LIC Endowment Assurance Policy Plan
- Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
- Claim up to Rs. 1,50,000 deduction under section 80C**
- Choose between annual and monthly premium payment options
The Endowment Assurance Policy from Life Insurance Corporation of India (LIC) is a savings cum protection instrument. In addition to the risk cover provided by the policy, the insurer also offers a payout at maturity, which can then be invested to provide regular annuity payments to the life assured, for the remainder of his/her lifetime. Thus, this policy does not only safeguard one’s dependents, but also secures the policyholder’s life, post his/her retirement.
Payable premiums for this policy will vary based on a range of factors, such as the policy buyer’s age at entry, sum assured, riders opted for, etc. Tax benefits, as per the provisions governing the prevailing laws of the Income Tax Act, 1961, can be claimed.
Eligibility - Who is The Endowment Assurance Policy for?
Insurers usually have some expectations regarding the age of prospective policy buyers. Before this policy was withdrawn, individuals between 12 and 65 years could purchase this policy and avail its benefits.
Sum Assured and Premium Range - What you get and what it costs?
Sum Assured
The sum assured is certain amount of money that the policy buyer opts for at the inception of the policy. Thus, in case of an eventuality, this is the minimum amount of money that will be paid to you or your nominee. You will have to keep in mind that you/your nominee may also be eligible to receive bonuses and other payments, by way of the policy.
| Minimum Sum Assured | Rs.50,000 |
| Maximum Sum Assured | No limit |
Premiums*
When you purchase any insurance policy, you will have to pay a certain amount of money, called the premium, to the insurer. This will help you avail the benefits provided by the policy.
| Minimum term of the policy | 5 years |
| Maximum term of the policy | 55 years |
| Maximum premium payment period | 75 years |
| Premium payment mode |
|
*Premiums vary based on age, location, plan term, and other factors.
Plan Coverage - What The Endowment Assurance Policy covers?
| Death Benefit | In case the policyholder passes away during the policy tenure, a lump sum death benefit is provided. |
| Maturity Benefit | If the policyholder survives till the end of the endowment term, a maturity benefit will be paid. The policyholder can invest this into an avenue that provides annuity payments, for the period thereafter. |
| Disability Benefit | If the policyholder suffers from a permanent, total disability due to an accident, before he/she has attained the age of 70 years, future premiums will be waived off and the policy will continue running. |
Riders/Add-On Plans – Additional coverage under The Endowment Assurance Policy
Policyholders can choose to pay a slightly higher premium, at the rate of Re.1 for every thousand of the sum assured amount, the policyholder and his/her nominee will be eligible to receive a benefit upon the life assured meeting with an accidental death or suffering from a permanent disability due to an accident.
Other Key Features
| Paid-Up Policy | If the policyholder has paid all due premiums for at least 3 full policy years and has missed the following premium payment, the policy will be converted into a paid-up policy, with a reduced sum assured. |
| Policy Loan | For minors, no loan will be provided until vesting. |
| Bonus | Bonuses, as declared by the insurer, will be paid to the policyholder. |
Tax Benefits – How you can save with LIC The Endowment Assurance Policy
The policyholder is eligible to avail tax deductions, as per the pre-defined limits, under Section 80C of the Income Tax Act, 1961.
Other Features of LIC
- Premium Calculator: Individuals who are interested in purchasing insurance plans can request for premium quotes for various policies through LIC’s official website, by keying-in certain demographic details.
- Branch Locator: If you need to visit the insurer’s branch for any purpose, you can choose to locate the nearest branch through LIC’s website.
- Premium Payment: Premiums can be paid through offline channels (insurer’s branch, authorised banks, etc.) and through the insurer’s website.
- Online Application: Policy buyers can apply for plans on the LIC website. Post submitting an application, an insurance representative from LIC will contact you to take the process further.
Why you should buy The Endowment Assurance Policy from Life Insurance Corporation of India?
The Endowment Assurance Policy from LIC is a high liquidity, savings-oriented life insurance policy that provides the risk cover at an affordable premium rate. The policy offers attractive bonuses, which can help increase your payout amount. Life Insurance Corporation (LIC) of India is one of the highest rated insurers in the country. The insurer has a perfect grievances solved ratio of 100% for FY15-16 and FY16-17. The insurer has a range of insurance plans on offer, thus helping them meet the needs of all their customers.
Note: This plan has been withdrawn by LIC.
The content on this website is meant only for general information purpose and does not and shall not be construed as any solicitation, procurement, display, aggregation, marketing or advertisement of insurance products. BankBazaarInsurance is not an insurance intermediary and hence does not endorse or solicit any such products. The information on this website is derived from publicly available sources and BankBazaarInsurance cannot verify or confirm the genuineness, truth, veracity or authenticity of this information.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
