LIC New Endowment Plus plan: Know benefits, premiums, maturity and all other details here

LIC New Endowment Plus plan is a unit linked non-participating endowment assurance plan which offers investment cum insurance cover during the term of the policy. This plan of LIC is provides a combination of protection and long term savings with greater flexibility to build a better life and realise your dreams. One also has a choice of investing premiums in one of the four types of investment funds available in plan. 

Here are the details like features, eligibility, premium, and other benefits:
 
Payment of Premiums: 

As per the LIC India website, the individuals can pay premiums regularly at yearly, half-yearly, quarterly or monthly (through ECS mode only) intervals over the term of the policy. Also a grace period of 30 days will be given for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly (ECS) premiums for the plan.
 
Benefits:

1. Death Benefit: On death of the Life Assured before the stipulated Date of Maturity provided policy is in force, then on death before the Date of:

a) Commencement of Risk: An amount equal to the Policyholder's Fund Value shall be payable.
 
b) On death after the Date of Commencement of Risk: An amount equal to the higher of Basic Sum Assured or Policyholder's Fund Value shall be payable in case of a death after date of commencement of risk. While, basic sum assured is (10 Annualized Premium) or (105% of the total premiums paid), whichever is higher will be payable. 
 
2. Maturity Benefit: On Life Assured surviving the date of maturity provided the policy is in force, an amount equal to Policyholder's Fund Value shall be payable.
 
3. Optional Benefits: The policyholder has an option of availing LIC's Linked Accidental Death Benefit Rider as well. 

Eligibility Conditions And Other Restrictions:

(a) Minimum Age at entry: 90 Days (Completed)
(b) Maximum Age at entry: 50 years (nearest birthday)
(c) Minimum Maturity Age: 18 years (Completed)
(d) Maximum Maturity Age: 60 years (nearest birthday
(e) Policy Term: 10 to 20 years
(f) Premium Paying Term: Same as Policy Term

Premium Amount:

1. Yearly: 20,000 to No limit
2. Half-Yearly: 13,000 to No limit
3. Quarterly: 8,000 to No limit 
4. Monthly (ECS): 3,000 to No limit