LIC Endowment Plans Introduction
LIC Endowment plan is a non-linked participating insurance plan. It offers both protection and savings features. There are so many LIC Endowment plans like LIC New Endowment Plan, LIC Jeevan Anand, New Jeevan rakshak etc… Each Endowment policy has different eligibility criteria and benefits. You can select any one of them by comparing their benefits and conditions based on your requirement.
Normally LIC Endowment plans can be taken for the maximum period of 35 years. Some Life Insurance Companies offers this policy from Zero years, while some others have their minimum entry age. You have the facility of Renewing of your LIC Endowment plans. You can renew the LIC Endowment plans up to the age of 75 years. After completion of Maturity period company will pay savings plus bonus as a lump-sum amount if the policy holder survives.
You can get different benefits by taking LIC Endowment plans like death benefit and maturity benefit. You can also get additional riders like accidental death benefit along with the benefits. LIC Endowment policy provides financial support to the family members of the policy holder at any time during the policy period.
You have to pay the premium for every policy term in LIC Endowment plans to get all the benefits available under this plans. You will also have an option to select policy term in LIC Endowment Plans. You can calculate your amount that you can get as maturity benefit by using maturity calculator in LIC endowment plans.
LIC Endowment Plan Benefits
The basic benefits available in LIC Endowment plans are
- Death Benefit.
- Maturity Benefit.
Death Benefit: If the policy holder pays all the due benefits and his death occurs during the policy period the company will pay the death benefit. The death benefit paid by the company will be definitely more than the 105% of the all premiums paid as on date of death in LIC Endowment plans.
Maturity Benefit: If you have paid all the premiums during policy period and policy holder survives until the end of the policy period you will get bonuses plus additional bonuses along with your premiums as a maturity benefit in LIC Endowment Plans.
LIC Endowment Plan example
LIC Endowment plans
LIC New Jeevan Anand Policy is a combination of whole life and endowment policy. LIC New Jeevan Anand Policy provides insurance cover for entire life of the insured person. LIC New Jeevan Anand Policy is an investment plan with high bonus facility and liquidity facility incorporated and saving point.
LIC New Endowment plan has been introduced recently on 3rd January 2014. In LIC New Endowment policy you will get sum assured along with Vested simple reversionary bonus and Final additional bonus at the end of the policy term.
LIC Jeevan Rakshak 827 Policy is a participating Regular Premium paying Endowment plan. LIC Jeevan Rakshak 827 Policy is a Traditional Plan and gives you the dual benefit of protection and savings. LIC Jeevan Rakshak 827 Policy suits mainly for all lower-income people.
Lic Single Premium Endowment Policy was introduced on 1st January 2014. In LIC Single Premium Endowment Policy sum assured along with Bonus and Final additional bonus will be paid to the policyholder, at the end of the policy term. if policy holder dies with in the policy period, Sum Assured will be paid to the nominee.
LIC Limited Premium Endowment Policy 830, the policy name itself indicates that this policy has an option of Limited Period premium payment. The premium payment is limited compared to the policy term in LIC Limited Premium Endowment Policy 830. For example if policyholder has taken 12 years policy term then he/she needs to pay the premium either 8 or 9 years maximum which is limited period of premium payment term.
Lic Jeevan Sangam Plan is a close ended plan which would be open for a maximum period of 90 days only. It was introduced on March 3rd, 2015. Lic Jeevan Sangam Plan is a Non linked profit plan, which provides high level of death cover during the policy term. In jeevan sangam plan the life assured have the option to choose the Maturity Sum Assured.
LIC Jeevan Lakshya Policy (plan no 833) was recently introduced on March, 2015. It is introduced as a With-Profits Endowment Assurance plan. Lic Jeevan Lakshya plan is also a limited premium paying conventional plan. Lic Jeevan Lakshya policy provides Annual Income benefit to fulfill all the needs of the family. This policy is mainly beneficial for children, in case of unfortunate death of insured during the policy term. Lic Jeevan Lakshya Policy also provides a lump-sum amount at the time of maturity if the policy holder survives.