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Regular premium can be paid either in yearly, half yearly, quarterly or monthly (ECS) installments.Min. premium Rs. 20,000/- yearly or Rs.1750 per month by ECS mode.
Single Premium is also allowed under LIC Endowment Plus plan. Minimum onetime Investment Rs.30,000/-
Eligibility and other conditions for LIC Endowment plus Table No. 802:
For Basic Plan |
a) |
Minimum Basic Sum Assured: |
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Regular Premium policies: (Policy Term +1) times the annualised premium |
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Single Premium:
For age at entry below 45 years: 1.25 times the single premium
For age at entry 45 years and above: 1.10 times the single premium |
b) |
Maximum Basic Sum Assured |
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Regular Premium policies:
30 times the annualized premium, if age at entry is upto 45 years
25 times the annualized premium, if age at entry is 46 to 60 years
Single Premium Policies:
If Critical Illness Benefit Rider is not opted for:
5 times the Single premium, if age at maturity is upto 65 years.
3 times the Single premium, if age at maturity is 66 to 70 years.
If Critical Illness Benefit Rider is opted for:
5 times the Single premium, if age at maturity is upto 55 years.
3 times the Single premium, if age at maturity is 56 to 60 years. |
c) |
Minimum Premium: |
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Regular premium (other than monthly (ECS) mode): Rs. 20,000 yearly
Regular premium (for monthly (ECS) mode): Rs. 1,750 p.m.
Single premium: Rs. 30,000 |
d) |
Maximum Premium: |
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Regular premium: Rs. 1,00,000 p.a.
Single premium: No Limit
Annualized Premiums and single premium shall be payable in multiple of Rs. 1,000 for
other than ECS monthly. For monthly (ECS), the premium shall be in multiples of Rs. 250/- |
e) |
Minimum Entry Age: 7 years last birthday |
f) |
Maximum Entry Age: 60 years nearest birthday |
g) |
Policy Term : 10 to 20 years |
h) |
Minimum Maturity Age: 18 years completed |
i) |
Maximum Maturity Age: 70 years nearest birthday |
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Age at entry for the policyholder is to be taken as age nearest birthday except for the
minimum age at entry i.e. 7 years. |
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Fund Switching: |
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Within a given policy year, 4 switches will be allowed free of charge.Top-up Premium: Not allowed.
Partial withdrawals: A policyholder can partially withdraw the units at any time after the fifth policy anniversary and provided all due premiums till date of partial withdrawal have been paid. |
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LOANS: |
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Loan will be available under this plan subject to the following conditions:
• Loan will be granted under the policy after completion of three years and provided all due premiums have been paid.
• Policy Loan will be available to the extent of 30 % of the Policyholder’s Fund value.
• No Partial Withdrawal will be allowed if any loan is outstanding.
• If the Fund Value at any time is less than or equal to the loan outstanding along with interest thereon, the policy will be compulsorily terminated.
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How to Apply for LIC Of India’s Endowment Plus? Apply (Chennai only) |
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