LIC’s NEW ENDOWMENT

PLAN

Table No. 814

Table No. 14Endowment Assurance

Plan

Table No.814New Endowment Plan

Maturity Benefit Maturity Benefit

Basic Sum Assured along

with

Vested Simple

Reversionary Bonuses and

Final Additional Bonus, if

Any.

Basic Sum Assured along with

Vested Simple Reversionary Bonuses

and

Final Additional Bonus, if Any.

Death Benefit Death Benefit

Sum Assured (SA) along

with Vested Simple

Reversionary Bonuses and

Final Additional Bonus, if

any.

‘Sum Assured on Death’ along with

Vested Simple Reversionary Bonuses

and Final Additional Bonus, if any.

The death benefit as defined above shall

not be less than 105% of total premiums*

paid as on the date of death.

Modified ‘Sum Assured on Death' instead of SA.

No change

LIC’s New Endowment Plan – Benefits

What is Sum Assured on Death?

Sum Assured on Death shall be Higher of ~

Basic Sum Assured (BSA)

OR

10 times Annualised Premium.(10 x AP).

[*The premiums mentioned in death benefit are excluding taxes, extra

premiums and premiums for riders, if any]

LIC’s New Endowment Plan – Benefit on Death

Particulars

Table No. 14Endowment Assurance

Plan

Table No. 814New Endowment Plan

Age at entry

12 to 65 years 8 to 55 years

Age at Maturity

Maximum 75 years Maximum 75 Years

Policy Term

5 to 55 years 12 to 35 years

Premium mode

Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)

Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)

Basic Sum Assured

50000 and above100000 and above ( In multiples of 5000)

Eligibility Conditions and Restrictions

LIC’s New Endowment Plan

Age at entry modified

Minimum Sum Assured Modified

Policy term modified

ModeRebate

Table No. 14 Table No. 814

Yearly3% of tabular Premium 2% of tabular

premium

Half-yearly1.5% of tabular premium

1% of tabular premium

Quarterly Nil NilTable No 14

Endowment Assurance PlanTable No. 814

New Endowment Plan

Basic Sum Assured

Rebate (Rs.)Basic Sum Assured

Rebate (Rs.)

100001 and above

2.00‰ SA5,00,000 and above

3.00‰ BSA

50001 to 100000

1.00‰ SA2,00,000 to 4,95,000

2.00‰ BSA

Upto 50000 Nil <1,95,000 Nil

Slab & Rate modified

Rate modified

LIC’s New Endowment Plan ~ Rebates

Table No. 14Endowment Assurance Plan

Table No. 814New Endowment Plan

Available after payment of 3 full years premiums.

Available after payment of 3 full years premiums.

Loan granted shall be 90% of the Surrender Value in case of inforce policies and 85% of the Surrender Value in case of Paid-up policies irrespective of the policy term.

The maximum amount of loan that can be granted as a percentage of Surrender Value shall depend on the Policy Term, as given in the table below.

Foreclosure action was initiated on default of 2 or more half-yearly loan interest installments.

Foreclosure action shall not be taken under fully paid-up and inforce policies even if there is default of loan interest.Policy Term Upto 23 24 to 27 28 to 31 32 to 35

% for inforce policies 90% 80% 70% 60%

% for Paid-up policies 80% 70% 60% 50%

% of loan modified

LIC’s New Endowment Plan ~ Policy Loan

Table No.14 Table No. 814

Guaranteed Surrender Value (GSV) Guaranteed Surrender Value (GSV)

Available after payment of 3 full years premiums.

Available after payment of 3 full years premiums.

GSV shall be equal to 30% of the total premiums paid less First Year Premium and extra premium, if any.

GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders,if opted for.Examples of GSV factors applicable for total premiums paidPolicy Year ~ GSV factor 3 = 30% 5 = 50% t -1 = 80% (t=Policy Term)

Cash Value of vested bonuses, if any.

GSV factor applicable to vested bonus,if any. Examples of Vested bonus factors –Year of SV – Policy Term – Factor 3 12 18.60% 19 25 20.85% 29 30 30%

LIC’s New Endowment Plan ~ Surrender Value

GSV % modified

Bonus Payablemodified

No Change

Table No. 14Endowment Assurance Plan

Table No. 814New Endowment Plan

Special Surrender Value (SSV) Special Surrender Value (SSV)

Surrender Value shall be the discounted value of the Paid-up Sum Assured and vested simple reversionary bonuses.

Surrender Value shall be the discounted value of the Paid-up Sum Assured and vested simple reversionary bonuses.

The discount factors shall be surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.

The discount factors shall be surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.

Surrender Value Payable Surrender Value payable

The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.

The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.

No change in SSV

LIC’s New Endowment Plan

Table No 14Endowment Assurance Plan

Table No 814New Endowment plan

A Policy may be revived within a period of 5 years from the date of first unpaid premium.

A Policy may be revived within a period of 2 years from the date of first unpaid premium.

Taxes, if any , were borne by the corporation.

Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules.

There shall be no change in the following Items

Back Dating

Grace Period

Paid-up Value

Assignment/Nomination

LIC’s New Endowment Plan ~ Table No. 814

• ‘Sum Assured on Death’ has been defined separately.

• Age at entry has been reduced.

• Percentage of Loan payable as a percentage of Surrender Value shall depend upon policy term.

• GSV percentage shall also depend on policy term and year of Surrender.

• Rebates for high SA and premium mode modified.

LIC’s New Endowment Plan –Changes over Table No.14