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LIC’s NEW ENDOWMENT PLAN
Table No. 814
LIC’s New Endowment Plan – Benefits
Table No. 14
Endowment Assurance Plan

Table No.814
New Endowment Plan

Maturity Benef...
LIC’s New Endowment Plan – Benefit on Death
What is Sum Assured on Death?
Sum Assured on Death shall be Higher of ~

Basic...
LIC’s New Endowment Plan
Eligibility Conditions and Restrictions
Particulars

Table No. 14
Endowment Assurance Plan

Table...
LIC’s New Endowment Plan ~ Rebates
Rebate

Mode

Table No. 14

Rate
modifie
d

Table No. 814

Yearly

3% of tabular Premiu...
LIC’s New Endowment Plan ~ Policy Loan
Table No. 14
Endowment Assurance Plan

Table No. 814
New Endowment Plan

Available ...
LIC’s New Endowment Plan ~ Surrender Value
Table No.14

Table No. 814

Guaranteed Surrender Value (GSV)

Guaranteed Surren...
LIC’s New Endowment Plan
No change in SSV

Table No. 14
Endowment Assurance Plan

Table No. 814
New Endowment Plan

Specia...
LIC’s New Endowment Plan ~ Table No. 814
Table No 14
Endowment Assurance Plan

Table No 814
New Endowment plan

A Policy m...
LIC’s New Endowment Plan –
Changes over Table No.14

• ‘Sum Assured on Death’ has been defined
separately.
• Age at entry ...
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LIC New Endowment Plan T No 814

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LIC launches New Endowment Plan Table No 814

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Transcript of "LIC New Endowment Plan T No 814"

  1. 1. LIC’s NEW ENDOWMENT PLAN Table No. 814
  2. 2. LIC’s New Endowment Plan – Benefits Table No. 14 Endowment Assurance Plan Table No.814 New Endowment Plan Maturity Benefit Maturity Benefit Basic Sum Assured along with Basic Sum Assured along with Vested Simple Reversionary No change Vested Simple Reversionary Bonuses and Bonuses and Final Additional Final Additional Bonus, if Any. Bonus, if Any. Death Benefit Death Benefit Modified ‘Sum Assured on Death' instead of SA. Sum Assured (SA) along with ‘Sum Assured on Death’ along with Vested Vested Simple Reversionary Simple Reversionary Bonuses and Final Bonuses and Additional Bonus, if any. Final Additional Bonus, if any. The death benefit as defined above shall not be less than 105% of total premiums* paid as on the date of death.
  3. 3. LIC’s New Endowment Plan – Benefit on Death What is Sum Assured on Death? Sum Assured on Death shall be Higher of ~ Basic Sum Assured (BSA) OR 10 times Annualised Premium.(10 x AP). [*The premiums mentioned in death benefit are excluding taxes, extra premiums and premiums for riders, if any]
  4. 4. LIC’s New Endowment Plan Eligibility Conditions and Restrictions Particulars Table No. 14 Endowment Assurance Plan Table No. 814 New Endowment Plan Age at entry modified Age at entry 12 to 65 years 8 to 55 years Age at Maturity Maximum 75 years Maximum 75 Years Policy Term 5 to 55 years 12 to 35 years Premium mode Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS) Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS) 50000 and above 100000 and above ( In multiples of 5000) Basic Sum Assured Policy term modified Minimum Sum Assured Modified
  5. 5. LIC’s New Endowment Plan ~ Rebates Rebate Mode Table No. 14 Rate modifie d Table No. 814 Yearly 3% of tabular Premium 2% of tabular premium Half-yearly 1.5% of tabular premium 1% of tabular premium Quarterly Nil Nil Table No 14 Endowment Assurance Plan Basic Sum Assured Rebate (Rs.) Table No. 814 New Endowment Plan Basic Sum Assured Slab & Rate modified Rebate (Rs.) 100001 and above 2.00‰ SA 5,00,000 and above 3.00‰ BSA 50001 to 100000 1.00‰ SA 2,00,000 to 4,95,000 2.00‰ BSA Upto 50000 Nil <1,95,000 Nil
  6. 6. LIC’s New Endowment Plan ~ Policy Loan Table No. 14 Endowment Assurance Plan Table No. 814 New Endowment Plan Available after payment of 3 full years premiums. Available after payment of 3 full years premiums. Loan granted shall be 90% of the Surrender Value in case of inforce policies and 85% of the Surrender Value in case of Paid-up policies irrespective of the policy term. The maximum amount of loan that can be granted as a percentage of Surrender Value shall depend on % of loan modified the Policy Term, as given in the table below. Foreclosure action was initiated on Foreclosure action shall not be default of 2 or more half-yearly taken under fully paid-up and loan interest installments. inforce policies even if there is default of loan interest. Policy Term Upto 23 24 to 27 28 to 31 32 to 35 % for inforce policies 90% 80% 70% 60% % for Paid-up policies 80% 70% 60% 50%
  7. 7. LIC’s New Endowment Plan ~ Surrender Value Table No.14 Table No. 814 Guaranteed Surrender Value (GSV) Guaranteed Surrender Value (GSV) Available after payment of 3 full years premiums. Available after payment of 3 full years premiums. GSV shall be equal to 30% of the total premiums paid less First Year Premium and extra premium, if any. GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders,if opted for. Examples of GSV factors applicable for total premiums paid Policy Year ~ GSV factor GSV % modified 3 = 30% 5 = 50% t -1 = 80% (t=Policy Term) GSV factor applicable to vested bonus,if any. Examples of Vested bonus factors – Year of SV – Policy Term – Factor Bonus 3 12 18.60% Payable Cash Value of vested bonuses, if any. No Change modified 19 25 20.85%
  8. 8. LIC’s New Endowment Plan No change in SSV Table No. 14 Endowment Assurance Plan Table No. 814 New Endowment Plan Special Surrender Value (SSV) Special Surrender Value (SSV) Surrender Value shall be the discounted value of the Paid-up Sum Assured and vested simple reversionary bonuses. The discount factors shall be surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy. Surrender Value Payable Surrender Value shall be the discounted value of the Paid-up Sum Assured and vested simple reversionary bonuses. The discount factors shall be surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy. Surrender Value payable The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable. The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.
  9. 9. LIC’s New Endowment Plan ~ Table No. 814 Table No 14 Endowment Assurance Plan Table No 814 New Endowment plan A Policy may be revived within a period of 5 years from the date of first unpaid premium. A Policy may be revived within a period of 2 years from the date of first unpaid premium. Taxes, if any , were borne by the corporation. Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules. There shall be no change in the following Items Back Dating Grace Period Paid-up Value Assignment/Nomination
  10. 10. LIC’s New Endowment Plan – Changes over Table No.14 • ‘Sum Assured on Death’ has been defined separately. • Age at entry has been reduced. • Percentage of Loan payable as a percentage of Surrender Value shall depend upon policy term. • GSV percentage shall also depend on policy term and year of Surrender. • Rebates for high SA and premium mode modified.
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