LIC New Endowment Plan - One of the best policy by LIC India. New Endowment Plan is a must have plan as it offers many benefits to customers. It is a non-linked market life insurance policy that offers guaranteed returns along with bonus. The policy provides a great flexibility in the choice of policy term. One can choose the term of the policy from 12-35 years. It also has an extended age limit, in which it can be extended to anyone between 8-55 years and can be continued for 75 years.

The policy is entitled to regular premium payment for the entire tenure. If a policyholder survives the policy term, he will be entitled to maturity benefit, i.e. the vested simple reversionary bonus plus the sum assured along with the final additional bonus, if any.

The scheme has been referred by experts and gained popularity in the customer market as it offers attractive benefits. Here, we will discuss the plan in detail.

LIC New Endowment - Key Features

1. Full Sum Assured along with benefits is guaranteed by LC of India
2. It provides double benefit of insurance and saving along with good returns on maturity
3. LIC New Endowment Plan is a participatory traditional plan.
4. The premium is to be paid for the full term.
5. On surviving the end of the policy term, the policy pays the survivor the benefit to the policyholder
6. In case of death of the policyholder, death benefit is given to the nominee and the policy terminates
7. The policyholder can take policy for Rs. 1 Lac with no upper limit
8. The plan pays the simple reversionary bonus on maturity or death, whatever the condition along with final additional bonus if any
9. There is policy discount or rebate for high sum assured policies
10. The scheme guarantees risk coverage for full Sum assured from day one of policy
11. The insured can also avail accident death and disability benefit rider of LIC
12. There is a Loan and Surrender facility available under this plan
13. Premium paid under this policy gets tax benefits under IT act

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