Endowment Plan Summary:
It is one of the oldest and popular LIC plan. Endowment plan (Table 14) provides financial assistance to the family of the life assured in the event of policy holders early death or a lumsum amount on policy holders survival upto the selected term. Hence, Endowment plan (Table 14) provides for family income in the event of unfortunate death of the life assured or makes provision for retirement in case of living too long. Endowment Plan is best for every reason, for all long and short term financial needs.
Benefits:
Natural Death:
Sum Assured + Bonus for number of years premium paid + Terminal Bonus if any.
Accidental Death:
Double Sum Assured + Bonus for number of years premium paid + Terminal Bonus if any.
Maturity:
Sum Assured + Bonus + Terminal Bonus.
Accident And Permanent Disability Benefit:
Accident benefit is maximum Rs.50 lakh.
Tax Benefit:
Tax beneift on your premium u/s 80C
and Maturity/Death Claim u/s 10 (10D)
Loan:
Loan Facility is available on this policy after 3 years, you can also use it as Housing Loan collateral.
Premium Payment:
You can pay premium Yearly, Half-yearly, Quarterly, Monthly or Single premium.
Eligibility Conditions and Restrictions:
Minimum age: 12 years
Maximum age: 65 years
Maximum age at Maturity: 75 years
Min. Term: 5 years
Max Term: 55 years
Minimum SA: Rs.50,000/-
Max. Sum Assured: No Limit
Example:
Mr. Rajesh buy an Endowment policy under Table-14 for Rs.1Lakh for 25 years term. He dies due to a disease after 3 yrs. In this case, Mr. Rajesh’s family/nominee will receive Rs.1, 14,400(Rs.14, 400 being Bonus for 3 yrs at an estimated Rs.48 per 1000 p.a.). If Rajesh survive till maturity he would receive Rs.2,70,000 as maturity benefit (Rs.1,20,000 being Bonus for 25 yrs at an estimated Rs.48 per 1000 p.a. + FAB @ 500/- per 1000 = 50,000/-)
How to Apply for LIC Of India’s Endowment policy?
Contact your nearest Life Insurance Corporation Of India (LIC of India) Branch/ LIC Agent. Or
Fill the Application form to apply online. (Mumbai only)
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Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.
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i have taken an endowment policy for 1 lckh.
policy term is 15 years ( feb96 to feb2011)
i have not received any bonus. how much i will get final amount.
Reply
i’ve taken 2 policy of 108 and 149. Both in 2009 and 1 lakh each. You tell me whether will i.be eligible to take up any loan from Lic after 3 years of premium paid to these policies. Is there any option for loan from these policy or any other policy should i go. Reply to my e mail id. I’m waiting
Reply
Tabrej Reply:
June 8th, 2010 at 1:02 pm
Yes, you can get loan on your LIC Policy.
Reply
I have taken an endowment assurance policy(with profits) for 2 lakhs.
Policy term is 5 yrs(Oct05 to Oct10)
What would be my final additional bonus?
I have not received any bonus so far??
Reply