LIC New Endowment Plus ULIP Plan 835
Table of Contents
LIC Endowment Plus ULIP Plan (LIC table no 835) is a unit linked plan it means this plan is market based assurance plan,offering investment with life insurance during the term of the policy.
- LIC New Endowment Plus plan 835 is a market based assurance plan, offering investment with life insurance during the term of the policy.
- This Plan allows policyholder to decide the amount of premium can pay. The amount of cover will be decided according to the premium chosen.
- A pre-specified percentage shall be deducted up front from the premium as Premium Allocation Charges. This charge is levied to meet the cost of issuing policy such as distributor fee and cost of underwriting.
| Premium | Allocation Charges |
| 1st Year | 7.50% |
| 2nd to 5th Year | 5.00% |
| Thereafter | 3.00% |
- The balance investible premium will be used to purchase units as per the chosen investment fund type by the policyholder. Units will be bought and redeemed based on the Net Asset Value (NAV) as on the date of transaction.
- Policyholder has to choose one fund from the table below:
| Fund Type | Investment in Government / Government Guaranteed Securities / Corporate Debt | Short-term investments such as money market instruments | Investment in Listed Equity Shares | Details and objective of the
fund for risk /return |
| Bond Fund | Not less than 60% | Fund Not more than 40% | Nil | Low Risk |
| Secured Fund | Not less than 45% | Not more than 40% | Not less than 15% & Not more than 55% | Steady Income -Lower to Medium risk |
| Balanced Fund | Not less than 30% | Not more than 40% | Not less than 30% & Not more than 70% | Balanced Income and growth – Medium risk |
| Growth Fund | Not less than 20% | Not more than 40% | Not less than 40% & Not more than 80% | Long term Capital growth – High risk |
- There will be on bid-offer spread that means both bid price and offer price will be same as NAV.
Eligibility for New Endowment Plus
| Basic Sum Assured | Higher of 10 times of Annualized Premium; or 105% of total premiums paid |
| Minimum Premium | Min. Premium is based on the interval of payment:· Yearly : Rs.20,000· Half-Yearly : Rs.13,000· Quarterly: Rs.8,000. Monthly: Rs.3,000. |
| Maximum Premium | No Limit. |
| Minimum Entry Age | 90 days Completed |
| Maximum Entry Age | 50 years (nearest birthday) |
| Policy Term | 10 years to 20 years |
| Premium Paying Term | Same as Policy Term i.e. 10 years to 20 years |
| Minimum Maturity Age | 18 years Completed |
| Maximum Maturity Age | 60 years (nearest birthday) |
Date of Commencement of Risk:
In case of children whose age is less than 8 years risk commencement starts either from 2 years of taking the policy or 8 years old which is earlier.
Eligibility for LIC Linked Accident Benefit Rider
| Minimum Entry Age | 18 years Completed |
| Maximum Entry Age | 55 years (nearest birthday) |
| Maximum Maturity Age | 60 years (nearest birthday) |
| Minimum Accident Benefit Sum Assured | Rs.10,000 |
| Maximum Accident Benefit Sum Assured: | 10 times of Annualized Premium subject to maximum limit of Rs.1 crore. Further, Accident Benefit Assured shall be in multiples of Rs.5,000/-. |
Also read this : LIC’s new ULIP Plan for best returns
Benefits for LIC Bima plan 835
Benefits Payable on Death
In the event of death of life assured before the date of maturity, the sum payable would be:
- On death before commencement of risk
An amount equal to the Policyholder’s fund value immediately on the date of receipt of the intimation of death with death certificate.
- On death after commencement of risk
An amount equal to the higher of
- Basic sum assured (i.e. higher of 10*Annualized Premium or 105% of total premiums paid); or
- Policyholder’s Fund Value
Benefits Payable on Maturity
If policy holder survives till maturity, an amount equal to the policyholder’s fund value shall be payable.
Surrender of Policy
If all the due premiums have been paid and the policy is surrendered, than the surrender value will be:
- Surrender before expiry of 5 years:
If policyholder surrender the policy before completion of 5 years of lock-in-period than the Policyholder’s Fund Value after deducting the Discontinuance Charge shall be transferred to the Discontinued Policy Fund and shall be paid to the policyholder only after completion of 5 years.
Discontinuance charge: This charge will be levied by cancelling appropriate number of units out of Policyholder’s Fund as on the date of surrender/date of discontinuance of policy. The discontinuance charge applicable is as under:
| Where the policy is discontinued during the policy year | Discontinuance charges for the policies having annualized premium up to Rs. 25,000/- | Discontinuance charges for the policies having annualized premium above Rs. 25,000/- |
| 1 | Lower of 15% * (AP or FV) subject to a maximum of Rs. 2500/- | Lower of 6% * (AP or FV) subject to maximum of Rs. 6000/- |
| 2 | Lower of 7.5% * (AP or FV) subject to a maximum of Rs. 1750/- | Lower of 4% * (AP or FV) subject to maximum of Rs. 5000/- |
| 3 | Lower of 5% * (AP or FV) subject to a maximum of Rs. 1250/- | Lower of 3% * (AP or FV) subject to maximum of Rs. 4000/- |
| 4 | Lower of 3% * (AP or FV) subject to a maximum of Rs. 750/- | Lower of 2% * (AP or FV) subject to maximum of Rs. 2000/- |
| 5 and onwards | NIL | NIL |
Discontinued Policy Fund: The investment pattern of the Discontinued Policy Fund shall have the following asset mix:
- Money market instruments: 0% to 40%
- Government securities: 60% to 100%
- Surrendering after expiry of 5 years
If policyholder surrender the policy after completion of 5 years of lock-in-period than the Policyholder’s Fund Value as on the date of surrender shall be payable.
Other Features of New Endowment Plus Plan 835
- Switching of Investment Funds
The policyholder is allowed to switch from one investment fund to another anytime during the policy term. But only 4 switches will be allow for free of charge. Any subsequent switching will a charge of Rs.100/- per switch.
- Top-Ups and Increase/Decrease in Benefits
No Top-up premiums or Increase/Decrease in Benefits is allowed in this plan. Only Accident Benefit Rider can be cancelled anytime during the policy term.
- Partial Withdrawals
After completing lock-in-period of 5 years, policyholder can go for partial withdraw subject to the following conditions:
- In case of minor, partial withdrawal will only be allowed after the age of 18 years.
- Partial Withdrawal may be in form of fixed amount or exact number of units.
- Partial Withdrawal Charges of Rs.100/- flat will be deducted from the Policyholder’s Fund Value.
यूलिप के किसी भी प्लान में 10 से 11 वर्ष तक कम से कम धैर्य रखकर निवेश किया जाए या एकल प्रीमियम देकर इंतजार किया जाए तो अच्छा ग्रोथ और परिणाम अवश्य आएगा पर जरा सा बाज़ार गिरते ही लोगों का धैर्य जवाब दे जाता है और लोग भागने लगते हैं जिसके चलते भगदड़ मच जाती है…नतीजतन यूलिप प्लान पर ही प्रश्न चिन्ह लगने लगता है। खैर इंश्योरेंस के साथ साथ निवेश के लिए LIC Of India ये प्लान देकर बीमाधारकों के लिए एल आई सी ने एक अच्छा OPTION दिया है।।
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