LIC's New Endowment Plan T-814  

LIC’s New Endowment Plan is a participating non-linked stocks 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 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.

Benefits:

1) 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.

2) 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, provided the policy is in full force.

3) 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, provided the policy has run for certain minimum term.

4) 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.

Where premiums exclude service tax, extra premium and rider premiums, if any.

Optional Benefit:

LIC’s Accidental Death and Disability Benefit Rider:  LICs Accidental Death and Disability Benefit Rider is available as an optional rider by payment of additional premium. In case of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan.  In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments 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.

Income Tax Benefits:

1)    Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C

2)   Also the proceeds received on maturity or by the family on death of the policyholder will be exempted from tax under section 10(10)D subject to fulfilment of terms and conditions.

Loans:

Available after payment of premiums of 3 full years.

Note: This is only few particulars of above policy .Do you want know all details, you must contact your

Family LIC Agent as early..