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    LIC's Endowment Plus: (Plan No. 802)

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    Abhinav Verma
    LIC's Endowment Plus plan is a unit-linked endowment plan that offers investment and insurance coverage during the policy term. The plan provides death benefit payout equal to the higher of sum assured or fund value. On maturity, the policyholder receives the fund value. The plan allows partial withdrawals and policy loans. Premium payment options include regular and single premiums. The plan offers four investment fund options to choose from.

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    LIC's Endowment Plus: (Plan No. 802)

    Uploaded by

    Abhinav Verma
    86 views16 pages
    LIC's Endowment Plus plan is a unit-linked endowment plan that offers investment and insurance coverage during the policy term. The plan provides death benefit payout equal to the higher of sum assured or fund value. On maturity, the policyholder receives the fund value. The plan allows partial withdrawals and policy loans. Premium payment options include regular and single premiums. The plan offers four investment fund options to choose from.

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    LIC’s Endowment Plus

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    LIC's Endowment Plus plan is a unit-linked endowment plan that offers investment and insurance coverage during the policy term. The plan provides death benefit payout equal to the higher of sum assured or fund value. On maturity, the policyholder receives the fund value. The plan allows partial withdrawals and policy loans. Premium payment options include regular and single premiums. The plan offers four investment fund options to choose from.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    86 views16 pages

    LIC's Endowment Plus: (Plan No. 802)

    Uploaded by

    Abhinav Verma
    LIC's Endowment Plus plan is a unit-linked endowment plan that offers investment and insurance coverage during the policy term. The plan provides death benefit payout equal to the higher of sum assured or fund value. On maturity, the policyholder receives the fund value. The plan allows partial withdrawals and policy loans. Premium payment options include regular and single premiums. The plan offers four investment fund options to choose from.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 16

    LIC’s Endowment Plus 

    (Plan No. 802)


    Summary

    LIC’s Endowment Plus (Table No.802) is a unit linked


    Endowment plan which offers investment-cum-insurance
    during the term of the policy.
    You can choose the level of cover within the limits, which will
    depend on mode and amount of premium you want to pay.

     LIC Endowment Plus plan features at glance:


     Critical Illness Benefit
     Accident Benefit
     Partial withdrawals
     Loan on policy
    BENEFITS
    a) Benefits payable on death:
    In case of death of the policyholder when the cover is in full
    force, the nominee shall be
    eligible to get higher of Sum Assured under the Basic Plan
    and the Policyholder’s Fund Value
    as at the date of booking the liability. The liability shall be
    booked after receipt of intimation
    along with death certificate.

    b) Benefits payable on maturity:


    On maturity the policy holder will receive an amount equal
    to the his Fund Value.
    Accident Benefit Rider Option
    Accident Benefit (AB) can be availed of as an optional Rider
    benefit by paying an additional premium of Rs.0.50 for every
    Rs.1,000/-

    The Policyholder will have the option to choose any 1 of the


    below 4 Funds:

    BOND FUND
    SECURED FUND
    BALANCED FUND
    GROWTH FUND
    MODES OF PREMIUM PAYMENT
    Regular premium can be paid either in yearly, half
    yearly, quarterly or monthly (ECS) instalments.
    Min. premium Rs. 20,000/- yearly or Rs.1750 per
    month by ECS mode.

    Single Premium is also allowed under LIC Endowment


    Plus plan. Minimum onetime Investment Rs.30, 000/-
    Eligibility and other conditions for LIC
    Endowment plus (Table No. 802)
    For basic plan

    a) Minimum basic sum assured:


    Regular Premium policies: (Policy Term +1) times the annualised premium

    SINGLE PREMIUM

    For age at entry below 45 years: 1.25 times the single premium
    For age at entry 45 years and above: 1.10 times the single premium

    b) Maximum basic sum assured:

    Regular Premium policies:

    30 times the annualized premium, if age at entry is upto 45 years


    25 times the annualized premium, if age at entry is 46 to 60 years
    SINGLE PREMIUM POLICIES

    If Critical Illness Benefit Rider is not opted for:


    1. 5 times the Single premium, if age at maturity is upto 65
    years.
    2. 3 times the Single premium, if age at maturity is 66 to 70
    years.

