Endowment Policy : New Endowment Plan ( T814 )
Endowment Policy : New Endowment Plan ( T814 ) :
LIC updated New Endowment Plan -T814 as per new guidelines of IRDA. The new plan included Service tax include of 3.09% and it is a combination of Endowment plus Term insurance.In New Endowment Plan if person lives till end of Term of the policy will be given Maturity Benefit which is SUM ASSURED + BONUS +FAB etc…If he dies within the term of the Policy Death Benefit paid to Nominee i.e. SUM ASSURED + BONUS acquired till that Year.We can opt for Accident Benefit Rider and Critical Illness Rider by paying small Amount with the Premium.In New Endowment Plan there is High Bonus and High liquidity and saving point.
Eligibility Criteria for Endowment Policy :
Age limit : Minimum age 8 years – Maximum age 55 years
Policy Term : Minimum Term 12 years – Maximum Term 35 years
Sum Assured : Minimum SUM ASSURED – Rs. 1, 00,000/- to Maximum SUM ASSURED: No Limit (based on underwriting decision)
Premium Paying Mode : Monthly (SSS, ECS), Quarterly, Half yearly, Yearly
Other Rebates for Endowment Policy :
Rebate Mode : Yearly Table premium 2% – Half yearly Table Premium 1%
Sum Assured Rebate:-
|Rs. 1,00,000/- to Rs. 1,95,000/-||
|Rs. 2,00,000/- to Rs. 4,95,000/-||2.00 % Basic Sum Assured|
|Rs. 5,00,000/- and above||3.00 % Basic Sum Assured|
Endowment Plan Benefits :
- Maturity Benefit : Sum Assured + Simple Reversionary Bonus + FAB(final additional bonus) if any
- Death Benefit : IF the Insured person dies within the Policy Term then Nominee of the Policy will be given “Death Benefit(Sum Assured on Death) + Simple Reversionary Bonus + FAB(final additional bonus)” if any
Other Information :
Risk Coverage: – Till end of Term of the Policy
Date of Commencement of Risk:– In case of children whose age is less than 8 years risk commencement starts either from 2 years of taking the policy or from achieving 8 years old which is earlier.
Locking period: – 3 years
Loan Facility: – Available
Income Tax Reduction: Available under Section 80C for premiums paid and Section 10 (10D) for Maturity returns
Housing Loan Surety: Available
Riders available: Yes
Policy Revival: Policy can be revived before 2 years from date of First Unpaid Premium (FUP).
Suicide Clause: if insured commit suicide before 12 months he will be returned back 80% of premium what he paid.
Proposal Forms: Proposal Form no. 300 or 340 will be used under this plan.
Service Tax: 3.09% service tax is applicable
Cooling-off Period: If a policyholder is not satisfied with the ‘Terms and Conditions” of the policy, he/she may return the policy within 15 days from the date of receipt of the policy.
Back-dating interest: The policies can be dated back within the same financial year.
Assignments/Nominations: assignment and nominations is possible under this plan.