You have the option to choose any of the 4 funds below:
Bond Fund
Secured Fund
Balanced Fund
Growth Fund
Eligibility Conditions and Restrictions for LIC Endowment Plus:
- Minimum Age at entry: 7
- Maximum Age at entry: 60 years
- Minimum Maturity Age: 18 years
- Maximum Maturity Age: 70 years
- Policy Term: 10 to 20 years
- Risk cover upto 30 times of your annual premium
- Entry Age: 7 years to 60 years
- 4 fund options available
- Unlimited switches (First 4 free per year)
- Loan on policy
- Partial withdrawal allowed
- Accident Benefit and Critical illness rider available for extra premium
On death of the policy holder, nominee will recieve Fund value or Sum Assured whichever is higher.
On maturity, policy holder will receive the amount as per fund value.
You can opt for this Rider 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.
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)
You can pay premiums yearly, half-yearly, quarterly or monthly (through ECS mode).
OR
Minimum Rs.30,000/- Single premium can be also be paid.
Minimum Premium:
Regular premium (other than monthly (ECS) mode): Rs. 20,000 yearly.
Regular premium for monthly ECS mode: Rs.1,750 p.m.
Maximum Premium
Regular premium: Rs. 1,00,000 yearly.
Regular premium: Rs. 1,00,000 yearly.
Single premium: No Limit
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
Regular Premium policies:
Maximum Sum Assured
30 times of the annualized premium if age at entry is upto 45 years
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
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.
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.
Partial Withdrawal:
Premium Allocation Charge:
For Regular premium policies:
1 Year 7.50%
2nd to 5th Year 5.00%
6th year onwards 3.00%
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
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.
Loan:
- Loan will be available under this Endowment Plus plan subject to the following conditions:
- Loan will be granted under the policy after completion of three years and provided all due premiums have been paid.
- Policy Loan will be available to the extent of 30 % of the Policyholder’s Fund value.
- No Partial Withdrawal will be allowed if any loan is outstanding.
- If the Fund Value at any time is less than or equal to the loan outstanding along with interest thereon, the policy will be compulsorily terminated.
- Presently the rate of interest is 9% p.a. payable half-yearly.
