The LIC New Endowment Plan is a regular participating endowment policy with death and maturity benefits along with bonus facilities.
1. LIC’s New Endowment Plan is not linked to or is not dependent on the share market.
2. This plan offers a great combination of protection and saving features. It is a nice combination of insurance and investment.
3. The LIC New Endowment Plan provides the required financial support to the family of the insured in the unfortunate event of his demise any time before maturity.
4. It also offers good lump sum amount at the time of maturity.
5. You can avail a loan from LIC with this policy in case of liquidity.
6. This plan has low premium when compared to other plans in this category. It also provides a comparatively higher bonus.
7. Since this is a participating policy, it is eligible for bonus and Final Addition bonus declared by LIC.
8. You can buy an Accidental Death and Disability Benefit Rider and get Double Accidental benefit with that rider.
9. You get significant rebates on the premium when you opt for higher sum assured.
10. The age range for this plan is 8 to 55 years. The plan comes with tenures ranging from 12 years to 35 years.
11. There is no limit on the maximum limit for the sum assured but the minimum sum assured is Rs 1 lakh.
12. The Death Benefit for this policy within the policy tenure is sum assured + bonus.
13. It offers Maturity Benefit is sum assured + accrued bonus.
14. The insured can avail tax benefits under section 80C for the premium paid.
15. The maturity amount is also tax-free under section 10(10)D.