    If Critical Illness Benefit Rider is opted for:

    3. 5 times the Single premium, if age at maturity is upto 55 years.


    4. 3 times the Single premium, if age at maturity is 56 to 60
    years.
    c) Minimum premium:
    Regular premium (other than monthly (ECS) mode): Rs. 20,000 yearly

    Regular premium (for monthly (ECS) mode): Rs. 1,750 p.m.

    Single premium: Rs. 30,000

    d) Maximum Premium:

    Regular premium: Rs. 1,00,000 p.a.

    Single premium: No Limit


    Annualized Premiums and single premium shall be payable in
    multiple of Rs. 1,000 for other than ECS monthly.

    For monthly (ECS), the premium shall be in multiples of Rs. 250/-

    e) Minimum entry age: 7 years last birthday

    f) Maximum entry age: 60 years nearest birthday

    g) Policy Term: 10 to 20 years

    h) Minimum Maturity age: 18 years completed

    i) Maximum Maturity age: 70 years nearest birthday


    For Accident Benefit

    a) Minimum Sum Assured: Rs. 25,000

    b) Maximum Sum Assured: Rs. 50,00,000 taking all


    existing policies of the Life Assured under individual
    as well as group schemes taken with Life Insurance.
    Corporation of India and other insurance companies
    and the Accident Benefit Rider Sum Assured under the
    new proposal into consideration.
    c) Minimum / Maximum Premium: No separate Limit

    d) Minimum Entry Age: 18 years completed

    e) Maximum Entry Age: 60 years nearest birthday

    f) Policy Term: 10 to 20 years

    g) Maximum Maturity Age: 70 years nearest birthday


    Sum Assured shall be available in multiples of Rs. 5,000
    For Critical Illness Rider Benefit
    a) Minimum Sum Assured: Rs. 50,000

    b) Maximum Sum Assured: Rs. 10, 00,000 taking Critical Illness riders availed
    under all existing policies of the Life Assured with the Corporation and the Critical
    Illness Rider Sum Assured under the new proposal under consideration.

    c) Minimum /Maximum Premium: No separate Limit

    d) Minimum Entry Age: 18 years completed

    e) Maximum Entry Age: 50 years nearest birthday

    f) Policy Term: 10 to 20 years

    g) Maximum Maturity Age: 60 years nearest birthday


    Fund Switching:  Within a given policy year, 4
    switches will be allowed free of
    charge.

    Top-up Premium:  Not allowed.


    Partial withdrawals:  A policyholder can partially
    withdraw the units at any time
    after the fifth policy anniversary and
    provided all due premiums till date of
    partial withdrawal have been paid.
    LOANS
    1. Loan will be available under this plan subject to the following conditions:

    Loan will be granted under the policy after completion of three years and
    provided all due premiums have been paid.

    2. Policy Loan will be available to the extent of 30 % of the Policyholder’s Fund


    value.

    3. No Partial Withdrawal will be allowed if any loan is outstanding.

    4. If the Fund Value at any time is less than or equal to the loan outstanding along
    with interest thereon, the policy will be compulsorily terminated.

    The rate of interest charged for this loan amount would be determined from time
    to time by LIC. Presently the rate of interest is 9 % p.a. payable half-yearly.
    Allocation Charges

    The allocation charges are as below:


    For Single premium policies: 3.3%
    Allocation Charges for Regular premium policies:

    First Year: 7.50%


    2nd to 5th Year: 5.00%
    Thereafter: 3.00%
    a) POLICY ADMINISTRATION CHARGE – The Policy
    Administration charge of Rs. 30/- per
    month during the first policy year and Rs 30/- per month
    escalating at 3% p.a. thereafter.

    b) FUND MANAGEMENT CHARGE – Fund Management


    Charges (FMC) are dependent on
    type of Fund and are deductible on the date of computation of
    NAV at the following rates:

    0.50% p.a. of Unit Fund for “Bond” Fund


    0.60% p.a. of Unit Fund for “Secured” Fund
    0.70% p.a. of Unit Fund for “Balanced” Fund
    0.80% p.a. of Unit Fund for “Growth” Fund

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