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The LIC Endowment Plan is a great way to save money and get protection at the same time. To keep things simple the LIC endowment plan comes with both death and maturity benefit. LIC New Endowment Plan Benefits You can buy the LIC Endowment Plan online and enjoy double tax benefits on both the premiums you pay and the returns you get.
Life becomes more meaningful with the achievement of personal milestones which you have planned for. But these milestones are often accompanied by added responsibilities, expenses and the burden of any uncertainty happening. We do our best to ensure that financial security is achieved through meticulous planning for key life stages such as marriage, parenthood, retirement, etc. Buy LIC Policy Online Buy LIC Policy Online without Agent it helps you achieve such goals whilst safeguarding the family’s future against unforeseen events. While there are many opportunities that come with respective benefits, the assurance and convenience that a life insurance plan with guaranteed benefits is irreplaceable.
Our success in life are not only measured by what we have accomplaished but also in overcoming the unforeseen hurdles occurring in our life at various stages. Uncertainity being a major hurdle in one’s life, it can only be best handled by being prepared for it. Life Insurance is a powerful tool which helps us to face the lifes uncertainity – your absence.
“because whatever excuses you have had for not taking a insurance, will only sound ridiculous for your loved ones in your absence”
Life demands certain financial needs for achieving short and long term goals such as Higher Education, Marriage, Parenthood, Dream House, Old Age Provision, Medical Expenses, Pension Protection, Creating wealth etc. which are fulfilled by your continuous and timely commitment.
The calamity of life would create a void in your loved ones life depriving them the essence of a beautiful life. The impact of the disaster can be reduced to an major extent by being Insured.
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| Minimum age | 8 years (Completed) |
| Maximum age | 55 years |
| Maximum maturity age | 75 years |
| Policy Term | 12 years to 35 years |
| Minimum Sum Assured | Rs.1,00,000 |
| Maximum Sum Assured | No limit |
| Premium payment | Yearly / Half yearly / Quarterly / Monthly (ECS) |
| Loan | Eligible after 2 years |
| Surrender | Eligible after 2 years |
| On Death | Sum Assured + Accident risk cover + Bonus is payable |
| On Maturity | Sum Assured + Bonus is payable |
| Income Tax Benefits | (i) Premiums paid are eligible for Tax rebate u/s 80c (ii) Maturity amount / Death claim is Non-taxable u/s 10(10d) |
i. In case of the death of Life Insured, “Sum Assured on Death” shall be paid to the Nominee along with vested Simple Reversionary Bonus as Death Benefit and the policy would be terminated. The “Sum Assured on Death” will be equal to Basic Sum Assured or 10 times the Annualized Premium subject to a minimum of 105% of all Premiums paid, whichever is higher.
ii. By paying an additional premium, policy holder can avail Accidental Death and Disability Benefit Rider wherein in case of accidental demise of the policy holder, an accidental rider benefit sum assured is payable as a lump-sum amount to the beneficiary of the policy along with the death benefit under the base plan
Policyholder can avail of discount on premium payment based on fulfilling the following criteria
i. Frequency of Payment: By paying annual premiums, a discount of 2% on the premium can be expected
ii. High Sum assured : If the policy holder opts for a higher value of sum assured starting from 2Lakhs till 4.95Lakhs, a discount of 2% on premium is available and 3% if sum assured is 5Lakhs and above.
On survival till the end of the policy term, the policyholder will receive the sum assured + accrued bonus including Simple Reversionary Bonus as maturity benefit and the policy tenure will proceed to lapse.
LIC’s New Endowment Plan also comes with a Surrender Value feature under which a particular percentage of the Premium Amount is given back to the insured in case the policy holder decides to surrender the policy after completion of 2 policy years.
A policyholder is eligible for a loan if 2 years the full premium amount is paid, followed by the policy acquiring a surrender value
LIC Endowment Plan participates in the profits of LIC and the policy accumulates Simple Reversionary Bonuses and Final Additional Bonus which is declared based on the experience of the company. A Simple Reversionary Bonus is offered to the insured in case of a Death Benefit or Maturity benefit.
