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.
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|
The sum assured is the total amount to be paid to the beneficiary on the death of the policyholder.
|Minimum sum assured||
|Maximum sum assured||
The premium is a periodic sum paid by the policyholder based on the plan chosen.
|Minimum policy term||10 years|
|Maximum policy tenure||20 years|
*Premiums vary based on age, location, plan term and other factors
|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:
|Range of life insurance policies||Multiple policies are offered by LIC to its customers. Customers can choose from these based on their requirements.|
|Online Portal||Policyholders can register themselves on the LIC website and login using the same credentials to view details about their policies.|
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Note: This plan has been withdrawn by LIC.
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