LIC's new endowment plan makes several changes compared to its previous Table No. 14 plan. It modifies the death benefit to be the higher of basic sum assured or 10 times annual premium. It lowers the minimum age of entry to 8 years old and shortens the maximum policy term to 35 years. The percentage of loans and guaranteed surrender value payable are now dependent on policy term. Rebate rates for higher sum assured amounts and premium payment modes are also adjusted.
It has been decided to introduce LIC’s New Endowment Plan (Plan No. 814) with effect from 3rd January, 2014.
The Unique Identification Number (UIN) for LIC’s New Endowment Plan is ¬¬¬¬¬¬¬¬¬512N277V01. This number has to be quoted in all relevant documents furnished to the Policyholders and other users (public, distribution channels).
This is a regular premium paying conventional With-Profits Endowment Assurance plan. The benefits and other details of the plan are given in the document.
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LIC's New Endowment Plan is a participating non-linked plan which offers an attractive combination of protection and saving features. This combination provides financial support for the family of the deceased policyholder any time before maturity and good lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.
Lic new jeevan anand plan (table no. 815)THEPOLICYKART
LIC's New Jeevan Anand Plan, a participating non-linked plan that offers attractive combination of protection and savings. All you need to know about LIC New Jeevan Anand Plan (Table no 815).
LIC's New Jeevan Anand Plan is a participating non-linked plan which offers an attractive combination of protection and savings. This combination provides financial protection against death throughout the lifetime of the policyholder with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility.
It has been decided to introduce LIC’s New Endowment Plan (Plan No. 814) with effect from 3rd January, 2014.
The Unique Identification Number (UIN) for LIC’s New Endowment Plan is ¬¬¬¬¬¬¬¬¬512N277V01. This number has to be quoted in all relevant documents furnished to the Policyholders and other users (public, distribution channels).
This is a regular premium paying conventional With-Profits Endowment Assurance plan. The benefits and other details of the plan are given in the document.
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LIC's New Endowment Plan is a participating non-linked plan which offers an attractive combination of protection and saving features. This combination provides financial support for the family of the deceased policyholder any time before maturity and good lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.
Lic new jeevan anand plan (table no. 815)THEPOLICYKART
LIC's New Jeevan Anand Plan, a participating non-linked plan that offers attractive combination of protection and savings. All you need to know about LIC New Jeevan Anand Plan (Table no 815).
LIC's New Jeevan Anand Plan is a participating non-linked plan which offers an attractive combination of protection and savings. This combination provides financial protection against death throughout the lifetime of the policyholder with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility.
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LIC's New Money Back Plan-25 years is a participating non-linked plan which offers an attractive combination of protection against death throughout the term of the plan along with the periodic payment on survival at specified durations during the term. This unique combination provides financial support for the family of the deceased policyholder any time before maturity and lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.
LIC's Jeevan Shagun is a participating, non-linked, savings cum protection single premium plan wherein the risk cover is a multiple of single premium.
The proposer will have an option to choose the Maturity Sum Assured. The single premium payable (exclusive of service tax) shall depend on the chosen amount of Maturity Sum Assured and age of the life assured.
A percentage of Maturity Sum Assured shall be payable on surviving to the end of the specified durations and on maturity. This plan also takes care of liquidity need through its loan facility. The plan will be open for sale for a maximum period of 90 days from the date of launch.
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2. LIC’s New Endowment Plan – Benefits
Table No. 14
Endowment Assurance Plan
Table No.814
New Endowment Plan
Maturity Benefit
Maturity Benefit
No
change
Basic Sum Assured along with Basic Sum Assured along with
Vested Simple Reversionary
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. 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. 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. LIC’s New Endowment Plan ~ Rebates
Rebate
Mode
Table No. 14
Rate
modified
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. 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. 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 %
3 = 30%
modified
5 = 50%
t -1 = 80% (t=Policy Term)
Cash Value of vested bonuses, if any.
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
19
25
20.85% modified
29
30
30%
No
Change
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.
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.
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 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. 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. 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.