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Endowment Life Insurance Plans Offered By LIC

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An endowment life insurance policy is a policy that couples the benefits of the concept of life insurance with the concept of savings. These policies, unlike pure term insurance, provide death and maturity benefits. Many of these LIC policies also come with surrender values, which is a certain percentage of the premiums paid, and paid up values. The death benefits with these policies is the sum assured under the policy which can start from Rs. 50,000 and go on to any amount, depending on approval from the insurance underwriters. These policy can be enhanced using various riders that provide additional benefits if the policyholder passes away or is left disabled as a result of an unfortunate incident. Some of the policies that come in the purview of an endowment plan offer the option to pay the premiums in monthly instalments and some even offer discounts on premiums that are paid annually.

Endowment plans from LIC

The endowment plans offered by LIC offers some additional benefits too. For example, some plans participate in company profits while other generate savings through investments in the equity markets.

  1. Single Premium Endowment Plan:

    This plan offers no limits on the maximum sum assured and can be taken by paying the entire premium in one lump sum. Some of its other features are:

    • The minimum sum assured is Rs. 50,000 and the maximum is unlimited.
    • The policy offers maturity benefits and a guaranteed surrender value.
    • It can be taken for periods ranging from 10 years to 25 years.
    • The minimum age of entry for this plan is 90 days and the maximum age is 65 years.
    • This policy can also be used to secure a loan.
  2. New Endowment Plan:

    The New Endowment Plans is a

    • The minimum and maximum entry ages for this plan are 8 years and 55 years respectively.
    • There is no limit on the maximum sum assured and the minim sum assured is Rs 1 lakh.
    • The plan comes with tenures ranging from 12 years to 35 years.
    • The premiums can be paid every month, quarter, 6 months or every year.
  3. New Jeevan Anand:
    • The maximum sum assured under this plan has no limits.
    • The entry age for this policy ranges from 18 years to 50 years.
    • The tenures available range from 15 years to 35 years.
    • The cover under this policy continues till the age of 75 years.
    • The cover can also be enhanced using the Accidental Death and Disability rider.
  4. Jeevan Rakshak:
    • The policy offers no limits on the maximum sum assured.
    • It also offers Reversionary and Final Additional bonuses that are paid when the policy matures.
    • The policy can be coupled with an accidental death and disability and term assurance riders.
    • The death benefit provided by this policy will never be less than 105% of the premiums paid.
    • If premiums are paid every year via the annual mode then the policy provides a discount of 2% on the premiums paid.
  5. Limited Premium Endowment Plan:
    • The minimum sum assured under this scheme is Rs. 3 lakhs and there is no limit on the maximum sum assured.
    • There are 3 tenures available for the policies, 12 years, 16 years and 21 years.
    • The premium paying term is either 8 years or 9 years.
    • The plan offers both death and maturity benefits too.
  6. Jeevan Lakshya:

    The Jeevan Lakshya is a participating endowment policy that has been designed keeping children in mind. Some of the features of this policy are:

    • The minimum sum assured under this policy is Rs. 1 lakh and there is no limit in the maximum.
    • The tenure of the policy can be anything from 13 years to 25 years.
    • The premiums can either be paid annually, half-yearly, quarterly or monthly.
    • If premiums are paid annual or half-yearly then they are eligible for discounts of 2% and 1% respectively.
  7. New Endowment Plus:

    The New Endowment Plus is a ULIP (Unit Linked Insurance Plan) that invests the policyholder’s money in debt and equity markets to generate returns. Its other features include:

    • A choice of various risk profiles ranging from low risk to medium and high risks.
    • The minimum premium that can be paid towards this policy is Rs. 20,000 in a year and there is no limit on the maximum premium.
    • The entry age for this plan ranges from 90 days to 50 years.
    • The policy can also be taken for a tenure ranging from 10 years to 20 years.
    • Policyholder also get the option to switch between various funds.

Apart from all the features that these policies provide, one big advantage of taking an insurance plan from LIC is that they have a really good claims settlement ratio.

