LIC’s Endowment Plus (Plan 802) : LIC’s Endowment Plus Plan (Plan No. 802), launched on 20th Septemper 2010, is a Unit Linked Endowment plan with regular premium paying term which offers investment-cum-insurance during the term of the policy.
LIC’s Endowment Plus is a unit linked endowment plan. The features of the plan are mentioned below:
Premium Ceasing Age : 70 Premium Ceasing Term : 20
- Double benefits of Insurance and Investment.
- Funds available under this plan are –Bond, Secured, Balanced and Growth fund.
- A policyholder can partially withdraw the units at any time after five policy years.
- Loan can be availed after completion of 3 policy years.
- Policy can be surrendered after completion of 5 years with no surrender charge.
- Premiums can be paid in yearly, half-yearly, quarterly and in monthly (ECS) installment OR in single
- Policyholder can switch between any fund types during the policy term. 4 switches will be
allowed free in a policy year.
- Policyholder has a option to enhance the risk cover by choosing the Double Accident benefit
rider and the Critical Illness Rider.
- On death of the policyholder, the nominee will be eligible to get higher of Sum assured (minus
partial withdrawal if any done during last two years) or the Fund value of units.
- In case of maturity the policyholder will get amount equal to the Fund value of the units.
- Enjoy tax benefit under section 80CCE.