LIC New Endowment Plan : 714 is a traditional participating non-linked insurance plan offered by the Life Insurance Corporation of India (LIC). It provides financial protection along with savings and investment benefits. Here's a brief overview of the plan:
Features:
Maturity Benefit: The plan offers a lump sum payment to the policyholder at the end of the policy term, provided they survive the entire duration of the policy.
Death Benefit: In case of the unfortunate demise of the insured during the policy term, the nominee receives the death sum assured along with accrued bonuses.
Bonuses: The plan participates in the profits of LIC through bonuses declared by the corporation.
Loan Facility: Policyholders have the option to avail of a loan against the policy, providing liquidity in times of need.
Surrender Value: The plan acquires a surrender value after payment of premiums for a certain period, offering a surrender benefit to the policyholder.
Eligibility:
Entry Age: Minimum entry age is 8 years, and the maximum entry age varies depending on the chosen policy term.
Policy Term: Policy terms range from 12 to 35 years, with premium payment terms slightly shorter than the policy term.
Sum Assured: The minimum sum assured varies depending on the age of entry and premium payment mode.
Premium Payment Options:
Regular Premium: Premiums are paid throughout the policy term.
Limited Premium: Premiums are paid for a shorter duration than the policy term, but coverage continues for the entire policy term.
Additional Riders:
Optional riders such as Accidental Death and Disability Benefit Rider, New Term Assurance Rider, and Critical Illness Rider can be added to enhance coverage.
LIC New Endowment Plan is a popular insurance plan that offers financial security, savings, and investment benefits to policyholders. It is suitable for individuals looking for a comprehensive insurance solution that provides both protection and savings accumulation over time.
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