The LIC Endowment Assurance Policy - Limited Payment Plan is a limited premium whole life endowment plan that comes with a host of attractive benefits like high bonus and liquidity facility at any point of time. You can make a single premium or pay for a shorter term than the policy and enjoy the policy benefits.
Under this plan, the endowment will be paid at the end of the policy period or when the policyholder dies, whichever is earlier. This plan is ideal for an individual belonging to any age group or social group who wants to keep his or her family secure.
When you are planning to apply for LIC Endowment Assurance Policy - Limited Payment Plan, you need to fulfill the following eligibility criteria:
|Minimum entry age||12 years (nearer to the birthday)|
|Maximum entry age||65 years|
|Minimum maturity age||Information not provided|
|Maximum maturity age||Information not provided|
With the LIC Endowment Assurance Policy - Limited Payment Plan, you will be able to enjoy excellent sum assured at an economical premium amount. Listed below are the sum assured amounts offered for different policy tenures.
|Minimum sum assured||Rs.50, 000 (except for single premium)|
|Maximum sum assured||There is no limit.|
|Minimum policy period||5 years|
|Maximum policy period||55 years|
|Premium payment mode||Yearly, Half-yearly, Quarterly, Monthly, Salary Saving Scheme|
|Maximum premium paying period||75 years|
The premiums for this plan are economically priced after much research. It is suitable for individuals of all income groups.
Premiums may vary depending upon factors like age, location, term of the plan and prevailing taxes/GST.
LIC The Endowment Assurance Policy - Limited Payment Plan is one of the most sought out insurance plans as it gives a good death benefit with a proper lump sum. If the sum assured is not paid for death, then it will be paid at the end of the endowment period. At this point of time, it can be invested to make arrangements for annuity. In this way, the life insured can use these funds for a comfortable living after he or she retires. This plan assures that you will be financially secure even after a long period.
|Type of benefit||Features of the benefit|
|Death benefit||When the policyholder dies, a death benefit will be paid by the company to the nominee of the policyholder.|
Certain life insurance policies come with riders or add-on plans that can be procured by paying an additional premium. The LIC Endowment Assurance Policy - Limited Payment Plan does not offer any rider as of now.
Generally, insurance plans are offered with a few exclusions, especially related to death by suicide. When you are planning to take the LIC Endowment Assurance - Limited Payment Plan, you can check with your insurance advisor if there are any exclusions that come with this plan.
When you take the LIC Endowment Assurance Policy - Limited Payment Plan, you will get a couple of other advantages apart from the death benefit, endowment benefit, or the annuities.
|Free paid-up policy||If you stop to pay your premiums after paying the premiums for a minimum of 3 years, then your policy will be considered as a free paid-up policy. This will result in a reduced sum assured and it will be not less than Rs.250. It will not include any attached bonuses. The bonus declared under this policy will be attached to the policy.|
With the LIC Endowment Assurance - Limited Payment Plan, you will get excellent tax benefits as per the Income Tax Act, 1960 under Section 80C and Section 10(10D). You can ask your tax advisor and insurance advisor for assistance regarding the tax deductions. These tax benefits keep getting updated with the changing tax laws.
You can save a lot of money when you take the LIC Endowment Assurance - Limited Payment Plan with the unique online features offered by the company.
LIC is a highly prominent public life insurance company in India that has been catering to the life insurance needs of crores of individuals across the nation. It is well-renowned for its quick claim settlement processes and dedicated team of knowledgeable staff. The company has been implementing innovative and advanced methods in order to maintain high standards while providing accurate insurance services.
With the Endowment Assurance - Limited Payment Plan from Life Insurance Corporation, you can be certain that your beloved dependents will have a financially secure life even if something unfortunate happens to you. It helps you be prepared to face unforeseen events bravely. Apart from protection for life, it also endows you with a large sum of money which can be used for any of your multiple requirements. You can meet your needs conveniently without having to struggle financially. You can save enough money with this plan in order to have a bright and firm future. You can also enjoy a peaceful retired life with this great limited payment plan offered by LIC.