Life insurance premiums to the extent of upto Rs.1,50,000 are allowed as a deduction from your taxable income under section 80C. There is no tax on the maturity benefit received under section 10(10D)
i. Sum Assured: A “Sum Assured on Death” defined as the amount that will be equal to Basic Sum Assured or 10 times the Annualized Premium subject to a minimum of 105% of all Premiums paid, whichever is higher – shall be paid on death of the policy holder
ii. Accidental death & disability rider: In case of accidental demise of the insured person, an accidental rider benefit sum assured is payable as a lump-sum amount to the beneficiary of the policy.
i. Accidental death and disability rider benefit
Under the plan, LIC’s Accidental Death and Disability Benefit Rider is offered as an optional cover. This cover will pay an additional sum to the insured in case of either accidental death or permanent disability caused due to an accident. In case of death due to accident, the beneficiary will receive an additional benefit in addition to sum assured offered in the base plan and the plan will terminate. In the event of permanent disablement, monthly instalments are paid during a span of 10 years and premiums are also waived off but policy will be still in force.
i. Final Addition Bonus
This is a bonus which is paid at the time of maturity or death.
ii. Simple Reversionary Bonus
If you decide to exit from the policy during the policy period by surrendering it, then a certain portion of such accrued bonus will be payable to you
| Buying LIC Policy Online with LICNewPolicyOnline.com | Buying A Policy Offline visiting LIC branch or through an agent | ||
|---|---|---|---|
| Address Proof | Aadhar Zip File | Address Proof | Aadhar |
| ID Proof | ID Proof | Pan Card or Aadhar | |
| Age Proof | Age Proof | Aadhar / Driving License | |
| Income Proof | IT Returns of last 2 years | ||
| Photo | Passport Photo | ||
| Buying Online Policy with LICNewPolicyOnline.com | |
|---|---|
| Address Proof | Aadhar |
| ID Proof | |
| Age Proof | |
| Buying A Policy Offline visiting LIC branch or through an agent | |
|---|---|
| Address Proof | Aadhar |
| ID Proof | Pan Card or Aadhar |
| Age Proof | Aadhar / Driving License |
| Income Proof | IT Returns of last 2 years |
| Photo | Passport Photo |
1. What is the maturity benefit in endowment plan?
Maturity amount consists of Sum assured + vested bonus + final additional bonus
2. How can I claim LIC endowment maturity amount?
Original policy bond along with Pan copy, Aadhar copy & Bank details to be provided
3. What are the three types of endowments?
New Endowment plan, Jeevan Anand plan Best Endowment Policy of LIC & Jeevan Labh plan
4. How can I know my LIC endowment policy status?
You can check the status of your policy at the registered customer portal LIC Policy Status
5. Which is the best LIC endowment plan?
Jeevan Anand & Jeevan Labh Best Endowment Plan LIC are the best endowment plan
6. How can I pay my LIC Endowment policy premium online?
To pay LIC Endowment policy premium online, you have following options:
7. Which is better: LIC Term plan or LIC Endowment plan?
It depends on the Insurance coverage, financial goals and needs of the individual. Both the LIC Term Plan and the LIC Endowment Plan are good options. The LIC Term Plan offers a higher death benefit with a low premium and no maturity returns, while the LIC Endowment plan Best endowment plan of LIC is a combination of risk cover with higher returns. Ultimately the best choice for you is the one that best meets your goals.
In the end, you should look at the coverage required along with your financial goals and needs and talk to a financial advisor about which type of plan would be best for you.
8. Is LIC Endowment policy tax free?
Yes, LIC Endowment policies have dual Tax benefits i.e, Premiums paid are tax exempted under Section 80C of Income Tax act and Maturity proceedings are tax-free under Section 10(10D) of the Income Tax Act.
9. What happens when your Endowment policy matures?
When an Endowment policy LIC Endowment Policy matures, the policyholder will receive tax free maturity benefit, which consists of Sum assured + Bonus + Final additional bonus. The maturity benefit can be received in a lump sum or in installment payments.
LIC policyholders enjoy a sovereign guarantee on the sum assured and the bonus declared as per section 37 of LIC Act, 1956 which clearly states that "Policies to be guaranteed by Central Government - The sum assured by all policies issued by the corporation including any bonuses declared in respect thereof and, subject to the provisions contained in section 14 the amounts assured by all policies issued by any insurer the liabilities under which have vested in the corporation under this act, and all bonuses declared in respect thereof, whether before or after the appointed day, shall be guaranteed as to payment in cash by the Central Government."
