What is endowment assurance policy in LIC?
LIC Endowment Assurance Policy is an endowment policy with high bonus and liquidity facility incorporated. The Sum Assured along with accrued Bonus is payable on the Policy Maturity or on earlier death.
How can I check my LIC endowment maturity amount?
Step-by-Step Process – LIC Endowment Plan Premium Maturity Calculator
- 1) Enter Name.
- 2) Enter Age.
- 3) Select Tenure of Policy.
- 4) Sum Assured.
- 5) For Accidential benefits, Mark on Check Box.
- 6) Click to Calculate Button.
What is the maturity benefit in endowment plan?
Maturity Benefit: This is the substantial amount you receive at the end of the term, when your endowment policy matures. Death Benefit: This is the money your loved ones receive once they claim for it in case of your untimely death. This is equivalent to the life insurance policy cover.
What is the maturity amount of LIC endowment policy?
The maximum maturity age of the policy is 75 years. The premium of the policy can be paid in annual, half-yearly, quarterly, and monthly modes. The minimum sum assured of the policy is Rs. 1,00,000 whereas it has no upper limit on the maximum sum assured.
Is LIC endowment good?
Endowment plans are a good investment tool. These plans are beneficial since this is a long-term plan and offers good returns over a long period. They also offer tax benefits as per the prevailing laws of the Income Tax Act and provides higher returns on investment.
Which LIC endowment is best?
Best LIC Plans List for 2021
| LIC Policies | Plan Type | Policy Term |
|---|---|---|
| LIC Jeevan Umang | Whole Life Insurance | 100 years minus(-) the age at entry |
| LIC Jeevan Amar | Term Assurance Plan | 10 years-40 years |
| LIC Money Back 25 years | Money Back Policy | 25 years |
| LIC New Jeevan Anand | Endowment Plan | 15 years-35 years |
Is LIC new endowment good?
The LIC New Endowment plan (Plan No: 914) is a must to avail plan considering the many benefits it offers to the customer. It is a non-linked life insurance policy that offers guaranteed returns and bonus. The policy offers a great bandwidth in the choice of the policy term.
What happens when an endowment policy matures?
When the plan reaches the end of the policy term, no matter how many years, the endowment plan is said to mature. If the policyholder survives till the end of the policy term, a maturity benefit is paid out to them. If they die before the maturity of the plan, a death benefit is paid out at the time of death.
Is LIC better than FD?
Fixed deposits are best for both short and medium term investments whereas life insurance plans are designed for long term investments. You can invest for a period of as low as 7 days in fixed deposits unlike a life insurance plan wherein you need to invest for at least 10 years. You can invest a minimum amount of Rs.
When does the endowment assurance plan 14 mature?
Name of Life Assured – Amit Plan Name – The Endowment Assurance Policy (Plan-14) Sum Assured – ₹ 50,000 Instalment Premium – ₹ 3,107.00 Policy Status – Matured Age – 20 Yrs Policy Benefits – ₹ 50,000 Premium Paying Term – 16 Yrs Policy Term – 16 Yrs Commencement Date – 15/07/2002 Date of Maturity – 15/07/2018
Is there a limit to the sum assured on an endowment policy?
If the amount assured is not paid by reason of his death earlier, will be payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder’s life or in any way he may think most suitable at that time. Sum assured: Min. 50,000 Max. No Limit
What makes an endowment life insurance plan good?
The specialty of this plan is that it has moderate premiums, high bonus, high liquidity & savings oriented. Being an endowment assurance policy, this plan is suitable for the people of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise.
When do I get my LIC endowment bonus?
It is a reward for continuing with the policy for a certain number of years. It is a one-time bonus which you get at the end of the policy. Do let us know in case you need any further information on the bonus rates for this plan or in calculating the returns for your LIC Endowment Assurance Policy-14.