LIC new endowment plan is a participated non linked plan which offers an attractive combination of protection and saving features. This combination provides financial support for the family of the deceased policy holder any time before maturity for the surviving policy holders. This plan is also takes care of liquidity needs through its loan facility. Yes some insurance plans do not have the facility of loan but it is differ than those.
what are the benefits of this plan?
Death Benefits
Incase of death during the policy term provided all due premium have been paid Death benefit, defined as sum of " SUM ASSURED ON DEATH" and vested simple reversionary bonus and financial additional bonus, if any, shall be payable where "SUM ASSURED ON DEATH" is defined as higher of basic sum assured or ten times of annualized premiums paid on date of death. Where premiums exclude service tax, extra premium and rider premiums; if any.
Maturity Benefits
Basic sum assured, along with vested simple reversionary bonus and financial additional bonus; if any shall be payable in lump sum in survival to the end of the policy term provided all due premiums have been paid.
The policy shall participate in profits of the corporation and shall be entitled to receive simple reversionary bonus declared as per the experience of the corporation, provided the policy is in full force.
Optional benefits (Accidental Death and Disability Benefit Rider)
This is available as an optional rider by payment of additional premium. incase of accidental death, the accidental benefit sum assured will be payable as lump sum along with the death benefit under the basic plan. incase of accidental permanent disability arising due to accident , an amount equal to the Accident Benefit sum assured will be paid in EMI spread over 10 years and future premiums for accident benefit sum assured as well as premiums for the portion of basic sum assured which is equal to accident benefit sum assured under the policy; shall be waived.
Thank you for sharing such great information.It is informative, can you help me in finding out more detail on Endowment Plan,
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