LIC New Endowment Plus Plan-935: Are you looking for a life insurance plan that not only protects your family but also helps you grow your wealth? The LIC New Endowment Plus Plan-935 could be the perfect match.
It’s a Unit-Linked Insurance Plan (ULIP) that combines life cover with investment options, making it ideal for individuals who want to save for the future while enjoying insurance benefits.With this plan, you have the flexibility to choose your investment style while ensuring financial security for your loved ones.
What is LIC New Endowment Plus Plan-935?
The LIC New Endowment Plus Plan is a ULIP designed to offer dual benefits of investment and life insurance. A portion of the premiums you pay is invested in market-linked funds of your choice, while the remaining provides life cover. Whether you’re saving for a specific goal or planning for long-term wealth creation, this plan helps you achieve your financial dreams while safeguarding your family’s future.
Key Features of LIC New Endowment Plus Plan-935
- Investment Options: Choose from four fund types based on your risk appetite—Bond Fund, Secured Fund, Balanced Fund, or Growth Fund.
- Life Insurance Cover: Protects your family financially in case of your untimely demise.
- Flexibility: Switch between funds during the policy term as your financial needs change.
- Partial Withdrawals: Allows partial withdrawals after completing 5 policy years to meet unexpected financial needs.
- Top-Up Premiums: Enhance your investment by adding top-up premiums.
- Loyalty Additions: Enjoy additional units added to your fund after completing a specific duration.
- Tax Benefits: Get tax exemptions on premiums paid and maturity payouts under applicable tax laws.
Why Choose LIC New Endowment Plus Plan?
- Dual Benefits: Combines wealth creation with life insurance protection.
- Customizable Investments: Select your investment fund based on your risk tolerance.
- Financial Flexibility: Offers features like partial withdrawals and top-ups to manage your finances better.
- Long-Term Growth: Provides the opportunity to grow your savings over time through market-linked returns.
- Family Security: Ensures your loved ones are financially secure even in your absence.
Eligibility for LIC New Endowment Plus Plan
| Feature | Details |
|---|---|
| Minimum Entry Age | 90 days |
| Maximum Entry Age | 50 years |
| Policy Term | 10 to 20 years |
| Minimum Sum Assured | 10 times the annualized premium (for ages below 8 years) |
| Premium Payment Modes | Single, Yearly, Half-Yearly, Quarterly, Monthly |
| Partial Withdrawals | Allowed after 5 policy years |
Benefits of LIC New Endowment Plus Plan-935
- Maturity Benefit: On surviving the policy term, the fund value is paid as the maturity benefit.
- Death Benefit: In case of death, the nominee will receive the higher of:
- Sum Assured
- Fund Value
- 105% of the total premiums paid
- Loyalty Additions: Additional units are credited to your fund to enhance its value after completing a specific policy term.
- Flexibility in Funds: Choose, switch, or redirect premiums across different funds based on your financial goals.
- Tax Savings: Enjoy tax benefits on premiums and maturity payouts under Sections 80C and 10(10D) of the Income Tax Act.
Investment Fund Options
| Fund Type | Investment Objective | Risk Level |
|---|---|---|
| Bond Fund | Stable returns from low-risk debt | Low |
| Secured Fund | Balanced returns with low equity exposure | Low to Medium |
| Balanced Fund | Growth through a mix of equity and debt | Medium |
| Growth Fund | High growth with a focus on equities | High |
How to Apply for LIC New Endowment Plus Plan-935?
- Step 1: Visit an LIC branch or the official LIC website.
- Step 2: Consult with an LIC advisor to select the policy term, sum assured, and fund type.
- Step 3: Complete the application form and submit required documents like ID proof, age proof, and income proof.
- Step 4: Pay your first premium based on the chosen payment mode.
- Step 5: Once your application is approved, your policy will be activated, and you can start enjoying the benefits.
FAQs
1. What is the minimum premium for this plan?
The minimum premium depends on the chosen payment mode: ₹24,000 annually, ₹4,000 monthly, and ₹2,500 quarterly.
2. Can I make partial withdrawals from this policy?
Yes, partial withdrawals are allowed after the completion of 5 policy years.
3. What are the available fund options?
The plan offers four fund options: Bond Fund, Secured Fund, Balanced Fund, and Growth Fund. You can choose based on your risk appetite.
4. What happens if I miss a premium payment?
The policy enters a grace period, and if the premium is not paid within this time, the policy may lapse. However, it can be revived under certain conditions.
5. Are there tax benefits for this policy?
Yes, premiums paid and maturity benefits are eligible for tax exemptions under Sections 80C and 10(10D) of the Income Tax Act.
Conclusion
The LIC New Endowment Plus Plan-935 is perfect for those seeking a combination of investment growth and life insurance protection. Its flexible features, including fund options, partial withdrawals, and top-up premiums, make it a versatile choice for meeting financial goals.
Whether you’re a cautious saver or a growth-oriented investor, this plan offers the right tools to secure your future while providing for your loved ones.
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