Single Premium Endowment Plan

Features

LIC's Single Premium Endowment Plan is a participating non-linked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. This combination provides financial protection against death during the policy term with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility. 

Death Benefit                                             

a) On death during the policy term before the date of commencement of risk: Return of single premium excluding service tax and extra premium, if any, without interest.

b) On death during the policy term after the date of commencement of risk: Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any.

Maturity Benefit:

Sum Assured, along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.

Participation in profits:

The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation.

Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity on such terms and conditions as may be declared by the Corporation from time to time.

ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS :

1. Minimum entry age                    : 90 days (completed)
2. Maximum entry age                   :  65 years (nearest birthday)
3. Maximum maturity age:            : 75 years (nearest birthday)
4. Minimum policy term                : 10 years
5. Minimum age at maturity           : 18 years (completed)
6. Maximum policy term                : 25 years
7. Minimum Sum Assured             : Rs.50,000
8. Maximum Sum assured             : No limit

Sum Assured will be in multiples of Rs.5,000 /- only.                

1. Premium payment mode            : Single Premium only

Date of Commencement of risk:In case the age of Life Assured at entry is less than 8 years, risk under this plan will commence either 2 years from the date of commencement or from the policy anniversary coinciding with or immediately following the attainment of 8 years of age, whichever is earlier. For those aged 8 years or more, risk will commence immediately.

SAMPLE PREMIUM RATES:  

The sample premium rates (exclusive of taxes) are as under: -

Single Premium per 1000 Sum Assured
Age (Nearest birthday)	Term
	10	15	25
10	756.90	640.30	463.10
20	757.60	641.55	465.85
30	757.95	642.60	470.90
40	759.75	647.65.	488.35
50	766.05	662.25	527.35
60	777.50	688.60	-

REBATE FOR HIGH SUM ASSURED :

High Sum Assured Rebates:

Sum Assured (S.A)                Rebate (Rs.)
50,000 to 95,000                          Nil
1, 00,000 to 1, 95,000                 18%o S.A.
2, 00,000 to 2, 95,000                 25%o S.A.
3, 00,000 and above                    30%o S.A.

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LOAN :

Loan can be availed under this plan any time after completion of first policy year and subject to terms and conditions as the company may specify from time to time.

SURRENDER VALUE:

Buying a life insurance contract is a long term commitment. However, surrender value is available under the plan on earlier termination of the contract.

The Guaranteed Surrender Value allowable shall be as under:

1. First year:  70% of the Single premium excluding service tax and extra premium, if any
2. Thereafter: 90% of the Single premium excluding service tax and extra premium, if any.

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TAXES:  

Taxes, if any, shall be as per the Tax laws and the rate of tax as applicable from time to time.

The amount of tax payable as per the prevailing rates shall be payable by the policyholder on premiums including extra premiums, if any. The amount of Tax paid shall not be considered for the calculation of benefits payable under the plan.

       
     COOLING-OFF PERIOD:

If the policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 15 days from the date of receipt of the policy stating the reason of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of single premium deposited after deducting the proportionate risk premium for the period on cover, charges for medical examination, special reports, if any, and stamp duty.

3.    EXCLUSIONS:

The policy shall be void if the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of 90% of the single premium paid excluding taxes and any extra premium paid.

                                                           

                                                               Official Policy Document

For More Info Contact – US or

Call or SMS “Plan” to 9977143290

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New Endowment Plan

Key Features


LIC's New Endowment Plan ( Table NO -18 ) is a participating non-linked plan which offers an attractive combination of protection and saving features. This combination provides financial support for the family of the deceased policyholder any time before maturity and good lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.   




       
Death Benefit :
• In case of death during the policy term provided all due premiums have been paid Death benefit, defined as sum of "Sum Assured on Death" and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where, “Sum Assured on Death” is defined as higher of Basic Sum Assured or 10 times of annualised premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death.
• Maturity Benefit :
  Maturity Benefit: Basic Sum Assured, along with vested simple reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on Survival to the end of the policy term provided all due premiums have been paid
• Income Tax Benefit :
  100% Income Tax Exemption Under Section 80C

  Maturity/claims are 100% tax free Under Section 10 (10) D

• 	Minimum	Maximum
  Sum Assured(in Rs.)	100,000	No limit
  Policy Term(in years)	12 years	35 years
  Entry Age of Policyholder	8 years	55 years
  Age at Maturity -	75 years	75 years
  Single Premium	N/A	N/A
  Payment modes	Yearly/Half Yearly/Quarterly/Monthly(ECS)/SSS



• LOAN : 

  Loan can be availed under this plan any time after completion of first policy year and subject to terms and conditions as the company may specify from time to time.

