LIC Endowment Plans

LIC of India is one of the most leading insurers in the country. You can rely on the company to provide you with multiple types of insurance plans according to your various needs. If you are looking for endowment plans, you can choose from the several endowment plans offered by LIC.

Benefits of LIC Endowment Plans

You can enjoy unique advantages when you go for endowment plans provided by LIC:

• These endowment plans will give you a definite lump sum once you complete your policy period or on death.
• These endowment plans will give you protection and also assist you in developing an impressive investment portfolio as it helps you in saving your money wisely.
• You can enjoy sections of the profits earned by the company according to its performance.
• These plans will help your dependents lead a decent lifestyle even if something unfortunate happens to you.
• All plans offer a maturity benefit as well as a death benefit.

List of Endowment Plans offered by LIC

Life Insurance Corporation of India provides 10 different endowment plans.

LIC's Jeevan Pragati:

This is a non-linked insurance plan that will help you earn funds as well as get protection for your life. You will get the share of profits earned by the company in the form of dividends with this plan. The risk cover for this plan rises after a period of 5 years.

Benefits and features of LIC's Jeevan Pragati

• This plan offers a death benefit when the policyholder dies if all the premiums have been paid on time. The nominee will get a sum assured on death, final additional bonus, and simple reversionary bonus, if applicable.
• Under this plan, the death benefit needs to be a minimum of 105% of the premiums that have been paid until the date of the policyholder’s death.
• This plan gives a maturity benefit which will include the basic sum assured, final additional bonuses, and simple reversionary bonuses.
• This plan comes with an add-on plan known as LIC's Accidental Death and Disability Benefit Rider.

LIC’s Jeevan Labh:

This is a non-linked plan that pays limited premiums. It is an endowment plan that provides profits to the policyholder depending on the performance of the company.

Benefits and features of LIC's Jeevan Labh

• This plan offers a great death benefit when the policyholder dies. The benefit will comprise the sum assured on death, final additional bonus, and simple reversionary bonuses.
• This plan comes with liquidity as it offers a reliable loan facility.
• As a policyholder, you will be entitled to receive a part of the profits earned by the company at the end of the year when bonuses are announced.
• You can take 2 riders with this plan and they include LIC's New Term Assurance Rider and LIC's Accidental Death and Disability Benefit Rider.

LIC’s Single Premium Endowment Plan:

This is a non-linked savings plan that is participating in nature. Hence, you can get a share of the organisation’s profits with this plan. It also offers extensive protection in which you will receive premiums as a lump sum once the policy period is completed.

Benefits and features of LIC’s Single Premium Endowment Plan

• This plan provides both death benefit and maturity benefit.
• If the policyholder dies in between the policy period, then the single premium without the additional premium and the service tax will be returned without any interest.
• You will receive dividends with this plan depending on the financial performance of the company.
• If you survive throughout the entire policy period, you will get maturity benefit with this plan.
• This plan will provide you with a good policy loan.

LIC’s New Endowment Plan:

This plan is a participating insurance plan that will enable you to get profits from the company. This plan offers protection and also serves as a brilliant savings instrument.

Benefits and features of LIC’s New Endowment Plan

• Under this plan, when the policyholder dies, the nominee will get a death benefit which will comprise sum assured on death, final additional bonus, and vested simple reversionary bonus.
• Under this plan, the death benefit is high and it is not below 105% of every premium that has been till the date of death.
• You will receive a maturity benefit with this plan if you survive until the end of the policy period.
• You can take a rider offered with this plan which is known as LIC’s Accidental Death and Disability Benefit Rider.
• You can enjoy a certain section of the profits earned by the company depending on its financial performance.

LIC’s New Jeevan Anand:

This plan provides protection for life and also helps in generating excellent savings. It offers liquidity by giving out a loan facility to policyholders and this feature is optional.

Benefits and features of LIC’s New Jeevan Anand

• If the life insured passes away, then a death benefit will be provided with this plan. It includes the total of final additional bonus, vested simple reversionary bonuses, and sum assured on death.
• The sum assured on death will be 10 times the annualised premium or 125% of the basic sum assured.
• You will receive a share of profits with this insurance plan.
• After the policy period, if the life insured dies anytime, then a basic sum assured will be paid.

LIC's Jeevan Rakshak Plan:

This is a non-linked insurance plan that gives protection and also enables you to accumulate funds for a bright future for you and your loved ones. It is a participating plan which will allow you to obtain a share of profits earned by the insurance company.

Benefits and features of LIC’s Jeevan Rakshak Plan

• This plan offers basic sum assured and loyalty addition as a maturity benefit.
• As a death benefit, the nominee chosen by the policyholder will receive a sum assured on death. It can be basic sum assured, 105% of every premium that has been until the date of the death, or 10 times the annualised premium.
• You can procure a part of the profits earned by the organisation.
• This plan offers a rider known as LIC’s Accident Benefit Rider which can be bought by paying an extra premium.

