Summary:
Endowment plus Table no. 802 plan is a unit linked Endowment plan (ULIP).
This plan is ideal for those who is looking for investment-cum-insurance plan. The policyholder can choose the level of cover within the limits, which will depend on mode and amount of premium you desires to pay. Endowment plus is launched with NAV Rs.10 per unit.

LIC Endowment Plus at Glance:

  1. Risk cover upto 30 times of your annual premium
  2. Entry Age: 7 years to 60 years
  3. 4 fund options available
  4. Unlimited switches (First 4 free per year)
  5. Loan available
  6. Partial withdrawal allowed
  7. Accident Benefit and Critical illness rider available

Now get Savings, Investment and Insurance – all in one in LIC Endowment plus plan.

Death Benefit:
Higher of Sum Assured and the Policyholder’s Fund Value shall be available as death benefit.

Maturity Benefit:
On the Life Assured surviving to the end of the policy term chosen, an amount equal to the Policyholder’s Fund Value is payable.

Accident Benefit Option:
If you are above 18 years of age, you may opt for Accident Benefit equal to the amount of life cover subject to minimum of Rs. 25,000 and maximum of Rs. 50 lakh (taken all policies with LIC of India and other insurers.) In case of death due to an accident, an additional sum equal to Accident Benefit Sum Assured shall be payable.

Critical Illness Benefit Rider:
If you are between 18 and 50 years of age, you may opt for Critical Illness Benefit equal to the life cover subject to a minimum of Rs. 50,000 and maximum of Rs. 10 lakh (including other policies with LIC of India).

Payment of Premiums:
You may pay premiums yearly, half-yearly, quarterly or monthly (through ECS mode).

Single Premium:
Minimum Rs.30,000/- Single premium can be also be paid.

Eligibility Conditions and Restrictions for LIC Endowment Plus:

Minimum Age at entry:
7 (age last birthday)
Maximum Age at entry: 60 years (age nearer birthday)
Minimum Maturity Age: 18 years (completed)
Maximum Maturity Age: 70 years (age nearer birthday)
Policy Term: 10 to 20 years

Minimum Premium:
Regular premium (other than monthly (ECS) mode): Rs. 20,000 yearly.
Regular premium for monthly ECS mode: Rs.1,750 p.m.

Single premium: Rs.30,000

Maximum Premium:
Regular premium: Rs. 1,00,000 yearly.
Single premium: No Limit

Sum Assured under the Basic Plan:
Minimum Sum Assured:
Regular Premium policies: (Policy Term +1) times the annualized premium

Single Premium:
For age at entry of below 45 years: 1.25 times of the single premium
For age at entry of 45 years and above: 1.10 times of the single premium

Maximum Sum Assured:
Regular Premium policies:
30 times of the annualized premium if age at entry is upto 45 years
25 times of the annualized premium if age at entry is 46 to 60 years

Single Premium Policies:

If Critical Illness Benefit Rider is opted for:
5 times the Single premium if age at maturity is upto 55 years.
3 times the Single premium if age at maturity is 56 to 60 years.

If Critical Illness Benefit Rider is not opted for:
5 times the Single premium if age at maturity is upto 65 years.
3 times the Single premium if age at maturity is 66 to 70 years.

Loan on Policy:
If the Policy is in full force, a policy holder can apply for a loan under the Endowment Plus plan after 3 years. Maximum 30% of loan will be granted on your current fund value. i.e If your fund value after 3 years become 10 lakh then you can apply for loan upto 3 lakh from LIC.

Partial Withdrawal:
Partial withdrawal is allowed after 5 years.

The policy holder has the option to choose any of the 4 funds:

  1. Bond Fund
  2. Secured Fund
  3. Balanced Fund
  4. Growth Fund

The NAV will be computed on daily basis.

Premium Allocation Charge:

For Single premium policies: 3.3%

For Regular premium policies:
1st Year: 7.50%
2nd to 5th Year: 5.00%
6th year onwards: 3.00%

Critical Illness Benefit Charge
Accident Benefit Charge: Rs.0.50 per thousand Accident Benefit Sum Assured

Administration charge:
The Policy Administration charge of Rs. 30/- per month during the first policy year and Rs 30/- per month escalating at 3% p.a. thereafter, throughout the term of the policy will be deducted on monthly basis by canceling appropriate number of units out of Policyholder’s Fund Value.

Fund Management Charges (FMC):
Fund Management Charges (FMC) are dependent on type of Fund and are deductible on the date of computation of NAV at the following rates:
0.50% p.a. of Unit Fund for “Bond” Fund
0.60% p.a. of Unit Fund for “Secured” Fund
0.70% p.a. of Unit Fund for “Balanced” Fund
0.80% p.a. of Unit Fund for “Growth” Fund

The NAV, thus declared, will be net of FMC.

Fund Switching:
The option of switching within the funds is available any number of times during the duration of policy. The first 4 switches every year are free of charge and a charge of Rs.100 is levied thereafter per switch.

How to Apply for Latest LIC Plan Endowment Plus?
Contact your nearest Life Insurance Corporation Of India (LIC of India) Branch/ LIC Agent. Or
Fill the Application form to apply online. (Mumbai only)

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Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.

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