Premium and Benefit Calculator – LIC New Endowment Plus – Plan 835. LIC’s New Endowment Plus is a Unit Linked assurance plan which offers investment cum insurance during the term of the policy. The main objective of this online premium and benefit calculator is to give a clear understanding of the charges and the possible maturity returns based on an assumed interest rate of the plan.
LIC’s New Endowment Plus (Plan 835) – Important points to remember
- You can choose the premium amount and mode of Payment for the plan.
- Insurance coverage or Sum Assured of the plan will be based on the premium chosen by you. Basic Sum Assured will be equal to 10 times the annualised premium. Actual sum assured will be higher of fund value or basic sum assured.
- Charges such as Allocation charges, Mortality charges, Accident Benefit Charge and Policy Administration charges will be applicable on the premium.
- Units will be allocated based on NAV (Net Asset value) of the fund chosen for investment applicable on the date of allotment.
- There will not be any bid/offer spread. Which means same NAV will be applicable at the time of allotment and closure of the fund.
- Maturity Benefit – An amount equal to the policy holder’s fund value will be paid
- Surrender of the policy – Surrender of the policy can be done only after completion of five years.
As the investment is done in the financial market, it is advisable to understand the various fund options available under this plan.
- ULIP vs Mutual Funds – Which is better investment
- Things to know before investing in ULIP Plans
- Fund Switching Techniques for ULIP Plans