LIC New Endowment Plus ULIP Plan no. 835 – A New LIC Policy To Launch soon

LIC New Endowment Plus ULIP Plan no. 835, is a new LIC policy that is going to hit the market by 17th August 2015. As per LIC’s plan, this is one of the many policies that is going to launch in coming days. This is a typical ULIP policy from LIC with new flavors and a unique identification number of 512L301V01.

LIC New Endowment Plus ULIP Plan no. 835

Let’s check out the key features & highlights of LIC New Endowment Plus ULIP Plan no. 835.

  • LIC New Endowment Plus ULIP Plan is a typical LIC policy, unit linked assurance plan which will provide both investment & insurance benefit.
  • One can choose the premium amount as per the capacity to pay and accordingly the sum assured value will be calculated.
  • As per ULIP plan rules, an amount will be deducted from the premium paid as premium allocation charges. Rest of the amount will be invested further in the funds that you can choose from a pre-defined list. Check out the details below.
  • One can also avail Accident benefit rider under which additional sum assured value will be provided. For each Rs 1000 accidental coverage an extra premium of Rs 0.40 has to be paid.
  • In case of death of policy holder, the fund value accumulated till date will be paid to nominee in case death before the date of commencement of risk. Otherwise any one of the below points whichever is higher. Basic sum assured (i.e. higher of 10 X Annualized Premium or 105% of total premiums paid); or Policyholder’s Fund Value
  • In case of policy maturity, you will get the final fund value accumulated. You can take the total amount on maturity or you can take in 20 installments.

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Eligibility for LIC New Endowment plus ULIP Plan

  • The basic sum assured value for this policy is defined as higher of 10 times of Annualized Premium or 105% of total premiums paid
  • There is a min premium amount cap as well. If you choose for yearly plan then min premium would be Rs.20,000, for Half-Yearly : Rs.13,000, for Quarterly: Rs.8,000, for Monthly: Rs.3,000
  • No maximum limit
  • The entry age for this policy is 90 days and max is 50 years. That means you can start saving for your kid by investing in this policy.
  • Policy Term can be varied from 10 years to 20 years
  • The premium Paying Term is same as policy term.
  • The maturity age for this age can be varied from 18 years to 60 years (nearest birthday)
  • As per ULIP rule, if you surrender your ULIP plan before 5 years, then a surrender value will be applicable and the fund value will be transferred to a discontinued fund. But you will not get the money before completing 5 years.
  • After 5 year, if you want to discontinue then you will get the fund value after deducting discontinuation charges. For charge rates, check out the below table.
  • You can withdraw amount partially after completing 5 years of lock-in period.
  • You can paid up this policy only after completing 5 years of premium payment.

Premium allocation charges for LIC New Endowment Plus ULIP Plan no. 835

Premium Allocation Charge
1st Year 7.50%
2nd  to 5th  Year 5.00%
thereafter 3.00%

Policy holder can choose any fund while buying LIC New Endowment Plus ULIP Plan no. 835

Fund Type Investment in Govt / Govt Guaranteed Securities / Corporate Debt Short-term investments such as money market instruments Investment in Listed Equity Shares Details and objective of the fund for risk /return
Bond Fund Not less than 60% Fund Not more than 40% Nil Low Risk
Secured Fund Not less than 45% Not more than 40% Not less than 15% & Not more than 55% Steady Income -Lower to Medium risk
Balanced Fund Not less than 30% Not more than 40% Not less than 30% & Not more than 70% Balanced Income and growth – Medium risk
Growth Fund Not less than 20% Not more than 40% Not less than 40% & Not more than 80% Long term Capital growth – High risk

Discontinuation charges will be applicable for LIC New Endowment Plus ULIP Plan no. 835 as per below table.

Where the policy is discontinued during the policy year Discontinuance charges for the policies having annualized premium up to Rs. 25,000/- Discontinuance charges for the policies having annualized premium above Rs. 25,000/-
1 Lower of 15% * (AP or FV) subject to a maximum of Rs. 2500/- Lower of 6% * (AP or FV) subject to maximum of Rs. 6000/-
2 Lower of 7.5% * (AP or FV) subject to a maximum of Rs. 1750/- Lower of 4% * (AP or FV) subject to maximum of Rs. 5000/-
3 Lower of 5% * (AP or FV) subject to a maximum of Rs. 1250/- Lower of 3% * (AP or FV) subject to maximum of Rs. 4000/-
4 Lower of 3% * (AP or FV) subject to a maximum of Rs. 750/- Lower of 2% * (AP or FV) subject to maximum of Rs. 2000/-
5 and onwards NIL NIL

LIC New Endowment Plus ULIP Plan no. 835 Premium Calculation

To know more about premium details and premium calculation, please visit the LIC Endowment Plus benefits illustration page.

LIC New Endowment Plus ULIP Plan no. 835 Premium calculator

LIC of India has prepared very useful and easy to sue calculators for each and every policy they have launched so far. Check out LIC Endowment Plus Online Calculator under LIC policy premium calculators page.

If you are not happy with the policy after purchase, then you can refund the policy within 15 days to getting the policy documents in hand under cooling off period agreement.

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