LIC’s New Endowment Plan is a comprehensive life assurance solution that combines protection and savings benefits. It is a non-linked, participating, individual policy designed to provide financial security to the family of the policyholder in the event of their untimely passing, as well as a substantial lump sum payout to the policyholder upon maturity. Additionally, this plan offers the flexibility of a loan facility to address any immediate liquidity needs.


Death Benefit:

In case of the policyholder’s demise during the policy term, the death benefit includes the ‘Sum Assured on Death,’ which is the higher of the Basic Sum Assured or 7 times the annualized premium, and it’s always at least 105% of total premiums paid, excluding taxes and additional premiums.

Maturity Benefit:

If the policyholder survives the policy term and the policy is in force, they will receive the ‘Sum Assured on Maturity,’ which includes the Basic Sum Assured, vested Simple Reversionary Bonuses, and any Final Additional Bonus, if applicable. The ‘Sum Assured on Maturity’ is equal to the Basic Sum Assured.

Participation in Profits:

The policy is eligible for Simple Reversionary Bonuses based on the corporation’s performance, as long as the policy is in force. A Final (Additional) Bonus may be granted when the policy matures or results in a claim due to death. However, Final Additional Bonuses are not applicable to paid-up policies.

Eligibility Conditions

a) Minimum Basic Sum Assured 100000
b) Maximum Basic Sum Assured No Limit
(The Basic Sum Assured shall be in multiples of ` 5000/-)
c) Minimum Age at entry 8 years (completed)
d) Maximum Age at entry 55 years (nearer birthday)
e) Maximum Maturity Age 75 years (nearer birthday)
f) Minimum Policy Term 12 years

Payment Options Available

Mode of Instalment payment Minimum instalment amount
Monthly Rs 5,000/-
Quarterly Rs 15,000/-
Half-Yearly Rs 25,000/-
Yearly Rs 50,000/-


i. If the Life Assured (whether sane or insane) commits suicide within 12 months from the policy’s commencement of risk, the policy shall be void. In such cases, the Corporation will not entertain any claim under this policy, except for refunding 80% of the total premiums paid, provided the policy is in force.
ii. If the Life Assured (whether sane or insane) commits suicide within 12 months from the date of policy revival, the Corporation will pay an amount equal to the higher of 80% of the total premiums paid till the date of death or the surrender value available as on the date of death. No other claims under this policy will be entertained in such situations.
This clause does not apply to policies that have lapsed without acquiring paid-up value, and no payout will be made for such policies.
Note: The premiums mentioned above do not include any taxes, extra premiums, or rider premiums, except for the Term Assurance rider, if applicable.”

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