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

Page 1 of 18 1 2 3 4 5
  • 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
    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
  • LIC Life Insurance
    "LIC is a trusted company"
    0.5 5.0/5 "Blown Away!"
    LIC is a trusted company and public reliable company so i have invested my money in LIC. I bought the endowment plan. I have been paying the premium amount of Rs. 2217 for every three months once. Through net banking, i used to pay my premium. Its easy to communicate with their agent
    Was this review helpful? 0
    , balangir
    Reviewed on Oct 04, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have taken 2 to 3 policies with LIC, its very good. They are giving good response time to time. I have endowment policy, money back policy and don't remember the one more policy. I am paying premium of monthly 1000 rupees through ECS since it was started very long 20 years ago. The benefits are very good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Sep 24, 2019
  • LIC Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have life insurance policy with LIC and am satisfied with the policy benefits. Its an Endowment policy which is long term for 25years. The customer service is not up to the mark and they need to improve the service. The payment mode is ECS. Its easy to access and they have branches all over India. The claim settlement ratio is good with a lesser premium. Even documentation was not complicated for the policy settlement.
    Was this review helpful? 0
    , mysore
    Reviewed on Sep 18, 2019
  • LIC Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I took 2life insurance policies with LIC. I never required any customer service. I have chosen longterm endowment policy through an agent and he is supportive. The benefits and coverage was okay. The policy tenure is 25 & 20 years. The one policy is for future savings and other one is life insured.
    Was this review helpful? 0
    , kolkata
    Reviewed on Aug 26, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have bought the policies and did all the transaction through agent who is available for us always. My father purchased the policy in my childhood. The agent convinced in taking the policy from LIC. We have a annuity, endowment and term, money back policy. I have no idea about the premium amount.
    Was this review helpful? 0
    , chennai
    Reviewed on Aug 26, 2019
  • LIC Life Insurance
    "Better"
    0.5 4.0/5 "Great!"
    I am a LIC agent and had life insurance policies with them. I felt, the benefits are average. One or two policy is on going and other policies are matured. Totally I took more than 5 to 6policies. The payment mode is cheque or cash directly to the office. I took a endowment policy, money back.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 22, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    Taken my life insurance policy from LIC. The company is there is India and i am getting the sum assured value properly hence i have chosen them. I have chosen the Endowment plan. I make the premium through online. I pay the premium amount of Rs. 800 every month.
    Was this review helpful? 0
    , chennai
    Reviewed on Aug 20, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in LIC on 4 years before. The policy is for 10 years. I am paying premium in the yearly package and it is an endowment policy. While getting a policy my agent has given an information about the policy details and provided hard copy documents on time.
    Was this review helpful? 0
    , mumbai
    Reviewed on Aug 18, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through LIC agent.It was an endowment policy and the tenure is for 20 years and paying the premium on yearly basis.I have received the policy documents on time and this policy was still active .I am pretty comfortable with the service
    Was this review helpful? 0
    , mumbai
    Reviewed on Aug 08, 2019
  • LIC Life Insurance
    "Good for long term"
    0.5 5.0/5 "Blown Away!"
    I used to pay Rs. 1090 per annum for two LIC polices , I have endowment plan it has the term of 15 years. Its good for my daughter's future. I would be getting Rs.15 lakhs of cover with bonus benefits. LIC Is a standard company hence its recommendable.
    Was this review helpful? 0
    , chennai
    Reviewed on Aug 05, 2019
  • LIC Life Insurance
    "They must continue the same"
    0.5 4.0/5 "Great!"
    My agent is very active and he is very support on my requirement. Through agent only i have purchased all my 7 LIC policies. Taken my endowment plan 10 years back. Annually I'm paying the premium amount with the amount of Rs. 40000 for all my insurance policies.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Aug 04, 2019
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