Insurance

LIC New Endowment Life Insurance Plan

Posted By: Admin
December 19, 2022 |

LIC endowment plus maturity calculator, LIC endowment plan bonus rate, LIC endowment plan returns

LIC Endowment Plan: If you want to secure your life with life insurance along with savings then LIC Endowment Plan is designed for you. An endowment life insurance policy is a policy which provides the benefits of the concept of life insurance and the concept of savings in a single policy.

Unlike pure term insurance which provides death benefits only this LIC endowment Plan provides you death benefit and maturity benefits both.

Almost all the LIC Endowment policies have a feature called surrender value. LIC Surrender value is a percentage of the premiums you have paid and paid up values.

The LIC endowment Plan death benefit starts with the sum assured from Rs. 50,000 to any amount, depending on approval from the insurance underwriters.

You can enhance the LIC policy benefits by adding various riders which provide additional benefits in case of death of the policyholder or disability as a result of an unfortunate incident.

Also Read | Know All LIC Insurance Plans

There are some LIC policies which provide you the facility to pay LIC premium monthly in instalments. Some LIC endowment plans also offer discounts on annual premiums.

In this article we will read about LIC endowment Plans in detail.

LIC Endowment plans Types

There are various endowment plans offered by LIC which can benefit you in several ways. Some of the benefits include profit Sharing, Maturity Benefit including death benefit and availability of LIC riders.

Let’s see LIC endowment plans below –

1. Single Premium Endowment Plan:

This is one of the best LIC plans which can fetch you any amount of maximum sum assured depending on your premium. You can pay a lump sum premium in a single transaction and reap benefits of this policy.

LIC Single Premium Endowment Plan Features –

Minimum sum assured of Rs. 50,000 and unlimited maximum sum assured
Maturity benefits with a guaranteed surrender value
Available in periods ranging from 10 years to 25 years.
Minimum entry age is 90 days and the maximum entry age is 65 years.
Loan facility against the policy.

Question – Can this LIC policy be cancelled?
Answer – Yes, You can cancel this LIC policy anytime.

Also Read | LIC Jeevan Labh Insurance Plan : Best LIC Policy

2. LIC New Endowment Plan

This is LIC new endowment plan provides dual benefit of protection cum saving plan.

LIC New Endowment Plan Features –

Minimum entry age is 8 years and maximum entry age is 55 years.
No limit on the maximum sum assured
Minimum sum assured is Rs 1 lakh.
Tenure from 12 years to 35 years.
Option to pay premium every month, quarter, 6 months or every year.

Question – Can this LIC policy be cancelled?
Answer – Yes, You can cancel this LIC policy anytime.

3. New Jeevan Anand:

This LIC plan is a saving cum protection plan which provides you an opportunity of savings along with death benefits.

LIC New Jeevan Anand Features –

No maximum sum assured limits
Entry age at 18 years to 50 years.
Plan available from 15 years to 35 years period.
Availability till the age of 75 years.
Riders like Accidental Death and Disability available with the base policy.

Question – Can this LIC policy be cancelled?
Answer – Yes, You can cancel this LIC policy anytime.

Also Read | LIC Jeevan Anand Policy: Benefits, Claim Process etc.

4. Jeevan Rakshak

This LIC Policy offers a reversionary bonus and a final addition bonus at the time of maturity to the policyholder. Policyholders can have the facility of a discount on annual premium.

LIC Jeevan Rakshak Features –

No limits on the maximum sum assured.
Reversionary and Final Additional bonuses paid at maturity.
LIC Riders like accidental death and disability and term assurance available.
The death benefit up to 105% of the premiums paid.
A discount of 2% on the annual premiums paid.

Question – Can this LIC policy be cancelled?
Answer – Yes, You can cancel this LIC policy anytime.

5. Limited Premium Endowment Plan

In this LIC policy the minimum sum assured amount is Rs. 3 lakhs and there is no limit on the maximum sum assured amount. The Limited Premium Endowment Plan is available in 3 tenures i.e. 12 years, 16 years, and 21 years.

LIC Limited Premium Endowment Plan Features –

Minimum sum assured Rs. 3 lakhs and no limit on the maximum sum assured.
3 tenures available for the policies, 12 years, 16 years and 21 years.
The premium paying term is either 8 years or 9 years.

Question – Can this LIC policy be cancelled?
Answer – Yes, You can cancel this LIC policy anytime.

Also Read | LIC Accident Benefit Rider – Insurance accident benefits

6. Jeevan Lakshya

This is a LIC plan for children which has a feature of participating bonus. Under this plan the beneficiary who will be a child receives the total sum assured amount in case of death of their parent.

LIC Jeevan Lakshya Features

Minimum sum assured under is Rs. 1 lakh and no limit of maximum sum assured.
The tenure of the policy ranges from 13 years to 25 years.
You can pay premiums annually, half-yearly, quarterly or monthly.
2% discount on annual premiums and 1% discount on half-yearly premiums paid.

Question – Can this LIC policy be cancelled?
Answer – Yes, You can cancel this LIC policy anytime.

LIC New Endowment Plan 914

This LIC New endowment plan is a participating endowment plan which will provide you the benefit of protection and saving in a single policy. Hence if the insurance policyholder survives till the LIC policy maturity he /she will receive the lump-sum amount as maturity benefit at maturity.

This plan also provides a loan facility to the policyholder.

Features of LIC New Endowment Plan

There are many features which makes this LIC Insurance policy more attractive. You can see the list of features below –

This is a Participating Traditional Endowment Plan which means you will have the benefit of profit sharing.
LIC Endowment plan offers surrender benefit and loan facility to the policyholders.
On survival till the maturity, sum assured with other benefits are paid to the policyholder.
Policyholders can enhance the coverage with optional additional accidental death and disability benefit riders.
This plan is available at the entry age of minimum of 8 years to a maximum of 55 years.
The maximum maturity age of the policy is 75 years.
You can pay the premium in annual, half-yearly, quarterly, and monthly modes.
The minimum sum assured of the policy is Rs. 1,00,000 and no upper limit on the maximum sum assured.

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