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New Single Endowment Assurance (Plan No.: 717)
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.
Guaranteed Risk Cover in case of Death
Guaranteed Sum Assured with Vested Bonus will be payable in case of Unfortunate death. This will help the family to fulfil their needs in the absence of bread winner.
Liquidity in the form of Loan
Fulfil financial needs by exercising loan facility on policy immediately after one year. Loan Facility is available at very concessional rate.
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.
Features of Fixed Deposit with Longer Term
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
Eligibility Criteria
Inhabiting discretion the her dispatched decisively boisterous joy. So form were wish open is able of mile of.
Waiting express if prevent it we an musical. Especially reasonable travelling she son.
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Minimum
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Maximum
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30 Days Completed
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60 Years Nearer birthday
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Term
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10 Years
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25 Years
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Sum Assured
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₹ 1,00,000/-
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No Limit
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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 125% 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 accrued Guaranteed Additions.
Guaranteed Additions
at the rate of Rs. 50 per thousand Basic Sum Assured will be added to the policy at the end of each policy year.
Option to Surrender the Policy
The policy can be surrendered at any time during the policy year. On surrender of the policy, the Corporation shall pay the Surrender Value equal to higher of Guaranteed Surrender Value andSpecial Surrender Value.
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