  SURRENDER VALUE:

  Buying a life insurance contract is a long term commitment. However, surrender value is available under the plan on earlier termination of the contract.
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• Eligibility Conditions and Other Restrictions:
• 
  
• For Basic plan
  1.    Minimum Basic Sum Assured                     :   Rs. 100,000
  2.    Maximum Basic  Sum Assured                    :   No Limit
         (The Basic Sum Assured shall be in multiples of Rs. 5000/-)
  3.    Minimum Age at entry                                :  8 years (completed)
  4.    Maximum Age at entry                                :  55 years (nearest birthday)
  5.    Maximum Maturity Age                              :  75 years (nearest birthday)
  6.    Minimum Term                                              :  12 years
  7.    Maximum Term                                             :  35 years
  For LIC’s Accidental Death and Disability Benefit Rider
  8.    Minimum Accident Benefit Sum Assured  :   Rs. 100,000
  9.    Maximum Accident Benefit Sum Assured  :  
  An amount equal to the Sum Assured under the Basic Plan subject to the maximum of Rs.50 lakh Accident Benefit Sum Assured taking all existing policies of the Life Assured under individual as well as group schemes including policies with in-built accident benefit taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured under the new proposal into consideration.
         (The Accident Benefit Sum Assured shall be in multiples of Rs. 5000/-)
  10. Minimum Age at entry                                :  18 years (completed)
  11. Maximum Age at entry                                : The cover can be opted for at any policy anniversary during the policy term but before the policy anniversary on which the age nearer birthday of the Life Assured is 70 years.
  12. Maximum cover ceasing age                       :  70 years (nearest birthday)
  Payment of Premiums
  Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS only) or through salary deductions over the term of policy.
  However, a grace period of one month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums. 
  Sample Premium Rates 
  Following are some of the sample tabular premium rates (exclusive of service tax) per Rs. 1000/- Basic Sum Assured:

  AGE/TERM	15	25	35
  20	71.20	40.10	28.10
  30	71.50	40.75	29.40
  40	72.85	43.25	33.15
  50	77.10	49.40

  Mode and High S.A. Rebates:
  Mode Rebate:
  Yearly mode                               -       2% of Tabular Premium
  Half-yearly mode                       -       1% of Tabular premium
  Quarterly & Salary deduction   -      NIL
  High Sum Assured Rebate:
         Basic Sum Assured (B.S.A)                     Rebate (Rs.)
  1, 00,000 to 1, 95,000             -           Nil
  2, 00,000 to 4, 95,000             -           2.00 %o B.S.A.
  5, 00,000 and above               -           3.00%o B.S.A.
  13. Revival
  If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revive within a period of 2 consecutive years from the date of first unpaid premium and before the date of maturity, as the case may be by paying all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation at the time of the payment, subject to submission of satisfactory evidence of continued insurability.
  Revival of rider(s), if opted for, will be considered along with revival of the Basic Policy, and not in isolation.
  14. Paid-up Value
  If at least three full years’ premiums have been paid and any subsequent premiums be not duly paid, this policy shall not be wholly void, but shall continue as a paid-up policy. The Basic Sum Assured under the policy shall be reduced to such a sum, called Paid-up Sum Assured and shall bear the same ratio to the Basic Sum Assured as the premiums paid bears to the total number of premiums i.e. Basic Sum Assured *(no. of premiums paid / no. of premiums payable).
  This Paid-Up Sum Assured along with vested simple reversionary bonuses, if any, is payable on the expiry of policy term or in case of prior death. The reversionary bonuses already accrued to the policy as on the date of paid-up will remain attached to the policy. A paid-up policy will not accrue any further bonuses.

                                                                  Official Policy Document

   For More Info Contact – US or

   Call or SMS “Plan” to 9977143290

Read More