Endowment Life Insurance Plans Offered By LIC

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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LIC Endowment Plan Reviews

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  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    Purchased my endowment plan was from LIC and its a brand and trustable company. Endowment plan is a good investment plan. I have selected the term period of 19 years. I am paying the premium amount of Rs. 3500 in every three months once through online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 16, 2019
  • LIC
    LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    My endowment plan was taken from Life insurance Corporation of India. I have been paying the premium amount of Rs.11000 and chosen the annual payment mode. Regularly i make my premium through net banking and satisfied with the sum assured amount. The policy term is 21 years.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 16, 2019
  • LIC Life Insurance
    "Good investment plan"
    0.5 5.0/5 "Blown Away!"
    Endowment is a well better policy because its good agreement and i get a good returns in future. I got all the benefits from this policy. I pay the premium amount of Rs. 12000 for half year. I'm happy about the returns. There is 21 years policy. I make the premium through online. LIC terms and conditions are transparent.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 16, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am using the ENDOWMENT PLAN with LIFE INSURANCE CORPORATION OF INDIA where the policy coverage is for self. The maturity period of the policy is for 25 years. The premium paying for 3 months once with the policy. There are no issues with the policy.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jul 14, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have purchased endowment plan with LIFE INSURANCE CORPORATION OF INDIA where the maturity period of the policy is for 25 years added on that the policy got matured. It gives the self coverage and i have received the sum assured which is good.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 10, 2019
  • LIC Life Insurance
    "Beneficial"
    0.5 5.0/5 "Blown Away!"
    My third life insurance is with LIC again. This is a endowment policy. The tenure is for 20 years and I will get the benefits only after the maturity term. I pay my premium once a year and it is conveniently done online. The customer service is good and so are the benefits.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jun 28, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    My endowment was taken from LIC. This policy covers for high risk with a low premium amount. Total term period is 15 years. I have purchased the policy in 2013. Total coverage value is Rs. 20 lakhs and this is a tax benefit policy. I pay the premium amount of Rs. 70000.
    Was this review helpful? 0
    , tirupur
    Reviewed on Jun 23, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through LIC agent.This is an Endowment policy and the tenure is for more than 15 years and then got all the details about the policy was got through the agent .I have paid the premium through Quarterly basis .I have closed the policy .I have got the policy amount as well.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jun 18, 2019
  • LIC Life Insurance
    "Good plan"
    0.5 4.0/5 "Great!"
    I have taken a endowment policy with LIC and need to pay the premium for 15 years. I am paying around 3K yearly through cash and sometimes online. Its a good plan and taken for future savings as well as for tax benefits. I got the insurance paper for my policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jun 18, 2019
  • LIC Life Insurance
    "GOOD POLICY"
    0.5 5.0/5 "Blown Away!"
    I have purchased the life insurance policy of ENDOWMENT plan and using it since from last 20 years. The policy has the maturity period of 25 years and the premium paying for yearly once. The policy taken with the LIFE INSURANCE CORPORATION OF INDIA and the customer support is good with this institute.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 13, 2019
  • LIC Life Insurance
    "Very Good Policy"
    0.5 5.0/5 "Blown Away!"
    Purchased my endowment policy in the year of 2003. Total tenure period of the policy is 20 years. I have been paying the premium amount of RS. 2500 per annum. I have chosen LIC because its a Government and my colleagues has working as a LIC agent. I make the premium through online.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jun 09, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 3.0/5 "Satisfactory"
    I have purchased the ENDOWMENT plan with the LIFE INSURANCE CORPORATION OF INDIA and using it from last few years also the policy coverage is for 25 years with this policy. The policy coverage is for self added on that the premium paying for yearly once.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 08, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy which is an Endowment policy taken through LIC agent.This policy i have taken before 5 years and i am paying the premium for half yearly mode and so far not faced any issues.This policy is still active and the premium is very nominal and got all the details through the agent .
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jun 03, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Endowment policy taken directly through LIC agent .This policy tenure is for 20 years .I have got all the details about the policy through the agent .This policy is very useful and the premium is nominal and so far not faced any difficulties .I have got the policy documents on time .This policy is still active and paying the premium through Online .
    Was this review helpful? 0
    , thane
    Reviewed on Jun 03, 2019
  • LIC Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have Life Insurance policy which was taken directly by myself.Since i am working with LIC company i have taken this policy it is an Endowment Policy for the tenure of 25 years and i am paying the premium on monthly basis through auto debit from my account .The policy features ,policy coverage ,plan and benefits are very good .This Insurance company is well known to everyone since it is doing an excellent service so far.
    Was this review helpful? 0
    , chandigarh
    Reviewed on Jun 02, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have purchased the ENDOWMENT policy with the LIFE INSURANCE CORPORATION OF INDIA where using it since from last 3 years, the policy has the maturity period of 2 years. The premium paying for yearly once in this policy added on that the maturity period is for 20 years.
    Was this review helpful? 0
    , new delhi
    Reviewed on May 20, 2019
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I am using from last 18-19 years. The name of the policy is ENDOWMENT POLICY, maturity period is for 20 years. Coverage is for self where the premium paying for 6 months once. The customer service is good also i got the hard copy on time with this policy.
    Was this review helpful? 0
    , new delhi
    Reviewed on May 19, 2019
  • LIC Life Insurance
    "GOOD CARD TO USE"
    0.5 4.0/5 "Great!"
    I have purchased the ENDOWMENT plan with the LIFE INSURANCE CORPORATION OF INDIA where the policy has the satisfactory benefits and the coverage is for self also the maturity period of this policy is for long term of 20 years. It has the life coverage too.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 15, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have purchased the ENDOWMENT plan with the LIFE INSURANCE CORPORATION OF INDIA where i am using it from last few years and the policy has the maturity period of 20 years. The customer support executive has explained the details of the policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 14, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have 6 life insurance with LIC and it was purchased long back. Its a different kind of policies like Jeevan anand, endowment and term plan. The customer support is very good. The benefits are good for the term plan. The payment mode is online and am paying around 65K per year.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 13, 2019
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