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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 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
    • LIC Life Insurance
      "Good in benefits"
      0.5 4.5/5 "Excellent!"
      I have also taken a endowment policy from LIC. The policy benefits are good. The sum assured is also good. The benefits was also provided to me immediately. It has been a good experience and it is secure to get the policies from this company. Good overall.
      Was this review helpful? 0
      , vadodara
      Reviewed on Sep 18, 2018
    • LIC Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken my life insurance with LIC. I guess it is a endowment policy. I get reminders for my payment on time and I also have online facilities to make my payment. The sum assured and the plan benefits are good and in all there has been no issues.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 21, 2018
    • LIC Life Insurance
      "Good overall"
      0.5 5.0/5 "Blown Away!"
      I have taken numerous policies from LIC. It was once the policy got matured and they have complete all the formalities within an hour and I got the sum assured. I also have an endowment policy, the tenure for this policy is for 12 years. Good overall.
      Was this review helpful? 0
      , korba
      Reviewed on Aug 13, 2018
    • LIC Life Insurance
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      There are good benefits for the benefits in the endowment policy. The customer services are really good. The tenure is for 16 years. The sum assured and the plan benefits are also good. The payment options are convenient too. LIC has been a traditional and secured company.
      Was this review helpful? 0
      , korba
      Reviewed on Aug 13, 2018
    • LIC Life Insurance
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      I have a endowment policy with LIC. The customer services and response is good. The premium is not costly too. I can pay it online and the facility is very convenient. The tenure is till the year of 2025. I have no issues as I get the reminder for the payment.
      Was this review helpful? 0
      , guwahati
      Reviewed on Aug 09, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I will get a sum assured amount of Rs. 5 lakhs. I have to pay the premium for 30 years. After the maturity only i will get my sum assured amount. The customer care service is good. I have many policies with Life insurance Corporation of India. Its an endowment policy.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Jul 25, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I hold a life insurance policy with LIC from last 4 years and it is a long term policy. This is an endowment policy and i am happy with the coverage and returns of this policy. I pay my premium once in 6 months through net banking and i am convenient with the payment options. The name of the policy is Jeevan anand.
      Was this review helpful? 0
      , lucknow
      Reviewed on May 24, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've an endowment policy with the LIC. Being a govt company the security for your investment is guaranteed with the LIC. Their latest payment platform is pretty much innovative and convenient. Overall their services are regularly updated and promising.
      Was this review helpful? 0
      , chennai
      Reviewed on May 17, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've been using the LIC Endowment plan which is very useful . Being a govt company the security for your investment is there with the LIC. I never had any issues with the policy and their services. I am really happy about all the policies I've with LIC
      Was this review helpful? 0
      , bangalore
      Reviewed on May 15, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 3.5/5 "Pretty good"
      I have a life insurance policy with LIC from last 6 years and it is an endowment policy. The tenure of this life insurance policy is 18 years. I pay my premium once in 6 months and the payment options are convenient for me. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 10, 2018
    • LIC Life Insurance
      "Various Products in LIC"
      0.5 3.0/5 "Satisfactory"
      I have got 9 policy in LIC. LIC Endowment policy is Risk coverage policy. Their is no additional benefits in Endowment policy. Their is no much difference between one policy to another policy. The executive from LIC suggested me to take this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 02, 2018
    • LIC Life Insurance
      "Experience is good"
      0.5 5.0/5 "Blown Away!"
      I have taken a endowment policy with LIC. The customer services and response is good. The tenure is for 21 years and in this type of insurance I would get the profit. The premium is also normal and in all there are no hassles in the overall experience.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 18, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have taken an Endowment policy from LIC 8-9 years back, the maturity period of this life insurance policy is after 20 years. My premium amount gets auto deducted from the salary account and i am convenient with the payment options. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 10, 2018
    • LIC Life Insurance
      "Better Endowment plan "
      0.5 4.0/5 "Great!"
      I have got the LIC Endowment life insurance policy on 2012. I pay the premium amount of Rs,24000 to this Endowment policy . The customer support service is good here and I would say the plan benefits and the policy coverage is good with this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 26, 2018
    • LIC Life Insurance
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life insurance with LIC.The premium amount is 2700 per annum.The plan name is Endowment policy.I make payments by cash or cheque.Customer service is good.The policy is for 20 years.I have no claim experience with them.The policy coverage is 50k.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 23, 2018
    • LIC Life Insurance
      "Good to invest"
      0.5 5.0/5 "Blown Away!"
      I have a endowment policy with Life Insurance Corporation. The services are excellent with them for last 8 years. It was taken through an agent. The benefits are good like whatever I pay for 3 year will get the same return as well as additionally I will be getting sum assured value. I pay around 7K per annum.
      Was this review helpful? 0
      , faridabad
      Reviewed on Mar 10, 2018
    • LIC Life Insurance
      "Good insurance"
      0.5 5.0/5 "Blown Away!"
      I took a life insurance with Life Insurance Corporation of India. I am using the service for last 20 years. I never interacted with the customer service. The policy was taken through agent. It is a endowment policy and the total period is 25 years. I am paying premium about 38K to 40K per annum.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 28, 2018
    • LIC Life Insurance
      "Good. Can do better in payments"
      0.5 3.0/5 "Satisfactory"
      I also have a endowment policy with LIC. The tenure is for 30 years and there would be benefits only after the maturity term. The payment mode can be more flexible as I am unable to make my payments online because most of the time the server is down.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 27, 2018
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