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

LIC Endowment Plan Reviews

Page 1 of 15 1 2 3 4 5
  • LIC Life Insurance
    "Good to have"
    0.5 4.0/5 "Great!"
    My endowment policy was taken from LIC because of the trust and secure. In 2000, i have purchased this policy. I used to make the payment through online. One of my friend has recommended me about this policy. I have visited the branch many times and they are providing average service to the customer.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Good to have"
    0.5 4.0/5 "Great!"
    I have purchased a endowment plan from LIC. Bought my endowment plan in 2003. I have been paying the premium amount of Rs. 4000 per annum. I will get a sum assured amount of Rs. 1 lakhs. Total tenure period of the policy is 15 years. This is a tax benefit policy.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Best service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with Life Insurance corporation of India,i took life endowment policy , and the agent had properly explain me out the plan benefits and policy coverage , he had explained me clearly and advise me which insurance is good for me and i pay premium on quarterly basis,i use to pay premium up to 14000 through on line, i have two policy second policy premium i use to pay 25,000 as an yearly basis,and there patrol is good,they use to update me if any policy they use to update me, i use to pay through on line mode, through neft transfer.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 17, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 4.5/5 "Excellent!"
    I have taken 4 policies with LIC from long back. Its a mixed of endowment, money back and life insurance policy for family. I am satisfied with the benefits. If there is any problem I can manage the account online. I pay the premium by cash or cheque, its hardly around 1300 or 1400 rupees every quarterly and also monthly premium has been done.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 14, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have purchased a life insurance policy with LIFE INSURANCE CORPORATION OF INDIA. All the tenure period got over hence i have closed the policy 6 months back. I have taken a endowment plan. I have taken 4 policies with them. 25 years back, i purchased the policy. I have received the good sum assured amount.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 07, 2019
  • LIC Life Insurance
    "Good Policy from LIC"
    0.5 5.0/5 "Blown Away!"
    My endowment policy was purchased by last month. The agent has referred me about this policy. I pay the premium amount of Rs. 6000 for half yearly. Through online i make the payment. The coverage value is Rs. 3 lakhs. I have to pay the premium for 8 years.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 26, 2018
  • LIC Life Insurance
    "Good policies"
    0.5 5.0/5 "Blown Away!"
    I have bought my Endowment policy from LIC 20 years. Total i pay the premium amount of Rs. 2200. Total tenure period of the endowment plan is 20 years. Next yearly my policy is going to matured. Total sum assured amount was Rs. 1 lakhs. I have selected LIC because of the trust.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 24, 2018
  • LIC Life Insurance
    "Good Endowment Policy"
    0.5 5.0/5 "Blown Away!"
    LIC is good for me, I have Jeevan anand endowment policy it has the tenure period of 25 years then they provide the sum assured and life cover after my loss my nominees will get. the nominees will the life coverage value, there is no age limit for the risk coverage too.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 21, 2018
  • LIC Life Insurance
    "Good Policy for future investment"
    0.5 5.0/5 "Blown Away!"
    I like LIC because its a govt sector insurance company even I am working as a government staff I have endowment plan. they give the benefits after the maturity period. I make the payment through online. I make the premium around Rs. 40k per annum, it has the term of 21 years.
    Was this review helpful? 0
    , chandigarh
    Reviewed on Dec 18, 2018
  • LIC Life Insurance
    "Its useful for future"
    0.5 4.0/5 "Great!"
    The agent are polite at the time of activating the policy then I have not interacted with them. LIC has the different payment options, I have endowment plan I get the benefits after the whole completion of the tenure period,the policy has tax benefits and life coverage.
    Was this review helpful? 0
    , pune
    Reviewed on Dec 18, 2018
  • LIC Life Insurance
    "GOOD SERVICE"
    0.5 5.0/5 "Blown Away!"
    I have purchased the life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA where the name of the policy is ENDOWMENT PLAN and i am using it from past 10 years. The maturity period of this policy is till 67 years of my age. This gives the policy coverage of 4 lakhs.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 14, 2018
  • LIC Life Insurance
    "Good investment for Future"
    0.5 4.0/5 "Great!"
    The policy which I taken is whole life policy, the premium is around Rs.6000 per annum, its not an endowment plan. I will get the benefits after the matured period. My father was taken the policy on my name for 75 years, it has life coverage, tax benefits available. Even I can take loan based on the cover.
    Was this review helpful? 1
    , chennai
    Reviewed on Dec 06, 2018
  • LIC Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    My endowment plan was taken with Life insurance policy. I have purchased the policy long back ago. I make the payment through online. After the maturity only i can able to get the sum assured amount. One of my friend has referred me about this policy
    Was this review helpful? 0
    , rajahmundry
    Reviewed on Dec 05, 2018
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken my life insurance policy before 5 years. I have selected the LIC company, because of the best services. I pay the premium amount of Rs. 48000 in every year. I make the payment in all the mode like cash, cheque, online. I have chosen the endowment policy by myself. They have offered me a sum assured amount of Rs. 5 lakhs. Total tenure period of the policy is 16 years.
    Was this review helpful? 0
    , rewa
    Reviewed on Dec 04, 2018
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    My life was insured with LIC. 15 years back i have purchased the Endowment plan with Life insurance corporation of India. Total tenure period of the policy 25 years. I have no idea about the sum assured amount. This is the tax benefitable policy. I pay the payment through ECS. I pay the premium amount of Rs. 15000 approximately.
    Was this review helpful? 0
    , mumbai
    Reviewed on Nov 28, 2018
  • LIC Life Insurance
    "Its average policy"
    0.5 4.0/5 "Great!"
    My Jeevan mithra policy has tenure of 20 years, policy coverage is also for 20 years. I would say its an average endowment policy. After the tenure period I get only the matured benefits but it has financial security for unforeseen policy.
    Was this review helpful? 0
    , new delhi
    Reviewed on Nov 26, 2018
  • LIC Life Insurance
    "Good coverage and matured benefits"
    0.5 5.0/5 "Blown Away!"
    When I took LIC it was almost 13 years back at the time govt insurance body was LIC. I have jeeven shri endowment policy. It gives benefits after the tenure period of the maturity. The total period of policy is 16 years but the coverage of 20 years. Even the coverage value is multiple as the policy gets older.
    Was this review helpful? 0
    , new delhi
    Reviewed on Nov 26, 2018
  • LIC Life Insurance
    "Good Endowment policy"
    0.5 5.0/5 "Blown Away!"
    Jeevan anand is an endowment policy, it has the total term of 18 years I get maturity amount and the tenure period of the policy. It has good life coverage. I make the premium through standard instruction. I can track my LIC transaction through their website.
    Was this review helpful? 0
    , chennai
    Reviewed on Nov 23, 2018
  • LIC Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I have taken my endowment policy with Life Insurance Corporation of India. My first endowment policy was taken in the year of 1995. I used to pay the premium of Rs. 3000 and i have chosen the monthly payment mode. My friend who is working in LIC has referred me about this Endowment policy. This is a tax benefitable policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Nov 13, 2018
  • LIC Life Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    I have a life insurance policy with LIC from last 16 years and it is an endowment policy. I am not happy with the returns and benefits of this insurance policy. I pay my premium once in 3 months through net banking and the tenure period for this policy is 20 years.
    Was this review helpful? 0
    , mumbai
    Reviewed on Sep 29, 2018
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