LIC New Endowment Plus Plan 935 Calculator

When it comes to securing your future with a mix of insurance protection and long-term savings, LIC’s New Endowment Plus Plan 935 is a popular choice.

Introduction to LIC New Endowment Plus Plan 935

The LIC New Endowment Plus Plan 935 is a unit-linked insurance plan (ULIP) launched by the Life Insurance Corporation of India to provide a combination of life insurance coverage and investment opportunities. It is designed to offer policyholders financial security for their loved ones and growth of savings over the policy term.

Launch Date

The LIC New Endowment Plus Plan (Plan No. 935, UIN No. 512N301V02) was officially launched on 1st February 2020.

Withdrawal Status

As per the latest information available, LIC has withdrawn on Jan 01,2025.

What is a Unit-Linked Insurance Plan (ULIP)?

A ULIP is a life insurance product where the premium paid is partly used for providing life insurance coverage, and the remaining is invested in various market-linked funds such as equity, debt, or a combination, based on the policyholder’s choice. This allows the policyholder to participate in market growth, aiming for better returns while enjoying insurance benefits.

LIC New Endowment Plus Plan 935 works on this ULIP model, offering multiple fund options to suit different risk appetites and financial goals.

Eligibility Criteria for LIC New Endowment Plus Plan 935

This broad eligibility makes LIC New Endowment Plus accessible to both young starting professionals and middle-aged individuals looking for long-term savings and life coverage.

Key Features of LIC New Endowment Plus Plan 935

• It is a unit-linked plan with multiple fund options such as Bond Fund, Secured Fund, Balanced Fund, and Growth Fund.
• The policy term ranges from 10 to 20 years.
• It offers a lock-in period of 5 years where the funds cannot be withdrawn.
• Premium payment mode can be annual, half-yearly, quarterly, or monthly.
• Provides the policyholder with life insurance coverage along with investment returns.
• Includes flexibility to switch funds during the policy period.
• Offers partial withdrawal facility after the lock-in period.
• The policyholder bears the investment risk as returns depend on market performance.
• Grace period for premium payment is 30 days for annual, half-yearly and quarterly premiums, and 15 days for monthly premiums.
• Surrender value available after payment of minimum premiums for at least three full years.

Benefits of LIC New Endowment Plus Plan 935

Death Benefit

In case of policyholder demise during the policy tenure:

• If death occurs before risk commencement date, the Unit Fund Value is paid.
• After risk commencement, the death benefit will be the highest of:
  • Basic Sum Assured after deducting partial withdrawals (if any)
  • Unit Fund Value
  • 105% of total premiums paid till death minus partial withdrawals

Maturity Benefit

On survival till maturity, policyholder receives the Unit Fund Value, which depends on the market performance of the invested funds.

Loyalty Additions

LIC may offer loyalty additions or bonuses depending on fund performance and policy tenure. These are added to the unit fund during maturity or policy continuation.

Fund Choice and Switching

Policyholders can choose from multiple funds catering to different risk angles:

• Bond Fund (Low risk)
• Secured Fund (Moderate risk)
• Balanced Fund (Equity + Debt mix)
• Growth Fund (High risk, Equity-oriented)

Switching between funds is allowed during the policy term without additional charges.

How Does LIC New Endowment Plus Plan 935 Work?

You pay regular premiums during the policy term, part of which is deducted as charges. The remainder is invested in the chosen funds, growing over time based on market performance. Along with this, your life is insured up to the sum assured amount. At maturity or in case of death, you or your nominee receive the applicable benefits.

Introducing LIC New Endowment Plus Plan 935 Calculator

To evaluate the possible returns and benefits, LIC provides an online calculator for Plan 935. This calculator takes inputs such as your premium amount, policy term, fund type, and age to estimate:

• Maturity amount
• Death benefit
• Fund value projections
• Premium allocation and charges

Using the calculator helps you plan your investments better and understand the financial outcome of the policy under different scenarios.

How to Use the LIC New Endowment Plus Plan 935 Calculator?

The calculator is user-friendly. Generally, you need to enter:

1. Policy Term (10 to 20 years)
2. Premium Amount (as per your budget)
3. Age at entry
4. Fund option choice (Bond, Secured, Balanced, Growth)
5. Premium payment mode (Yearly, Half-Yearly, Quarterly, Monthly)

Once you input these details, the calculator estimates the maturity value and death benefits under different assumed annualized return rates (commonly 4% and 8%) to give you an idea of returns based on conservative and optimistic market scenarios.

Benefits of Using the Calculator

• Helps in financial planning by giving clarity on expected returns.
• Compares different fund options to see which suits your risk profile.
• Adjusts premium/payment tenure to fit your affordability and goals.
• Clear view of charges including premium allocation charges and fund management fees.
• Makes policy decision easier with data-backed projections.

Premium Payment and Grace Period

Premiums can be paid annually, semi-annually, quarterly, or monthly (only through NACH). LIC provides a grace period for missed payments: 30 days for yearly, half-yearly, and quarterly modes, and 15 days for monthly mode. If premiums are not paid within the grace period, the policy can become lapsed, with options to revive it later.

Surrender and Discontinuance

• If premiums are stopped and not paid within the grace period, the policy goes into a discontinued state.
• For discontinuance before completion of 5 years lock-in period, the unit fund value is transferred to a discontinued policy fund, payable after 5 years lock-in.
• After the 5-year lock-in period, surrender value can be paid immediately.
• Different options are available post-discontinuance, including policy revival within the revival period or complete withdrawal of funds.

Example of LIC New Endowment Plus Plan 935 Benefits Calculation

Suppose Rahul (age 30) opts for a 20-year policy term and pays a ₹30,000 yearly premium, choosing the Growth fund option.

This shows how the investment can grow with different market returns and highlights the insurance benefit.

Why Choose LIC New Endowment Plus Plan 935?

• LIC’s brand reliability and trust.
• Balanced investment with life insurance.
• Flexibility of fund choices.
• Option to switch funds as per market conditions.
• Long-term savings discipline through premium payments.
• Online calculator to plan and foresee benefits.

Additional Important Notes

• Investment risk is borne by the policyholder; market fluctuations affect returns.
• Charges such as premium allocation, fund management, mortality charges are applicable and impact net returns.
• Reading the policy brochure and terms thoroughly before buying is advised.
• Policyholders can avail tax benefits on premiums paid as per prevailing tax laws.

Frequently asked questions

Conclusion

LIC New Endowment Plus Plan 935 is a balanced blend of insurance security and investment growth, suitable for individuals seeking long-term financial stability and protection. Using the LIC New Endowment Plus Plan 935 calculator before purchasing can greatly help in understanding the financial benefits and making an informed choice.