This is a regular premium Unit Linked Assurance Plan, which offers investment- cum-insurance. Policyholder can choose the amount of premium one desires to pay, depending on premium paid policyholder will get the equivalent level of risk cover.
Features & Conditions of NEW ENDOWMENT PLUS Plan:
Minimum age at entry :90 days
Maximum age at entry : 50 years Near Birth Day
Minimum Maturity age : 18 years Near Birth Day
Maximum Maturity age : 60 years Near Birth Day
Policy term :10 to 20 years
Minimum Premium :
- Yly – Rs. 20,000
- Hly- Rs. 13,000,
- Qly- Rs. 8,000,
- Mly ECS – Rs. 3,000
- and in multiple of Rs. 250 for Mly NACH and in multiple of Rs. 1,000 for other modes.
- Maximum Premium : No limit
Available Riders:
LIC’s Linked Accident Benefit Rider. Maximum Rs. 1 Crore under all plans.
Options:
- Switching between any fund types.
4 switches per annum are free. - Death Benefit in installments for 5 years.
- Partial Withdrawal after 5 years.
- Accident Rider can be cancelled.
- Top Up not allowed.
Force Maieure Conditions:
In event of certain force majeure conditions declaration of NAV on day to day basis may be deferred and could include other actions as a part of investment strategy.
Mode of Payment: Yearly, Half Yly, Qly & Mly NACH only.
Rebates: Nil
Grace Period: 15 days for monthly mode and 30 days for other modes.
Policy Loan: Not Available
Surrender/Paid up : Allowed After 5 years.
Revivals: Within 3 years of FUP.
Suicide Clause: Within 12 months of DOC or Revival claim will be restricted to Fund Value.
Back Dating: Not Allowed.
Proposal Form: Separate form.
Tax Benefits :
On Basic Premiums : u/s 80C
Maturity/Death claim : u/s 10(10D)
DATE OF COMMENCEMENT OF RISK:
For age at entry less than 8 years LBD :
One day before completion of 2 years from DOC or one day before Policy Anniversary after completion of age of 8 years LBD, whichever is earlier.
For age at entry 8 years LBD or more: Risk will commence immediately.
DEATH BENEFIT:
Before Commencement of Risk: Fund Value
After Risk Commences : Basic SA or Fund Value or 105% of Total Premiums Paid whichever is higher.
Basic SA = 10 times of annualized Premium.
MATURITY BENEFIT: Fund Value
Fund Options: Bond Fund, Secured Fund, Balanced Fund & Growth Fund.
Underwriting Rules:
Actual Sum Assured (ASA) for SUC:
For FMR, Special Reports, MHR & TRSA: Basic S.A. only.
Non -Medical Schemes: One time Stand Alone NM limit of 5 lakhs Basic SA is allowed to proposers of Age group 18 to 35 years. (Excluding Major Students). This 5 lakhs NM Basic SA is not to be added for calculation of SUC for subsequent proposals under this plan.
Age Proofs: All Allowed.
Female Lives : All Allowed.
Pregnant ladies: Cat A1 only up to 24 weeks of pregnancy.
Third Gender: Standard Age proof is must. Proposal will be decided at CO NB&R Department.
Minor lives/Maior Students: Max TRSA inclusive of all plans Rs. 2 crore & Standard Minor lives only. TRSA beyond Rs. 2 crore/substandard minor lives at CUS only with MM’s recommendation. Standard Age proof is must.
Sub-Standard Major lives:
Up to age 40 – Up to Class X,
Age 41 to 45 – Up to Class VIII, Age 46 to 50 – Up to Class I! Physically Handicapped lives should be gainfully employed.
Occupation/Residence Extra:
Standard extra is to be charged.
Max Permissible Extra: Rs. 15 upto age 45 and Rs. 4 for age 46 and above.
If occupation extra is charged, Accident rider will not be allowed.
Kevman/Partnership/Empl-Emplovee:
Allowed only under Employer-Employee
NRIs & FNIOs Residence Group:
- Group I & II : Not Allowed.
- Group III & IV : Allowed with extra.
- Group V : Allowed without extra.
- House wives & Juvenile Lives: Group IV & V only.
- NMS : Group V only.
- Mail order : Only NRIs of Group V