Endowment Plus details:
Endowment plus plan no. 802 is a unit linked Endowment plan. Now get Savings, Investment and Insurance – all in one plan. This is an investment-cum-insurance plan. Lock in Period for new Unit linked plans are 5 years.

You have the option to choose any of the 4 funds below:
1) Bond Fund
2) Secured Fund
3) Balanced Fund
4) Growth Fund

LIC Endowment Plus Plan Features:

Risk cover upto 30 times of your annual premium
Entry Age: 7 years to 60 years
4 fund options available
Unlimited switches (First 4 free per year)
Loan on policy
Partial withdrawal
Accident Benefit and Critical illness rider available for extra premium
Death Benefit:
On death of the policy holder, nominee will recieve Fund value or Sum Assured whichever is higher.

Maturity Benefit:
On maturity, policy holder will receive the amount as per fund value.

Accident Benefit (Optional):
If you are above 18 years of age, you may opt for Accident Benefit equal to the amount of life cover subject to minimum of Rs. 25,000 and maximum of Rs. 50 lakh (taken all policies with LIC of India and other insurers.) In case of death due to an accident, an additional sum equal to Accident Benefit Sum Assured shall be payable.

Critical Illness Benefit Rider (Optional):
If you are between 18 and 50 years of age, you may opt for Critical Illness Benefit equal to the life cover subject to a minimum of Rs. 50,000 and maximum of Rs. 10 lakh (including other policies with LIC of India)

Premiums modes:
You can pay premiums yearly, half-yearly, quarterly or monthly (through ECS mode).

OR

Minimum Rs.30,000/- Single premium can be also be paid.

Eligibility Conditions and Restrictions for LIC Endowment Plus:

Minimum Age at entry: 7
Maximum Age at entry: 60 years
Minimum Maturity Age: 18 years
Maximum Maturity Age: 70 years
Policy Term: 10 to 20 years

Minimum Premium:

Regular premium (other than monthly (ECS) mode): Rs. 20,000 yearly.
Regular premium for monthly ECS mode: Rs.1,750 p.m.

Maximum Premium:

Regular premium: Rs. 1,00,000 yearly.
Single premium: No Limit
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.
Loan:
Loan will be available under this Endowment Plus 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.
Presently the rate of interest is 9% p.a. payable half-yearly.

Partial Withdrawal:
Partial withdrawal allowed after 5 years.

Premium Allocation Charge:
For Single premium policies: 3.3%
For Regular premium policies:
1 Year 7.50%
2nd to 5th Year 5.00%
6th year onwards 3.00%

Accident Benefit Charge: Rs.0.50 per thousand Accident Benefit Sum Assured

Administration charge:
The Policy Administration charge of Rs. 30/- per
month during the first policy year and Rs 30/- per month escalating at 3% p.a. thereafter,
throughout the term of the policy will be deducted on monthly basis by canceling
appropriate number of units out of Policyholder’s Fund Value.

Fund Management Charges (FMC):
Fund Management Charges (FMC) are dependent on type of Fund and are deductible on the date of computation of NAV at the following rates:
0.50% p.a. of Unit Fund for “Bond” Fund
0.60% p.a. of Unit Fund for “Secured” Fund
0.70% p.a. of Unit Fund for “Balanced” Fund
0.80% p.a. of Unit Fund for “Growth” Fund

Switching:
The option of switching within the funds is available any number of times during the duration of policy. The first 4 switches every year are free of charge and a charge of Rs.100 is levied thereafter per switch.