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 insurer"
    0.5 5.0/5 "Blown Away!"
    I got an Endowment policy from LIC on 2 years back. Since its government company they are providing the coverage amount of 10L. It covers up to myself. I use to do the payment for premium on monthly basis of 400 rupees. Either i use to provide cheque to direct company or by ECS. I am not much aware about benefits of policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 04, 2020
  • LIC
    LIC Life Insurance
    "LIC is good for investment purpose"
    0.5 5.0/5 "Blown Away!"
    I had taken the policy from LIC and withdrawn the maturity amount its because of the good profit, i have taken the other insurance policy from LIC only. It has a 10 years term period policy. I have chosen the endowment plan. I have been paying the premium amount of Rs. 15000 per year and I'm satisfied with the sum assured amount of Rs. 4.5 lakhs. This is a tax benefits plan.
    Was this review helpful? 1
    , jamshedpur
    Reviewed on Feb 27, 2020
  • LIC Life Insurance
    "Good service"
    0.5 5.0/5 "Blown Away!"
    I have taken an Endowment Policy through LIC. This policy tenure is 20 years and paying the premium through ECS . According to my experience everything is good and also I will be getting amount after 25 years. This is a long term policy, but I am not getting that much benefits.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 24, 2020
  • LIC Life Insurance
    "Average"
    0.5 4.0/5 "Great!"
    I have taken an Endowment Policy through LIC. This policy tenure is for 21 years and paying the premium through online. According to my experience everything is good and also I will be getting amount after 25 years. This is a long term policy, but I am not getting that much benefits in it.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 12, 2020
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    For the life security and long term benefits i bought the endowment plan from Life insurance Corporation. I pay the premium amount of Rs. 20000 on half yearly basis. I have selected the term duration of 20 years. I'm satisfied with the sum assured amount provided to me. I pay my premium through online.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jan 30, 2020
  • LIC Life Insurance
    "Average Policy"
    0.5 4.0/5 "Great!"
    I have purchased my life insurance policy 20 years back which is a Endowment plan. Agent came and met me after that he has explained me about the policy details. I'm paying the premium amount of Rs. 10000 nearly in a half yearly payment mode. I make the payment through online. The policy is going to matured by next year.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jan 25, 2020
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken life insurance policy through LIC agent ,This was an endowment policy .I am paying the premium for the past 15 to 20 years .I am paying the premium through quarterly basis and each information is given by the agent.I have got the policy documents on time .I have surrender the policy and got the amount .
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 22, 2020
  • LIC Life Insurance
    "Good "
    0.5 4.0/5 "Great!"
    I have taken a life insurance from LIC on 5 years before. I am paying premium on yearly package the amount which is nominal. While getting the policy, agent has given an information about the policy details and provided required documents on time. It covers myself. It is an Endowment policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 27, 2019
  • LIC Life Insurance
    "Good Policy "
    0.5 5.0/5 "Blown Away!"
    Through an agent, i have purchased the life insurance policy from LIC. I bought the new policy 6 months back. LIC agent approached me to take the policy. For the endowment plan, I'm paying the premium amount of Rs. 8000 for every three months.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Dec 17, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    On 15 years before, I had taken life insurance with LIC. I use to pay premium amount of 2400 rupees on quarterly basis. The agent provided all the details about the policy and also I got hard copy documents on time. It covers myself and family members. The tenure period of 30 years. It is an Endowment policy.
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 15, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 18 years before. Tenure period of policy is 30 years. I am paying premium on half yearly package the amount of 5K which is nominal. While getting a policy the agent has given an information about the policy. It covers my whole family, I took an Endowment policy.
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 15, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    New Endowment plan is a very good plan from LIC. For the child education and marriage i can invest the money in this policy because we get a triple bonus. Its a 1 lakh policy along with the bonus we can get 1.5 lakh hence the customer will receive Rs. 2.5 lakhs at the time of maturity. This plan has a term period of 30 years in that i need to pay money till 17 years.
    Was this review helpful? 0
    , parvathipuram
    Reviewed on Dec 03, 2019
  • LIC Life Insurance
    "Good for everyone"
    0.5 5.0/5 "Blown Away!"
    Since I'm working as LIC agent I had chosen all my insurance policies from LIC. It is providing a good life cover with risk cover. Risk cover is not available in other life insurance companies. 10 years back, I bought an endowment plan. I have selected the half yearly mode and I pay the premium amount of Rs. 7500.
    Was this review helpful? 0
    , bangalore
    Reviewed on Nov 06, 2019
  • LIC Life Insurance
    "Not satisfied"
    0.5 2.0/5 "Expected more"
    I was working in one of the insurance company and the policy is a basically needed for each and everyone. That time, the agent was informed me to go with this policy with LIC since its a Government organization but am not okay with them. I have a money back and endowment policy. Earlier, it was difficult to make the payment quarterly but a nowadays its quite easy.
    Was this review helpful? 0
    , visakhapatnam
    Reviewed on Nov 03, 2019
  • LIC Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    On 5 years before I had taken a life insurance from LIFE INSURANCE CORPORATION OF INDIA. For the tenure period of policy for 16 years. It is an endowment policy. I am use to pay the premium amount on monthly basis which is nominal. While applying for an insurance agent has given all the details about policy and provided documents on time.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 01, 2019
  • LIC Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    On 10 years before I had taken a life insurance from LIFE INSURANCE CORPORATION OF INDIA. For the tenure of policy is 15 years. I use to pay the premium amount on monthly basis which is nominal. While applying for an insurance agent has given all the details about policy and provided documents on time. It is an endowment policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 01, 2019
  • LIC Life Insurance
    "They need to change the system"
    0.5 2.0/5 "Expected more"
    Taken my endowment life insurance policy in the year of 2004. Total term period of the policy is 25 years. I have been paying the premium amount of Rs. 20000 on a annual basis. I have been paying the premium through online and sometimes in the branch. Branch experience is not that much prompt because we need to stand in a big queue and agents will explain about the policies even though I'm not interested.
    Was this review helpful? 0
    , pune
    Reviewed on Oct 29, 2019
  • LIC Life Insurance
    "Endowment won't give cash benefits."
    0.5 5.0/5 "Blown Away!"
    Earlier i have done the policy from LIC without any reason. I have a endowment plan. I'm paying the premium amount of Rs, 60000 per annum. I'm satisfied with the sum assured amount. Total term period of the policy is 18 years. Its a tax benefits policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Oct 18, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I am having 4policies with LIC which is Money back and endowment policy. I am doing periodic payment, the total sum assured is 30L. The premium is deducted from my salary, around 9K. The maturity benefits are very good. The tenure is around from 20 to 23 years. It was taken for both future savings and tax benefits.
    Was this review helpful? 0
    , kolkata
    Reviewed on Oct 18, 2019
  • LIC Life Insurance
    "Excellent policy"
    0.5 5.0/5 "Blown Away!"
    LIC is a very renovate company in India so i have this company compared to all others. There are lots of policy associated with this company. Its a very old company as well and huge claim settlement and they do the settlement in a proper way. I have chosen the Jeevan anand policy because its a endowment and whole cover life policy.
    Was this review helpful? 0
    , jamshedpur
    Reviewed on Oct 05, 2019
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