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LIC’s New Endowment Plan

What is the Plan all About?

LIC’s New Endowment Plan is a non-linked & participating plan that offers a combination of protection and saving. With savings feature, you can accumulate wealth that helps you fulfill long term financial goals. This plan also provides financial cover for the family, when you are not there.


What are the Key Features?

  • Get maturity benefit
  • Life cover
  • Participation in profits
  • Enhance benefits through rider
  • Enjoy High Sum Assured Rebate
  • Premium rebate on choosing semi annually or annually mode
  • Avail tax benefits

What are the Plan Benefits?

Death Benefit

    In case of death of the life assured during the policy term, Sum Assured on Death plus vested Simple Reversionary Bonuses and Final Additional Bonus is payable, provided all the premiums have been paid. Sum Assured on Death is higher of 10 times of annualised premium or Basic Sum Assured.

    The death benefit under this plan is at least 105% of all the premiums paid till the date of death.

Maturity Benefit

    In case of survival of the life assured till the maturity of the policy, a lump sum of basic sum assured along with vested Simple Reversionary Bonuses and Final Additional Bonus is payable, provided all the premiums have been paid.


    Simple Reversionary Bonuses is declared annually at the end of each financial year. This bonus is added from the date of commencement of the policy until completion of the chosen policy term or death, whichever occurs earlier. Final Additional Bonus may also be declared on death or maturity during the term of the policy, provided the policy is active for certain minimum term.

Loan Benefit

    Loan amount can be availed, provided all the premiums for at least 3 full years have been paid.

Surrender Value

    Surrender value can be acquired at any time, provided all the due premiums for at least 3 full policy years have been paid. The guaranteed surrender value is a percentage of the total premiums paid. The surrender value of vested simple reversionary bonuses is also payable. The Special Surrender Value is payable, when it is favorable to the policyholder. The Special Surrender Value is the discounted value of the sum of Paid-up Sum Assured and vested simple reversionary bonuses.

Tax Benefit

    You can avail tax benefits under the Income Tax Act, subject to prevailing tax laws.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 8 Years 55 Years
Age at Maturity - 75 Years
Policy Tenure 12 Years 35 Years
Premium Paying Term Equal To Policy Term -
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Premium Amount - -
Sum Assured Rs 1 Lac No Limit (subject To Underwriting)
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

LIC’s Accidental Death and Disability Benefit Rider can be opted under this plan, on payment of additional rider premium.

How the Plan Works?

Let’s understand the plan with the help of below illustration.

Mr. Raman at 30 years, wants to buy a plan that provides both savings and protection. He opts to buy LIC’s New Endowment Plan with the policy term of 35 years, pays the annual premium of Rs 2,881 with the sum assured of Rs 1 Lac.

Scenario A: Raman Survives through the Policy Term

If Mr. Raman survives till the end of the policy term, Rs 1,0,000 plus vested Simple Reversionary Bonuses and Final Additional Bonus is payable. The maturity benefit can further be used to fulfill your financial goals.

Scenario B: Raman dies during the Policy Term

In the event of demise of Mr. Raman during any policy year, Rs 1,0,000 along with vested Simple Reversionary Bonuses and Final Additional Bonus is payable. This death benefit ensures the financial cover for his family.

Benefit Illustration

LIC’s New Endowment Plan

Note: The non-guaranteed benefits as illustrated above are calculated at Projected Investment Rate of Return of 4% per annum (Scenario 1) and 8% p.a. (Scenario 2) respectively.