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About New Endowment Plus (835)

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LIC’s New Endowment Plus is a unit linked assurance plan, which offers investment-cum-insurance during the term of the policy. The Policyholder can choose the amount of premium he/she desires to pay, depending on which Policyholder will get the equivalent level of Cover. Each premium paid by the Policyholder shall be subject to Premium Allocation charge as per details specified.Policyholder can choose the amount of premium one desires to pay, depending on premium paid policyholder will get the equivalent level of risk cover

Features and Conditions

Minimum age at entry90 days
Maximum age at entry 50 years nbd
Minimum Maturity age18 years lbd
Maximum Maturity age60 years nbd
Policy term10 to 20 years
Minimum PremiumYly - Rs. 20,000,
Hly- Rs.13,000,
Qly- Rs. 8,000,
Mly ECS - Rs. 3,000 and in multiple of Rs. 250 for Mly ECS and in multiple of Rs. 1,000 for other modes.
Maximum PremiumNo limit
Available RidersLIC’s Linked Accident Benefit Rider.
Maximum Rs. 1 Crore under all plans
Mode of PaymentYearly, Half Yly, Qly & Mly ECS only.
Policy LoanNot Available
Partial Withdrawal/Surrender/Paid upAllowed After 5 years.
RevivalsWithin 2 years of FUP
Maturity Settlement optionAllowed for
5 yearly or 10 Half yearly instalments.
Back DatingNot Allowed.
Proposal FormSeparate form
Service Tax14% on all applicable Charges
Tax BenefitsOn Basic Premiums : u/s 80C
Maturity/Death claim : u/s 10(10D)

Other Key Features

  • Double benefits of Insurance and Investment.
  • You can choose to invest your money in any of the following 4 funds available :
    • Bond Fund
    • Secured Fund
    • Balanced Fund
    • Growth Fund
  •  A policyholder can partially withdraw the units at any time after five policy years.
  • Policy can be surrendered after completion of 5 years.
  •  NO Surrender Charges.
  •  Four switches will be allowed free of cost in a policy. Thereafter, Rs.100/- per Switch will be charged.
  •  Option to choose Double Accidental Death Benefit up to Rs.1 Crore. It can be availed by just paying Rs. 40 per year per Lac.
  •  In case of Death of Policyholder, nominee will get the Fund Value or Sum Assured whichever is higher
  •  On Maturity the policyholder will get the amount equal to the Fund value of the units.
  •  Maturity returns can be amplified by exercising ‘Settlement Option’, through which returns can be taken in installments.
  •  The Maturity proceeds under the plan will be tax-free under section 10(10D) of Income Tax Act.
  •  Enjoy Income tax benefit on premiums paid under section 80C of Income Tax Act.


Before Date of Commencement of Risk: Fund Value
After Date of Commencement of Risk : Basic SA or Fund Value whichever is higher.
Basic SA = 10 x annualized Premium or 105% of total premiums paid whichever is higher.


Investment Fund Options:
Bond Fund, Secured Fund, Balanced Fund and Growth Fund

For age at entry less than 8 years LBD : One day before completion of 2 years from DOC or one day before Policy Anniversary after completion of age of 8 years LBD, whichever is earlier. For age at entry 8 years LBD or more: Risk will commence immediately.

Other Useful Points

Partial Withdrawals :
Allowed after 5 years from DOC provided all due premiums have been paid, subject to following conditions:

  • Allowed to minors after completion of age 18.
  • Partial withdrawal may be in form of fixed amount or fixed number of units.
  • Partial withdrawal charge of Rs. 100 will be deducted from fund value.
  • For 2 years from date of partial withdrawal the Basic SA or Paid up SA, shall be reduced to that extent.
  • Partial withdrawal will be allowed subject to minimum balance of:
    • From 6th to 10th policy year : 3 annualized premiums or 50% of Fund Value whichever is higher.
    • From 11th to 20th policy year : 3 annualized premiums or 25% of Fund  Value whichever is higher.

Settlement Option :

  • Policyholder has to exercise the option one month prior to Maturity to receive the Maturity proceeds in instalments spread over the period of five years from date of maturity in Regular yearly or half yearly instalments. 1st instalment will be paid on date of Maturity.
  • The total no of units as on date of maturity will be divided by no of instalments ( 5 for yearly and 10 for Half yearly) and paid as per NAV as on date of instalment payment.
  •  Fund type will be as per existing fund on date of Maturity.
  •  During the settlement period there will be no life cover, Switching and partial withdrawal also will not be allowed. So only FMC will be deducted.
  •  In case of death value of outstanding units will be paid to the nominee in lumpsum.
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