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| New Endowment Plus (835) |
NEW ENDOWMENT PLUS (835)
This is the ULIP (Unit Linked Insurance Plan). This is insurance cum investment plan, where the money will be invested in an equity market.
This is unique plan. We Start as SIP for long Term equity market and get high return and life insured.
Features-
1.You can choose your premium amount.
2.Your insurance coverage will be based on the premium amount you have chosen.
3.LIC charges premium allocation amount. This is 7.5% in the first year, 5% from 2nd to 5th year, and 3% after the 6th year.
4.LIC charges Fund Management Charges too. This will be 0.70% per year on unit fund.
5.If you discontinue then LIC penalizes you by charging 0.50% per year on unit fund.
6.The rest of the amount will be invested in the market based on the option chosen by an investor
Eligibility of LIC’s New Endowment Plus (Table No.835)
Minimum age at entry is 90 days.
Maximum age at entry is 50 years.
Policy Term is 10 to 20 Years.
Minimum Annual Premium is Rs.20, 000.
Maximum Annul Premium limit-NO LIMIT.
Basic Sum Assured mean higher of 10 times of annual premium and 105% of total premiums paid.
What is the maturity benefit?
An amount equal to Policyholder’s Fund Value will be payable.
What is the commencement of Risk?
If entry age is less than 8 Yrs-Date of Purchase+2 Years.
If entry age is more than 8 Yrs-Immediately.
Switching of Fund-
Only four switches are free. Later on you have to Rs.100 per switch.
