LIC Endowment Plus

March 22, 2021

SaveSavedRemoved 0

LIC’S ENDOWMENT PLUS (Plan No. 802):

Summary:

LIC’s Endowment Plus (Table No.802) is a unit-linked endowment plan which offers investment-cum-insurance during the term of the policy.
You can choose the level of cover within the limits, which will depend on the mode and amount of premium you want to pay.

LIC Endowment Plus 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 a higher 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 the death certificate.

b) Benefits payable on maturity:
On maturity, the policyholder will receive an amount equal to 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:

Bond Fund
Secured Fund
Balanced Fund
Growth Fund

MODES OF PREMIUM PAYMENT:
The 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 the 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 annualized 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

Also Read Jeevan Saathi

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.

Top-up Premium: Not allowed.

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

LOANS:
The 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%