LIC New Endowment Plus
LIC New Endowment Plus, plan no. 935 is a unit-linked insurance plan where the policyholder bears the investment risk. It is important to note that this plan has a five-year lock-in period, during which no withdrawals or surrenders are allowed. This means you won't be able to access your invested money, either partially or fully, until the completion of five years.
What is the LIC New Endowment Plus Plan?
LIC's New Endowment Plus is a unit-linked, non-participating life insurance plan that offers both insurance protection and investment benefits during the policy term. It helps in building long-term savings while securing your family financially.
In this plan, the premium paid gets invested in market-linked funds of your choice, and returns depend on the performance of these funds. You also get the flexibility to choose how to invest and pay premiums.
Since it is a ULIP plan, the investment risk is borne by the policyholder, along with a lock-in period of five years. During this time, no withdrawal or surrender is allowed.
Overall, the plan offers a balanced mix of protection, savings, and flexibility to support long-term financial goals.
Key Highlights of LIC New Endowment Plus Plan
Here is the list showing key features of the LIC New Endowment Plus plan:
| Feature | Details |
|---|---|
| Plan Type | Unit-linked, non-participating life insurance plan |
| Benefit Type | Offers both insurance cover and investment growth |
| Investment Option | Choice of 4 different funds based on risk preference |
| Returns | Depends on market performance (NAV-based) |
| Premium Payment | Yearly, half-yearly, quarterly, or monthly options are available |
| Lock-in Period | 5 years (no withdrawal or surrender during this period) |
| Death Benefit | Higher of sum assured or fund value payable |
| Maturity Benefit | Fund value paid at the end of the policy term |
| Partial Withdrawal | Allowed after completion of 5 years |
| Grace Period | Available for missed premium payments |
Eligibility Criteria for LIC New Endowment Plus Plan
| Criteria | Details |
|---|---|
| Minimum Entry Age | 90 days (completed) |
| Maximum Entry Age | 50 years (nearer birthday) |
| Minimum Maturity Age | 18 years (completed) |
| Maximum Maturity Age | 60 years (nearer birthday) |
| Policy Term | 10 to 20 years |
| Premium Paying Term | Same as policy term |
| Premium Payment Mode | Yearly, half-yearly, quarterly, or monthly (NACH) |
| Minimum Premium | Rs 20,000 yearly, Rs 13,000 half-yearly, Rs 8,000 quarterly, Rs 3,000 monthly |
| Maximum Premium | No limit |
| Basic Sum Assured | 10 times the annualised premium |
How Does the LIC New Endowment Plus Plan Works?
Pay premium Invest money Fund value grows with market Insurance cover stays active Payout on maturity or death
Pay Premium Regularly
You pay premiums yearly, half-yearly, quarterly, or monthly (through NACH) as per your choice.Choose Investment Fund
You select one fund from the available options based on your risk preference.Money Gets Invested
After deducting applicable charges, your premium is used to purchase units in the chosen fund.Fund Value Changes
Your investment value changes based on the performance of the fund and its Net Asset Value (NAV).Life Cover Continues
During the policy term, life insurance coverage remains active for the policyholder.Benefits at the End or in Case of Death
On maturity: You receive the total unit fund value.On death: The nominee receives the benefit as per policy terms (highest of applicable values).
Benefits of the LIC New Endowment Plus Plan
Here are the benefits of the LIC New Endowment Plus plan:
Death Benefit
In case of death during the policy term, the nominee receives the highest of sum assured, fund value, or 105% of total premiums paid (as per policy conditions).
Maturity Benefit
If you survive till the end of the policy term, you receive the total unit fund value as a maturity payout.
Investment Growth Benefit
Your premium gets invested in market-linked funds, helping your money grow based on fund performance (NAV).
Fund Choice Benefit
You get the option to choose from four different funds based on your risk appetite.
Flexibility Benefit
You can switch between funds during the policy term and also choose the premium payment mode as per your convenience.
Partial Withdrawal Benefit
After completion of five years, you can withdraw a part of your investment as per policy terms.
Rider Benefit
You can enhance coverage by adding an accidental death benefit rider for extra protection.
Who Should Buy the LIC New Endowment Plus Plan?
This plan is suitable for individuals who want a mix of life cover and long-term investment with flexibility:
Why is the LIC New Endowment Plus Plan Different?
This plan stands out because it combines insurance with market-linked investment and offers more flexibility compared to traditional plans.
- It offers both life cover and investment growth in one plan.
- You get the flexibility to choose and switch between different funds.
- Returns depend on market performance, giving higher growth potential.
- You can track your investment through NAV, making it more transparent.
- It provides multiple fund options based on your risk level.
How to Buy the LIC New Endowment Plus Plan?
To buy the plan online, follow these steps :
Step 1.
Visit the official LIC website.
Step 2.
On the homepage, select "Buy Policies Online" or choose the plan category (such as Endowment or Money Back).
Step 3.
Pick the specific plan you want to purchase.
Step 4.
Click on "Learn More" to access the application page.
Step 5.
Complete the form and upload the required documents.
Step 6.
Submit the form and pay online.
Identity proof such as Aadhaar Card, PAN Card, Passport, etc.Address proof, including Aadhaar, Driving Licence, Voter ID, etc.Age proof (Birth certificate, school certificate, passport, etc.)Recent passport-size photographBank details (cancelled cheque or account details)PAN Card (for KYC and financial transactions)
5-Year Lock-in Period
You cannot withdraw or surrender your investment during the first five years of the policy.
Surrender During Lock-in
If you surrender the policy within 5 years, the fund value (after charges) gets moved to a discontinued fund and is paid only after the lock-in period ends.
Surrender After 5 Years
If you surrender after completing 5 years, the total unit fund value is paid without any discontinuance charge.
Market-Linked Returns
The fund value changes based on market performance and Net Asset Value (NAV).
Investment Risk
The policyholder bears the investment risk and not the insurer.
Partial Withdrawal Rule
You can withdraw money partially only after completing 5 policy years, subject to conditions.
Policy Discontinuance
If premiums are not paid, the policy may become discontinued or move to reduced paid-up status based on the duration.
Applicable Charges
Charges like premium allocation, mortality, and fund management are deducted from the fund value.
Fund Switching Option
You can switch between available funds during the policy term, though charges may apply after free switches.
Documents Required for LIC New Endowment Plus Plan
You need basic KYC documents, age proof, and bank details to buy the plan. This includes:
Things to Know About the LIC New Endowment Plus Plan
Before investing in this plan, it is important to understand a few key terms and conditions that can impact your returns and flexibility. Here are the key things to know:
Disclaimer: Squareinsurance does not promote, rate, or recommend any specific insurance company or insurance plan. The above information is for general understanding only. For complete and accurate details, please refer to the official plan brochure.
FAQs
The plan comes with a lock-in period of 5 years, during which no withdrawal or surrender is allowed.
Yes, you can make partial withdrawals after completing 5 policy years, subject to conditions.
If premiums are not paid, the policy may become discontinued or move to reduced paid-up status based on the policy duration.
On maturity, you will receive the total unit fund value.
The nominee will receive the death benefit as per policy terms.