How to Buy LIC New Endowment Plan on PolicyX.com
- Visit the official website of PolicyX.com.
- Click on the 'Investment' tab.
- A new page will appear on the screen.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
Benefits of LIC New Endowment Plan
There are various benefits to buying the LIC New Endowment Plan. Let's understand each of them in detail:
- Death Benefits: On the death of the insured, the nominee will be liable to receive the death benefits. In case of death before the date of commencement of risk, an amount equal to the unit fund value will be paid. If the death occurs after the date of commencement of risk, an amount that will be higher than the basic sum assured or unit fund value is payable.
- Maturity Benefit: In the case where the insured survives until the maturity date, he/she will receive an amount equal to the unit fund value as maturity benefit.
- Survival Benefits: The plan pays out maturity benefits in the form of multiple guaranteed 'survival benefits' throughout the policy tenure. Under this plan, the policyholder is also liable to get the regular liquidity facility.
- High Sum Assured Rebates: You can enjoy rebates on choosing the high sum assured option.
- Participation in Profits: The policy shall participate in the profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared.
- Policy Revival: If premiums are not paid within the grace period, then the policy will lapse. A lapsed policy can be revived within a period of 5 consecutive years from the date of the first unpaid premium.
- Paid-up Value: If less than two years' premiums have been paid, and any subsequent premium is not duly paid, all the benefits under this policy shall cease after the expiry of the grace period.
- Free Look Period: The plan comes with a free look period of 15 days, under which you are allowed to cancel the plan and get a refund (if you want).
How to Buy LIC New Endowment Plan Online
- Visit the official website of Life Insurance Corporation of India.
- Hover over 'Wealth Creation'.
- Click on 'LIC New Endowment Plan'.
- Click on 'Buy Online' and you will be redirected to a new page.
- Enter your name and contact information. One of their representatives will reach out to you and discuss the quotes.
- Once discussed, you can make the premium payment and get the policy documents.
Exclusions
- In case the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. Either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, is paid.
Documents Required to Buy LIC New Endowment Plan
Here is the list of documents required to buy the LIC New Endowment Plan:
Photo ID Proof
Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.
Age Proof
Age Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.
Address Proof
Address Proof (either of one) - Utility bill, passport, voter ID, ration card.
Medical Records
Medical Records of the policyholder if requested.
Income Proof
Income Proof (either of one) - bank statement, last three months' salary slips (if you are salaried).
Plan At a Glance
| What's Good Here |
What's Missing |
| Death Benefits |
Premium Offset |
| Maturity Benefits |
High sum assured rebate |
| Survival Benefits |
Auto cover continuance |
| Loan Benefits |
Top-up premium |
In a Nutshell
If you are looking for an endowment plan that can help you create wealth over time along with financial safety for your family, you can consider buying the LIC New Endowment Plan. This plan offers multiple benefits to the policyholders.
For more info related to this plan, you can visit PolicyX.com, or call us at 1800 - 420 - 0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.
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