Product Specification-new-endowment-plan

Details About Premium The annual premium is mentioned in Rupees for a Policy Tenure of 20 years. Basic Premium is mentioned below (Tax not included) Policy Details Grace Period: In case, the insurance holder fails to pay the premium on time then a grace period of 30 days is offered under the policy under which the insured can pay the due premium within the 30 days. If policyholder fails to make payment within the grace period then the policy lapses. However, there is a period of 2 years from the due date of the first unpaid premium for the policy to be revived. Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim. Policy Termination or Surrender Benefit: The LIC New Endowment Plan also comes with a surrender values under which a particular percentage of premium amount is paid back to the insured in case he/she decides to surrender the policy after the completion of 3 policy years and can also avail Loan. Exclusions In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid