Life Insurance Corporation of India (LIC) offers several insurance plans, including the New Endowment Plan. It is a traditional life insurance plan that provides a combination of insurance and savings. The policyholder pays premiums for a specified term, and in case of death during the policy term, the nominee receives the sum assured along with the bonuses. If the policyholder survives the policy term, they receive the maturity benefit, which is the sum assured along with the bonuses. The New Endowment Plan is designed to meet the long-term financial needs of individuals, such as savings for their children’s education or marriage, retirement planning, etc.