LIC’s New Endowment Plus (UIN: 512L301V01)
LIC’s New Endowment Plus : Those who are reluctant of investing in capital market directly due to lack of knowledge or time; they search for alternative options to invest in markets. One of the most preferred investment tool these days is investment through ULIPs. Because ULIPS not only fetch good returns but also provide life insurance along with tax free returns and flexibilities like partial withdrawal.
LIC has come up with a new plan named- New Endowment Plus (UIN: 512L301V01). This is a Unit Linked Non Participating Endowment Assurance plan, which provides life insurance equivalent to 10 times of premium amount along with option to choose from 4 funds as per the policy holders risk appetite and tax benefits under section 80C and maturity proceeds are tax free under section 1010(D) of income tax act 1961.
Product features are as follows.
- In event of death of the life insured within the policy tenure higher of the
- Fund Value,
- Basic Sum Assured as chosen at the policy inception or
- 105% of premium paid
will be payable to the nominee as Death Benefit and the policy will be terminated
- This Policy can be purchased in the name of minor also
- In this plan, the policyholder has a choice of 4 funds to choose from for his investments. He can also switch his funds from one fund to another during the term of policy
- Policy holder has the flexibility to pay his premium in monthly, yearly, half yearly or quarterly mode as desired
- The Policy holder can assign this policy to anyone else
- There is an optional accidental death benefit rider available in this plan
- One can surrender the policy at any point of time. There is a surrender charge that is applicable for the first 4 policy years and not from the 5th year onwards
- Partial withdrawal is allowed after five policy years as well
- If policy gets lapsed, policy holder will get a time frame of two years to revive the same with the applicable interest and the pending premiums. Till the time that the policy is in lapsed state, the life cover will not be provided but his fund will still get invested
Thus, this is a complete unit linked insurance plan with a wide variety of choices
Apart from all these benefits, brand name of LIC is there. They have track record of fast settlement of claims. There customer service is also good as they have maximum number of branches all over country. You can pay your premium from any part of India.
So if you are planning to invest your money safely yet wanted to take the advantage of Life Capital Market, LIC’s New Endowment Plus will definitely be the wise choice.