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  • It is a non-linked life insurance plan which offers guaranteed returns in the form of Guaranteed Sum Assured and vested reversionary bonuses with Final Additional Bonus. Policy can be availed with duration of 12 years to 35 years and can be taken any person between the ages of 8 years to 50 years.

    Combination of Life insurance & investment

    It gives a lump sum amount at the end of term, to take care of important milestones in your life like retirement needs, children’s education, and children’s marriage. In case of unfortunate demise, family needs are taken care.


    Discount on higher Sum Assured

    On higher Sum Assured discount is offered on premium.
    If Sum Assured is more than Rs.200000/- then discount is given on premium and lower premium rates applied. 


    Low Periodic Premium

    Comparing Premium charged for other policies in Endowment Category, premium for New Endowment Assurance is low with good returns after completion of Term


    Profit Sharing as per Valuation

    Every year, LIC declares valuation results.
    As per valuation result declared by LIC, profit is being shared among all policyholders as bonus.


    Additional Accident Benefit

    In case of untimely demise due to an accident, an additional sum equal to purchase price will be given.By paying small extra premium amount, you can secure your life for high insurance protection on natural or accidental death by opting DAB and Term Rider.


    Advantages

    Avail Tax benefit on premium paid
    Tax Free maturity amount
    Tension Free Claim Settlement

    Eligibility  Criteria

     MinimumMaximum
    Entry Age8 Years Completed50 Years Nearer birthday
    Term12 Years35 Years
    PPTEqual to Term
    Sum Assured₹ 2,00,000/-No Limit


    Premium Modes

    Yearly, Half-Yearly, Quarterly and Monthly (NACH only) or through salary deductions (SSS).

     

    Riders Available

    LIC’s Accidental Death & Disability Benefit Rider

    LIC’s Accident Benefit Rider

    LIC’s New Term Assurance Rider

    LIC’s Premium Waiver Benefit Rider

     

    Death Benefit

    On death of the Life Assured during the Policy Term, Sum Assured on Death alongwith vested Simple Reversionary bonuses and Final Additional bonus (if any), where “Sum Assured on Death” is defined as higher of Basic Sum Assured or 7 times of annualised premium.

    This Death Benefit (as defined above) shall not be less than 105% of total premiums paid upto the date of death. Where,
    1. “Annualized Premium” shall be the premium amount payable in a year, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums.

    2. “Total Premiums Paid” means total of all the premiums paid under the base product, excluding any extra premium, and taxes, if collected explicitly. In case LIC’s Premium Waiver Benefit Rider is opted for, in the event of death of Proposer, any subsequent Premiums which are waived shall be deemed to have been received and be included in the Total Premiums Paid.

     

    Maturity Benefit

    Sum Assured on Maturity alongwith vested Simple Reversionary bonuses and Final Additional bonus, if any.

     

    Loan Facility is available after completion of first policy year provided one full year’s premium has been paid.

    Option to Surrender the Policy

    The policy can be surrendered by the policyholder after completion of first policy year provided atleast one full year’s premium(s) has been paid. However, the policy shall acquire Guaranteed Surrender Value on payment of atleast two full years’ premiums and Special Surrender Value after completion of first policy year provided one full year’s premium(s) has been paid. On surrender of an in-force or paid-up policy, the Corporation shall pay the surrender value equal to higher of Guaranteed Surrender Value and Special Surrender Value.