• 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 14 1 2 3 4 5
    • LIC Life Insurance
      "Good Benefits policy"
      0.5 5.0/5 "Blown Away!"
      LIC provide good return and its more secured, they have good endowment plan it has good return, the premium is good enough compared to normal plan it has 10 to 20% extra on endowment policy it has good benefits, it gives good sum assured. tax benefits, financial security unforeseen events.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 20, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance with LIC,the policy is for 21 years ,the plan name is Endowment policy,I pay a premium amount of 15,000.I get a policy coverage of three lakhs,I make payments directly at branch,the executives are good and had explained the policy in detail.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance with LIC,the policy is for 8 years ,the plan name is Endowment policy,I pay a premium amount of 10,000.I get a policy coverage of two lakhs,I make payments directly at branch,the executives are good and had explained the policy in detail.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Traditonal and Turst worthy"
      0.5 5.0/5 "Blown Away!"
      LIC was started when I was a student, my parents gifted me this life insurance. At the time premium amount was Rs.150, finally I got 1.50 lakh with bonus interest around 75,000. It was a great surprise for me. Then I took LIC policies from end, each has different tenure. Plan name called Bheema gold, endowment policy and child plan.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 15, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I am having LIC policy from last 2 years and is ti is a endowment policy. The tenure of this life insurance policy is 15 years, I pay my premium on monthly basis through net banking and i am convenient with the payment options which they are giving. I am also happy with the coverage and benefits of this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 15, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 3.5/5 "Pretty good"
      I have taken an Endowment policy for my daughter with LIC. It is a tenure period of 18 years but have to pay only for 15 years. The customer service was satisfactory. I will get the triple amount after the maturity period what I pay. I am paying Rs.32,000 for a year.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 07, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I had a life insurance policy with LIC from last 20 years and it is a endowment policy. The tenure of this life insurance policy is 20 years. I pay my premium once in 3 months through cheque and i am convenient with the payment options which they are giving. I have a coverage of Rs 5 lakhs and i am happy with the benefits of this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 05, 2018
    • LIC Life Insurance
      "Better insurance"
      0.5 4.0/5 "Great!"
      I have taken a life insurance policy with LIC. I am using this service for 1.5 years. The policy was taken through agent. I am satisfied with the policy coverage and plan benefits. It is a endowment policy. I am paying around 20,000 rupees for a year.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 16, 2018
    • LIC Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have a life insurance service from Life insurance corporation of India,I have two policy for the period of 25 years and one is jeevan anand and other is endowment policy. The payments are generally payed through cash as well as cheques,it was a good experience with Life insurance corporation of India.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 11, 2018
    • LIC Life Insurance
      "Satisfactory"
      0.5 4.0/5 "Great!"
      I have taken a endowment policy from LIC and the customer services are good. The tenure for my policy is for 15 years. The premium is economical and I can pay it online through net banking. The benefits and policy coverage is good. In all I have not faced any issues.
      Was this review helpful? 0
      , tiruchirapalli
      Reviewed on Nov 18, 2017
    • LIC Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the of Life Insurance Corporation of India. and the name of policy is endowment and all. Customer service is good one with the Life Insurance Corporation of India.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Nov 14, 2017
    • LIC Life Insurance
      "Good endowment plan"
      0.5 3.0/5 "Satisfactory"
      Good to have an endowment policy with LIC. I got this policy for more than 5yeas. This policy has tenure of 15years. The plan benefits and the coverage are good with the LIC endowment policy. I paid Rs,10.000 every year to this policy as premium . I am satisfied having this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 10, 2017
    • LIC Life Insurance
      "Good Investment for future"
      0.5 5.0/5 "Blown Away!"
      I do have LIC policy, its a traditional policy endowment policy. I am paying premium for two polices, for one policy Rs.21,000 it has the tenure of 19 years and for other policy Rs. 2250 on month basis for the tenure of 15 years . I will get good sum assured after the tenure period.
      Was this review helpful? 0
      , nagpur
      Reviewed on Nov 07, 2017
    • LIC Life Insurance
      "Satisfied with the policy"
      0.5 5.0/5 "Blown Away!"
      I have taken my life insurance with LIC. It is a endowment plan. I have already paid my premium for the last 13years. My policy would complete in the next three to four years. The premium is economical and I would get the entire benefit after the maturity.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 06, 2017
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      The service with LIC is good for 5 years. It is a endowment policy. I pay premium of around 25K yearly. The payment done through net banking or cash sometimes. There is no much interaction wih the customer service. The plan benefits and policy coverage is good.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Nov 04, 2017
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      It was a 5 years old policy. The service provided by LIC was average. Mostly I prefer for online but with LIC it is not user friendly. The customer service is not good. I have taken endowment policy with the premium of 35k to 40K on yearly basis. The plan benefits and policy coverage is really good. They need to improve the service as overall.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 02, 2017
    • LIC Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I am holding LIC policy from last 6-7 years and it is a long term endowment policy. I pay my premium every month and the amount is deducted from my salary account. I am also convinient with the payment optiions which they are providing. The benefits are also good in this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 31, 2017
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      With LIC I got an Endowment life insurance policy for past 7 years. This insurance policy has the tenure of 20 years. I pay the premium through cash, the LIC agents will come and collects the payment on time. The plan benefits and the coverage is good with this policy . I pay the premium amount of Rs.5000.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 24, 2017
    • LIC Life Insurance
      "Better"
      0.5 5.0/5 "Blown Away!"
      I have taken 2 policies with LIC. Both Jeevan Anand and endowment policy is a tenure of 21 years. I pay premium of Rs.15,500/ yearly. It is a long term policy. The agent was very helpful. I normally pay to the LIC agent as cash and he makes the payment on my behalf. I am not happy with the return amount which is low.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 21, 2017
    • LIC Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have taken a endowment plan policy at LIC. The tenure for the plan is for 21 years. The premium is around 7K. The customer support of LIC is good, customers who do not have an agent can contact the customer support and get details. LIC is know for its trustworthiness.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 17, 2017
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