The Life Insurance Corporation (LIC) has launched a new Unit Linked Insurance Policy (ULIP) – Endowment Plus, which offers investment cum insurance during the policy term and provides the benefit of risk cover and investment markets.


LIC Endowment Plus Plans Info : Endowment Plus


There are four funds for policyholders to choose from, namely:


  • Bond Fund.
  • Secured Fund.
  • Balance Fund.
  • Growth Fund.


Policyholders will also be able to switch between these funds, free of charge, up to 4 times in a policy year. The NAV under all the funds during the launch is Rs.10, and the NAV will be calculated daily, based on investment performance and fund management change of each fund type.

This maiden ULIP will also offer a double death benefit – in the event of the policyholder’s unfortunate demise before the commencement of risk, an amount that’s equal to his fund value will be payable. If the policyholder dies after the commencement of risk, an amount that’s the higher of either the sum assured or the fund value will be payable.

An accidental death benefit rider is also automatically active on this policy, which pays out an amount equal to the death benefit sum assured if the policyholder dies due to an accident. An option for partial withdrawal also exists in addition to the above features.


Eligibility Conditions And Other Restrictions:


(a) Minimum Age at entry        -           7 (age last birthday)
(b) Maximum Age at entry       -           60 years (age nearer birthday)
(c) Minimum Maturity Age       -           18 years (completed)
(d) Maximum Maturity Age      -           70 years (age nearer birthday)
(e) Policy Term                         -         10 to 20 years
(f) Minimum Premium            -            
Regular premium (other than monthly (ECS) mode): Rs. [20,000] p.a.
Regular premium (for monthly (ECS) mode): Rs. [1,750] p.m.
Single premium: Rs. [30,000]
(g) Maximum Premium            -          
Regular premium: Rs. [1,00,000] p.a.
Single premium: No Limit

(h) Sum Assured under the Basic Plan -

Minimum Sum Assured: 

Regular Premium policies: (Policy Term +1) times the annualized premium
Single Premium:
For age at entry of below 45 years: 1.25 times of the single premium
For age at entry of 45 years and above: 1.10 times of the single premium


Maximum Sum Assured: 

Regular Premium policies:
30 times of the annualized premium if age at entry is upto 45 years
25 times of the annualized premium if age at entry is 46 to 60 years
Single Premium Policies:
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.
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.

Where the minimum Sum Assured is not in the multiples of Rs. 5,000, it will be rounded off to the next multiple of Rs. 5,000. Annualized Premiums shall be payable in multiple of Rs. 1,000 for other than ECS monthly. For monthly (ECS), the premium shall in multiples of Rs. 250/-.

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