LIC Endowment Assurance Policy
LIC Endowment Assurance Policy is an LIC withdrawn Scheme. This Plan is mostly suitable for the People of all ages and Social Groups who intend to protect their families financially. Endowment Assurance is the most Popular form of Life Assurance. The policy provides protection to the family in a case of Death of the Life Insured. Besides, LIC Pays Assured in a lump sum at the desired age. If LIC doesn’t Pay the Sum Assured because of the early death of Life Insured, it is payable at the end of Endowment Term.
Eligibility Conditions for LIC’s Endowment Assurance Policy
|Entry Age||12 Yrs. (Nearest Birthday)||65 Yrs.|
|Sum Assured||Rs.50,000 (Except for Single Premium)||No Limit|
|Policy Term||5 Yrs.||55 Yrs.|
|Mode of Payment||Yearly / Half-Yearly / Quarterly / Monthly / Salary Saving Scheme|
|Maximum Premium Paying Period||75 Yrs.|
|Policy Loan Availability||No Loan under the Policy issued on minors until Vesting|
Key Features of LIC Endowment Assurance Plan
- LIC Endowment Assurance Policy is suitable for the People of all ages and Social Groups.
- People can Provide financial protection to their family through this policy.
- LIC’s Endowment Assurance is a With Profits Plan.
- Moderate Premiums
- High Bonus
- High Liquidity
- Savings Oriented
Benefits of LIC’s Endowment Assurance Scheme
- If the Corporation doesn’t Pay the Sum Assured because of the early death of Life Insured, it is payable at the end of Endowment Term. Besides, it can be invested in an annuity Provision for the rest of the Life Insured’s Life.
- Disability Benefit: In a Case of Policy Holder attains Permanent Disability due to an Accident and if Policy is in force, then there is no need to pay further Premiums.
- Accident Benefit: If the Policy Holder Pays Rs.1/- for every Rs.1,000/- per year, then the Life Insured and his family can avail this Benefit. Besides, Students above 18 Yrs. of age can avail this benefit.