2Endowment Assurance Plan LIC’s New Endowment Plan – BenefitsTable No. 14Endowment Assurance PlanTable No.814New Endowment PlanMaturity BenefitBasic Sum Assured along withVested Simple Reversionary Bonuses and Final Additional Bonus, if Any.Vested Simple Reversionary Bonuses andFinal Additional Bonus, if Any.Death BenefitSum Assured (SA) along with Vested Simple Reversionary Bonuses andFinal Additional Bonus, if any.‘Sum Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.The death benefit as defined above shall not be less than 105% of total premiums* paid as on the date of death.No changeModified ‘Sum Assured on Death' instead of SA.
3What is Sum Assured on Death? LIC’s New Endowment Plan – Benefit on DeathWhat is Sum Assured on Death?Sum Assured on Death shall be Higher of ~Basic Sum Assured (BSA)OR10 times Annualised Premium.(10 x AP).[*The premiums mentioned in death benefit are excluding taxes, extra premiums and premiums for riders, if any]
4LIC’s New Endowment Plan Endowment Assurance Plan Eligibility Conditions and RestrictionsParticularsTable No. 14Endowment Assurance PlanTable No. 814New Endowment PlanAge at entry12 to 65 years8 to 55 yearsAge at MaturityMaximum 75 yearsMaximum 75 YearsPolicy Term5 to 55 years12 to 35 yearsPremium modeYearly, Half-yearly, Quarterly, Monthly (SSS or ECS)Basic Sum Assured50000 and aboveand above( In multiples of 5000)Age at entry modifiedPolicy term modifiedMinimum Sum Assured Modified
5LIC’s New Endowment Plan ~ Rebates Endowment Assurance Plan ModeRebateTable No. 14Table No. 814Yearly3% of tabular Premium2% of tabular premiumHalf-yearly1.5% of tabular premium1% of tabular premiumQuarterlyNilRate modifiedSlab & Rate modifiedTable No 14Endowment Assurance PlanTable No. 814New Endowment PlanBasic Sum AssuredRebate (Rs.)and above2.00‰ SA5,00,000 and above3.00‰ BSA50001 to1.00‰ SA2,00,000 to 4,95,0002.00‰ BSAUpto 50000Nil<1,95,000
6LIC’s New Endowment Plan ~ Policy Loan Endowment Assurance Plan Table No. 14Endowment Assurance PlanTable No. 814New Endowment PlanAvailable after payment of 3 full years premiums.Loan granted shall be 90% of the Surrender Value in case of inforce policies and 85% of the Surrender Value in case of Paid-up policies irrespective of the policy term.The maximum amount of loan that can be granted as a percentage of Surrender Value shall depend on the Policy Term, as given in the table below.Foreclosure action was initiated on default of 2 or more half-yearly loan interest installments.Foreclosure action shall not be taken under fully paid-up and inforce policies even if there is default of loan interest.% of loan modifiedPolicy TermUpto 2324 to 2728 to 3132 to 35% for inforce policies90%80%70%60%% for Paid-up policies50%
7LIC’s New Endowment Plan ~ Surrender Value Table No.14Table No. 814Guaranteed Surrender Value (GSV)Available after payment of 3 full years premiums.GSV shall be equal to 30% of the total premiums paid less First Year Premium and extra premium, if any.GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders,if opted for.Examples of GSV factors applicable for total premiums paidPolicy Year ~ GSV factor3 = 30%5 = 50%t -1 = 80% (t=Policy Term)Cash Value of vested bonuses, if any.GSV factor applicable to vested bonus,if any. Examples of Vested bonus factors –Year of SV – Policy Term – Factor%%%No ChangeGSV % modifiedBonus Payablemodified
8Endowment Assurance Plan LIC’s New Endowment PlanNo change in SSVTable No. 14Endowment Assurance PlanTable No. 814New Endowment PlanSpecial Surrender Value (SSV)Surrender Value shall be the discounted value of the Paid-up Sum Assured and vested simple reversionary bonuses.The discount factors shall be surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.Surrender Value PayableSurrender Value payableThe Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.
9Endowment Assurance Plan LIC’s New Endowment Plan ~ Table No. 814Table No 14Endowment Assurance PlanTable No 814New Endowment planA Policy may be revived within a period of 5 years from the date of first unpaid premium.A Policy may be revived within a period of 2 years from the date of first unpaid premium.Taxes, if any , were borne by the corporation.Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules.There shall be no change in the following ItemsBack DatingGrace PeriodPaid-up ValueAssignment/Nomination
10‘Sum Assured on Death’ has been defined separately. LIC’s New Endowment Plan –Changes over Table No.14‘Sum Assured on Death’ has been defined separately.Age at entry has been reduced.Percentage of Loan payable as a percentage of Surrender Value shall depend upon policy term.GSV percentage shall also depend on policy term and year of Surrender.Rebates for high SA and premium mode modified.