LIC Endowment Plans Info : Endowment Plans - InsuranceRise

Sunday, 10 January 2016

LIC Endowment Plans Info : Endowment Plans



LIC's New Endowment Plan is a participating non-linked plan which offers an attractive combination of protection and saving features. This combination provides financial support for the family of the deceased policyholder any time before maturity and good lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.

LIC Endowment Plans Info : Endowment Plans

Benefits:

Death benefit: 

In case of death during the policy term provided all due premiums have been paid Death benefit, defined as sum of "Sum Assured on Death" and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where, “Sum Assured on Death” is defined as higher of Basic Sum Assured or 10 times of annualised premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death.

Where premiums exclude service tax, extra premium and rider premiums, if any.

Maturity Benefit: Basic Sum Assured, along with vested simple reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on Survival to the end of the policy term provided all due premiums have been paid.

Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force. 
      
Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity, provided the policy has run for certain minimum term.


Optional Benefit:

LIC’s Accidental Death and Disability Benefit Rider:  LICs Accidental Death and Disability Benefit Rider is available as an optional rider by payment of additional premium. In case of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan.  In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.


Eligibility Conditions and Other Restrictions:


For Basic plan

  • Minimum Basic Sum Assured                     :   Rs. 100,000
  • Maximum Basic  Sum Assured                    :   No Limit
       (The Basic Sum Assured shall be in multiples of Rs. 5000/-)

  • Minimum Age at entry                                :  8 years (completed)
  • Maximum Age at entry                                :  55 years (nearest birthday)
  • Maximum Maturity Age                              :  75 years (nearest birthday)
  • Minimum Term                                              :  12 years
  • Maximum Term                                             :  35 years
For LIC’s Accidental Death and Disability Benefit Rider

  • Minimum Accident Benefit Sum Assured  :   Rs. 100,000
  • Maximum Accident Benefit Sum Assured  :  
An amount equal to the Sum Assured under the Basic Plan subject to the maximum of Rs.50 lakh Accident Benefit Sum Assured taking all existing policies of the Life Assured under individual as well as group schemes including policies with in-built accident benefit taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured under the new proposal into consideration. 
       (The Accident Benefit Sum Assured shall be in multiples of Rs. 5000/-)

  • Minimum Age at entry                                :  18 years (completed)
  • Maximum Age at entry                                : The cover can be opted for at any policy anniversary during the policy term but before the policy anniversary on which the age nearer birthday of the Life Assured is 70 years.
  • Maximum cover ceasing age                       :  70 years (nearest birthday)
more info please visit licindia

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