LIC New Endowment Policy (Table No: 830)

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LIC New Endowment Policy (Table No: 830)

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• Entry Age of Policyholder: Min Age: 18 Years, Max Age: 62 Years.
• Policy Term : 12 yrs/ 16 yrs/ 21 years
• Premium Paying Term: 8 & 9 years
• Sum Assured : Min: Rs.3 Lacs, Max: No limit
• Maturity Benefit : Basic Sum Assured + Vested Bonus + FAB, if any.
• Death Sum Assured : Sum Assured + VB + FAB, if any, where Sum Assured is defined as Higher of- 10 times of Annualized Premium OR 125% of Basic Sum Assured OR 105% of all premiums paid.
• Riders: LIC Accidental Death, Disability Benefit Rider & LIC New Term Assurance Ride
• Rebates: Mode Rebates > 2% for Yly & 1% for Hly,
• High SA Rebates: 5 Lacs to 9.90 Lacs=0.50%, 10 Lacs & above= 0.75%0
• Revival of Lapsed policies: Within 2 yrs from date of FUP
• Surrender Value: If policy surrendered with-in first 2 years from date of taking the policy then person will not get anything even paid premium also not given back. After 2 years Policy can be surrendered.
• Loan: is available in this policy: Minimum 2 years premium should be paid to get eligible for taking loan.
• Grace Period: is 30 days for all modes.
• Income Tax Reduction : Available under Section 80C