New Endowment Plus needs to be read as a market-linked policy even though its name sounds similar to a conventional endowment plan. LIC lists this version among withdrawn products, so this guide helps existing holders understand their contract rather than suggesting that a new buyer can apply for it today.
An existing policy with a misleadingly familiar name
The brochure for this version has a term from ten to twenty years and regular premiums through that term, with the yearly premium starting at forty two thousand rupees. Check the fund and term on your own schedule, since an older online form may accept choices that the actual contract does not permit.
Keep the policy term and paying term aligned
The fund can change with the market after charges, and switching between its available funds does not turn the maturity benefit into a guaranteed savings figure. For another market-linked product description, read Index Plus, without assuming its investment choices or charges apply to your existing Endowment Plus policy.
Paid premiums are different from fund value
With fifty thousand rupees annual premium over twenty years, the scheduled premiums total ten lakh rupees and ten times that annual premium gives five lakh rupees basic cover. Neither number is the promised maturity fund; the actual death benefit also needs the full formula, including its premium floor and any relevant adjustments.
FAQ
Q: Does New Endowment Plus earn the usual yearly endowment bonus?
A: No. This is a market-linked contract with fund units and charges. Its familiar name does not give it the bonus structure of a conventional participating endowment plan.
Q: Does withdrawal from sale force me to close Endowment Plus?
A: No. An issued policy continues under its own terms. Consider its actual cover, charges and exit conditions rather than treating product withdrawal as a cancellation notice.
Q: Can the Endowment Plus death benefit be read as only ten times premium?
A: No. That describes basic cover, while the contractual death benefit compares the required amounts and applies relevant adjustments. Use the full policy rule for a claim estimate.