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Are you looking for a flexible investment option that combines life insurance with the potential for market-linked returns? Look no further than LIC’s New Endowment Plus plan. As the best LIC agent in Kolkata, I’m here to break down everything you need to know about this innovative policy.
Table of Contents
Key Takeaways
- LIC New Endowment Plus offers a blend of insurance and market-linked investment
- Choose from four fund options based on your risk tolerance
- Enjoy flexibility with partial withdrawals, switching, and settlement options
- Understand the charges associated with the plan
- Regular review and adjustment of your investment strategy is important
What is LIC New Endowment Plus?
LIC New Endowment Plus (UIN: 512L301V02) is a unit-linked, non-participating, regular premium individual life insurance plan. It offers a unique blend of protection and long-term savings, giving you the flexibility to build a better future and realize your dreams.
Key Features:
- Investment cum Insurance: Provides life cover along with market-linked returns
- Flexibility: Choose from four investment fund options
- Regular Premiums: Pay premiums yearly, half-yearly, quarterly, or monthly
- Policy Term: 10 to 20 years
- Entry Age: 90 days to 50 years
- Maturity Age: 18 to 60 years
How Does It Work?
When you pay your premiums, a portion goes towards life cover, while the rest is invested in the fund option of your choice. The premiums, after deducting charges, are used to purchase units in your selected fund. The value of these units fluctuates based on the Net Asset Value (NAV), which is influenced by market performance.
Investment Fund Options
LIC New Endowment Plus offers four fund options to suit different risk appetites:
- Bond Fund: Low risk, mainly invests in fixed income securities
- Secured Fund: Lower to medium risk, balanced between equities and fixed income
- Balanced Fund: Medium risk, equal proportion of equities and fixed income
- Growth Fund: High risk, primarily invests in equities for long-term capital growth
You can switch between these funds as your financial goals and risk tolerance change over time.
Benefits of LIC New Endowment Plus
1. Death Benefit
If the unfortunate happens, your family is protected. The death benefit is the highest of:
- Basic Sum Assured (reduced by partial withdrawals)
- Unit Fund Value
- 105% of total premiums paid (reduced by partial withdrawals)
2. Maturity Benefit
On surviving the policy term, you receive the Unit Fund Value as a lump sum.
3. Flexibility
- Partial Withdrawals: Access funds after 5 years (subject to conditions)
- Switching: Change your fund option as per market conditions
- Settlement Option: Receive death benefit in instalments
4. Rider Option
Enhance your protection with LIC’s Linked Accidental Death Benefit Rider (UIN: 512A211V02) for additional security.
Charges Under the Plan
It’s important to understand the various charges associated with LIC New Endowment Plus:
- Premium Allocation Charge: Decreases over time (7.5% in 1st year to 3% from 6th year onwards)
- Mortality Charge: Cost of life insurance cover
- Policy Administration Charge: Monthly charge that increases slightly each year
- Fund Management Charge: 0.70% p.a. of Unit Fund for all fund types
- Switching Charge: First 4 switches free, Rs. 100 per subsequent switch
- Partial Withdrawal Charge: Rs. 100 per withdrawal
- Discontinuance Charge: Applicable if policy is surrendered or discontinued
Who Should Consider LIC New Endowment Plus?
This plan is ideal for:
- Young professionals looking to start investing early
- Parents planning for their children’s future
- Individuals seeking a balance of insurance and investment
- Those comfortable with some market risk for potentially higher returns
How to Get Started
As the best LIC agent in Kolkata, I’m here to help you navigate the ins and outs of LIC New Endowment Plus. Here’s how we can proceed:
- Assess Your Needs: We’ll discuss your financial goals and risk appetite
- Choose Your Options: Decide on premium amount, policy term, and fund type
- Complete Documentation: I’ll guide you through the application process
- Regular Reviews: We’ll periodically review your policy performance and make adjustments as needed
Remember, investing in a unit-linked plan requires careful consideration. It’s crucial to align the policy with your long-term financial objectives.
As your trusted LIC agent in Kolkata, I’m committed to helping you make informed decisions about your financial future. LIC New Endowment Plus offers a unique opportunity to grow your wealth while securing your family’s future. Ready to take the next step? Give me a call at 7980031260, and let’s chart your path to financial success together!
FAQ
Can I change my premium payment frequency?
Yes, you can change your premium payment mode (yearly, half-yearly, quarterly, monthly) on any policy anniversary.
What happens if I miss a premium payment?
There’s a grace period of 30 days for yearly, half-yearly, and quarterly modes, and 15 days for monthly mode. If premiums are not paid within this period, the policy enters a discontinuance state.
Is there a free look period?
Yes, you have 15 days from the receipt of the policy to review and return it if you’re not satisfied.
Can I surrender the policy early?
While it’s possible to surrender the policy, it’s not advisable during the initial years due to applicable charges and the 5-year lock-in period.
How is the Unit Fund Value calculated?
The Unit Fund Value is the total number of units you hold multiplied by the Net Asset Value (NAV) of the fund on that day.
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