Excelsior Correspondent
JAMMU, Aug 19: LIC’s New Endowment Plus was launched today at Jammu.
It is a Unit linked assurance plan offering investment-cum-insurance during the term of the policy. The Plan provides dual benefits of Risk cover and benefits of investment markets.
Policyholders will have option to choose from any of the four funds i.e. Bond Fund, Secured Fund, Balance Fund and Growth Fund, as per ones risk appetite with added convenience of switching between these funds. Within a given policy year, 4 switches will be allowed free of charge.
The NAV of all the segregated funds will be computed on daily basis and will be based on investment performance and Fund Management Charge of each fund type. The Plan is available from ages 90 days to 50 years with a choice of policy term of 10 to 20 years. Premium payment mode available are Regular (Yly, Hly, Qly or Mly (ECS only).
On Life Assured surviving the stipulated date of maturity, an amount equal to the Policyholder’s Fund Value is payable. The maturity benefit can be payable either as a lump sum amount or in equal installments if settlement option is opted for.
On death before the date of commencement of Risk an amount equal to the policyholder’s Fund value shall be payable while, 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. Where, Basic Sum Assured is (10 * Annualized Premium) or (105% of the total premiums paid), whichever is higher.
The plan also comes with an Accident Death Benefit Rider which provides for an additional amount equal to Accident Benefit Sum Assured on death due to accident. An option for partial withdrawal is also available.
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