Endowment Plans

LIC’s NEW ENDOWMENT PLAN

New Endowment Plan (No.814):

New Endowment Plan is a participation non-linked plan 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 policy holders. New Endowment  Plan is also takes care of liquidity needs through its loan facility.

Features:

• Life risk cover for the life insured
• Additional acidental risk cover 
• Moderate Premiums
• High bonus 
• Savings oriented plan
• The upper limit of additional accidental sum assured is Rs 50/-  (Fifty Lakhs only)

Policy terms & Conditions:

Double Tax Benefit:

U/S 80 C : Premiums paid uner this plan are eligible for tax rebate

U/S 10(D) : Maturity Returns / Death claim amount is also tax free U/S 10 (D)

Possible Events during policy duration:

On death

If the policy holder dies during the policy term, his/her nominee will be paid following, after which the policy will terminate.

1. Basic sum assured or 10 times of the Annual Premium (whichever is higher)
2. Additional accidental sum assured (maximum upto Rs. 50 Lakhs.
3. Simple Reversionary Bonus
4. Final Additional Bonus (if any)

Maturity Benefits:

The policy holder will get the folowing returns at maturity:

1. Basic sum assured
2. Simbple Reversionary Bonus
3. Final Additional Bonus (if any)

The policy will terminate after this.

Understand New Endowment Plan with an example:

Mr. Abhinav aged 30 years, plans to take New Endowment Plan for the term of 20 years and

sum assured of Rs 2,00,000/-  ( Two Lakh rupees only).

Mr. Abhinav has to pay an annual premium of Rs 10,230/- (Ten Thousand Two Hundred and Thirty rupees only)

Benefits:

On Death

If Mr Abhinav dies during the policy term, his nominee will receive the Sum Asured i.e. Rs 2,00,000/- (Two Lakhs Rupees only) + Accrued Bonuses. After this, the policy will terminate.

On Accidental Death

If during the policy term, Mr. Abhinav dies due to an accident, his nominee will receive the Basic Sum Assured (2,00,000) + Additional Sum Assured (Rs 2,00,000/-) + Accrued Bonuses.

The policy will terminate after this event.

Survival Benifit

If Mr. Abhinav survives till the end of policy term, he will get the Basic Sum Assured i.e.

 Rs 2,00,000/- (Rupees Two Lakhs only) + Accrued Bonuses. The policy will terminate thereafter.

-------------------------------------------------------------------------------------------------------------------------

Jeevan Rakshak

Jeevan Rakshak Plan (No. 827)

LIC's Jeevan Rakshak Plan offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policy holder any time before the maturity and a limp sum amount at the time of maturity for the surviving of policy holder.

This plan is basically for those who need a low premium risk cover and some maturity benefits in form of Loyalty Bonus.

Features:

• Life risk cover for the life insured
• Aditional accidental risk cover 
• Low Premium Rates
• Loyalty bonus
• Loan Facility Available

Policy terms & Conditions:

Double Tax Benefit:

U/S 80 C : Premiums paid under this plan are eligible for tax rebate

U/S 10 (D) : Maturity Returns / Death claim amount is also tax free 

Benefits during policy duration:

On Death

If the policy holder dies during the policy term, his/her nominee will be paid following, after which the policy will terminate.

1. Basic sum assured or 10 times of the Annual premium (whichever is higher)
2. Loyalty Bonus (payable if the death occurs after completion of 5th policy year)

On Accidental Death

In case, the policy holder dies due to an accident, the nominee will be paid following, after which the policy will terminate.

1. Basic sum assured or 10 times of the Annual premium (whichever is higher)
2. Additional accidental sum assured (maximum upto Rs. 50 Lakhs)
3. Loyalty Bonus (Payable if the death occurs after completion of 5th policy year)

Maturity Benefit:

The policy holder will get the following returns at maturity:

1. Basic sum assured
2. Loyalty Bonus (Payable if the death occurs after completion of 5th policy year)

The policy will terminate after this.

Understand New endowment Plan with an example:

Mr. Sateesh aged 35 years, plans to take Jeevan Rakshak Plan for the term of 20 years and

sum assured of Rs 2,00,000/- Two Lakh Rupees only)

He is required to pay an annual premium of Rs 8,320/- (Eight Thousand Three Hundred and twenty only)

Benefits:

On Death

If Mr Sateesh dies during the policy term, his nominee will receive the Sum Assured i.e. 

Rs 2,00,000/- (Two Lakh Rupees only) + Accrued Bonus. After this, the policy will terminate.

On Accidental Death

If during the policy term, Mr.Sateesh dies due to an accident, his nominee will receive the Basic Sum Assured Rs 2,00,000/-  ( Two Lakh Rupees Only)  + Additional Accidental Sum Assured

(Rs 2,00,000) + Accrued Bonus. The policy will terminate after this event.

   Contact for datails : 9291203177