
  • 0.60% p.a. of Unit Fund for “Secured” Fund
  • 0.70% p.a. of Unit Fund for “Balanced” Fund
  • 0.80% p.a. of Unit Fund for “Growth” Fund

Please send a mail to info@investinsure.in for personalized illustrations.

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