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  • LIC Endowment Plus Plan

    Life Insurance
    • 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 Plus Plan offers an insurance cover as well as an investment option to the policyholders. It is a unit linked endowment plan for which the policyholder can choose the insurance cover within certain specified limits. The mode and the amount of premium will decide the level of insurance coverage. The policyholder can choose from four fund types associated with this particular policy.

    Eligibility - Who is the LIC Endowment Plus Plan for

    LIC lays out certain criteria that should be met in order to purchase the policy.

    Minimum age at entry 7 years
    Maximum age at entry 60 years
    Minimum maturity age 18 years
    Maximum maturity age 70 years

    Sum Assured and Premium Range - What you get and what it costs

    Sum Assured

    The sum assured is the total amount to be paid to the beneficiary on the death of the policyholder.

    Minimum sum assured
    • Regular premium policies:
    • (Policy Term+1) times the annual premium.
    • Single premium policies:
    • 1.25 times the single premium for policyholders who purchased the policy before the age of 45.
    • 1.10 times the single premium for policyholders who purchased the policy after the age of 45.
    Maximum sum assured
    • Regular premium policies:
    • 30 times the annual premium for policyholders who purchased the policy before the age of 45.
    • 25 times the annual premium for policyholders who purchased the policy between the ages 46 and 60.
    • Single premium policies:
    • 5 times the single premium if age at maturity is up to 65 years.
    • 3 times the single premium if age at maturity is 66 to 70 years.
    • Single premium policies with critical illness benefit rider:
    • 5 times the single premium if age at maturity is 55 years.
    • 3 times the single premium if age at maturity is 56 to 60 years.

    Premium

    The premium is a periodic sum paid by the policyholder based on the plan chosen.

    Minimum Premium
    • Regular premium policies:
    • Rs.20,000 annual premium.
    • Rs.1,750 monthly premium.
    • Single premium policies:
    • Rs.30,000.
    Maximum Premium
    • Regular premium policies:
    • Rs.1 lakh.
    • Single premium policies:
    • No limit.
    Minimum policy term 10 years
    Maximum policy tenure 20 years

    *Premiums vary based on age, location, plan term and other factors

    Plan Coverage - What the Endowment Plus Plan covers

    • The policyholder can choose one of the four fund types available – bond fund, secured fund, balanced fund and growth fund.
    • The policyholder also has the option to switch between the fund types. Switching charges will be applicable in such cases.
    • The option of availing a loan against this policy is available, subject to certain terms and conditions.
    • The option of assignment is also available.

    Other Key Features

    Cooling off period The policyholder may return the policy to the insurer if he/she is not satisfied with the product. The refund amount will include the value of units in the fund, unallocated premium and the policy administration charges. The cost of medical examination and Rs.0.20 per thousand sum assured under the basic plan will be deducted from the amount and the final amount will then be provided to the policyholder.
    Charges The charges that are applicable to the plan are:
    • Allocation charge
    • Mortality charge
    • Critical illness benefit rider charge
    • Accident benefit charge
    • Policy administration charge
    • Fund management charge
    • Fund switch charge
    • Discontinuance charge
    • Service tax charge
    • Miscellaneous charge

    Tax Benefits – How you can save with the Endowment Plus Plan

    • The policyholder can avail tax benefits under Section 80C of the Income Tax Act, 1961.

    Other Benefits – How you can save with the Endowment Plus Plan

    Range of life insurance policies Multiple policies are offered by LIC to its customers. Customers can choose from these based on their requirements.
    Phone Services
    • A phone helpline service is available for customers between 8 a.m. to 8 p.m. on weekdays and 10 a.m. to 6 p.m. on Saturdays.
    • Policyholders can check the status of their policies with the help of SMSs too.
    Online Portal Policyholders can register themselves on the LIC website and login using the same credentials to view details about their policies.
    Premium Payment
    • Premiums can be paid at the cash counter of an LIC branch office by cash, cheque or DD.
    • Alternatively, premiums can be paid at ATMs, through the LIC website, authorised banks, franchisees and merchants.

    Why you should buy the Endowment Plus Plan from LIC?

    LIC has been functional in the insurance market for over 60 years now. It is one of the most preferred life insurance companies and the claim settlement ratio was recorded as 98.31% in the year 2016-17. Their branch offices are scattered throughout the country, making their services easily accessible.

    Note: This plan has been withdrawn by LIC.