LIC’s New Endowment Plan is a life insurance policy that combines savings with death benefits. Upon maturity, the plan pays out a lump sum amount. If the policyholder passes away during the policy term, the plan provides financial support to their family.

Key features:

• Eligibility:

  • Age: 8 to 55 years

  • Policy Term: 12 to 35 years

  • Basic Sum Assured: ₹10,000 to no limit

• Benefits:

  • Death Benefit: Payable if the policyholder dies during the policy term. The amount depends on the policy term and premiums paid.

  • Maturity Benefit: Payable if the policyholder survives the policy term. It includes the Basic Sum Assured and vested Simple Reversionary Bonuses and Final Additional Bonus, if any.

• Options:

  • Riders: Offers various riders like Accidental Death and Disability Benefit, Accident Benefit, New Term Assurance, and New Critical Illness Benefit.

  • Option to take Death Benefit in installments over 5, 10, or 15 years.

• Additional features:

  • Premium Payment: Yearly, half-yearly, quarterly, or monthly.

  • Grace Period: 30 days for yearly, half-yearly, and quarterly premiums; 15 days for monthly premiums.

  • Revival: A lapsed policy can be revived within five years.

  • Paid-up Policy: If premiums are not paid after two years, the policy continues as a paid-up policy with reduced benefits.

  • Surrender: The policy can be surrendered after two years.

  • Policy Loan: Available after two years’ premiums have been paid.