LIC’s Endowment Assurance Policy
LIC’s Endowment Assurance Policy falls under LIC Withdrawn Policies list. This Plan is mostly suitable for the People of all ages and Social Groups who intend to protect their families financially. Under this Policy, the Payment of Premium can be limited to Single Payment or a Term shorter than the Policy.
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.
Endowment Assurance is a reduced paid-up Policy and shall not be entitled to participate in profits of the Corporation’s Life Insurance Business.
Eligibility Conditions for LIC’s Endowment Assurance Policy – Limited Payment
|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.
- Premium Payment Terms can be Yearly / Half-Yearly / Quarterly / Monthly / Salary Saving Scheme as per the Choice of the Customer.
- This Scheme offers Death Benefit to the Policy Holder in a lump sum.
- LIC Endowment Assurance is a reduced paid-up Scheme.
- The Policy cannot participate in Profits of the Corporation’s Life Insurance Business.
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.