LIC's Limited Premium Endowment Plan:

It is a non-linked plan that will help you build your wealth proficiently. You will also get great protection with this plan. Therefore, your family members will be financially secure even if some unforeseen and unfortunate incident occurs.

Benefits and features of LIC's Limited Premium Endowment Plan

• You will be provided with a death benefit with sum assured on death, final extra bonuses, and simple reversionary bonuses.
• Under this plan, the sum assured on death will be the guaranteed sum assured on maturity or 10 times the annualised premium, whichever is higher.
• You can go for LIC’s Accidental Death and Disability Benefit Rider or LIC’s New Term Assurance Rider according to your needs and preferences.

LIC's Jeevan Lakshya:

This plan is a participating plan that will generate dividends which will be distributed among you. You will get excellent protection and a way to enhance your savings competently.

Benefits and features of LIC's Jeevan Lakshya

• This plan offers a death benefit as well as a maturity benefit.
• This plan provides 2 rider options namely: LIC’s New Term Assurance Rider and LIC’s Accidental Death and Disability Benefit Rider.
• Under the death benefit, you will get an annual income benefit which will be 10% of the basic sum assured. This will be paid on the policy anniversary date. You will also get an assured absolute amount which will be 110% of the basic sum assured. This will be paid when the policy matures.
• You will get a share of the company’s profits when you take this plan.

LIC’s Aadhaar Shila:

This insurance plan is specially created for female lives who carry an Aadhaar card that is offered by the UIDAI (Unique Identification Authority of India). It offers a lump sum when the policy matures and a sum assured on death when the policyholder passes away.

Benefits and features of LIC’s Aadhaar Shila

• It gives a death benefit when the policyholder dies. If the policyholder dies during the first 5 years, the nominee will get a sum assured on death.
• If the policyholder dies after 5 years but before the policy matures, then a loyalty addition and the sum assured will be paid.
• If the policyholder survives for the full policy period, then a loyalty addition and the sum assured on maturity will be paid to the policyholder.

LIC’s Aadhaar Stambh:

This insurance plan offered by LIC is exclusively created for male lives who carry Aadhaar card that is given by the Unique Identification Authority of India (UIDAI). It extends good monetary assistance to the dependents of the life insured when something unfortunate happens to him or her.

Benefits and features of LIC’s Aadhaar Stambh

• It gives a death benefit when the policyholder dies. If the policyholder dies during the first 5 years, the nominee will get a sum assured on death.
• If the policyholder dies after 5 years but before the policy matures, then a loyalty addition and the sum assured will be paid.
• If the policyholder survives for the full policy period, then a loyalty addition and the sum assured on maturity will be paid to the policyholder.

Endowment Plans offered by Life Insurance Corporation of India

Plan name	Entry age	Maturity age	Premium
LIC's Jeevan Pragati	12 to 45 years	Until 65 years	Premium depends on age, policy period, and income of the policyholder.
LIC's Jeevan Labh	Minimum entry age: 8 years Maximum entry age: 59 years (For policy term of 16 years) 54 years (For policy term of 21 years) 50 years (For policy term of 25 years)	Until 75 years	Premium depends on age, policy period, and income of the policyholder.
LIC's Single Premium Endowment Plan	90 days till 65 years	Until 75 years	Premium depends on age, policy period, and income of the policyholder.
LIC's New Endowment Plan	8 years to 55 years	Until 75 years	Premium depends on age, policy period, and income of the policyholder.
LIC's New Jeevan Anand	18 years to 50 years	Until 75 years	Premium depends on age, policy period, and income of the policyholder.
LIC's Jeevan Rakshak	8 years to 55 years	Until 70 years	Premium depends on age, policy period, and income of the policyholder.
LIC's Limited Premium Endowment Plan	Minimum entry age: 18 years Maximum entry age: Information not provided	Information not provided	Premium depends on age, policy period, and income of the policyholder.
LIC's Jeevan Lakshya	18 years to 50 years	Until 65 years	Premium depends on age, policy period, and income of the policyholder.
LIC's Aadhaar Shila	8 years to 55 years	Until 70 years	Premium depends on age, policy period, and income of the policyholder.
LIC's Aadhaar Stambh	8 years to 55 years	Until 70 years	Premium depends on age, policy period, and income of the policyholder.

Why one needs LIC endowment plans?

Life Insurance Corporation of India (LIC) is a well-renowned life insurance company that has been offering excellent life insurance solutions for several years in the country. With endowment plans from LIC, you can make sure that you get good protection as well as a means to build your wealth safely without any risks involved. Most of these endowment plans will provide you with a part of the profits of the company depending on the performance of the company.