The Endowment Plus plan from Life Insurance Corporation of India is a unit linked endowment policy that provide investment as well as insurance cover for the tenure of the plan. The level of coverage that can be availed through this policy will depend upon the quantum of premium payments and the mode of premium payments chosen by the customer. Customers have four choices when it comes to investing their premiums. Any of the four kinds of investment funds can be selected and premiums can be paid either on a monthly, quarterly, semi-annual or annual basis depending upon the preference of the customer. Customers will also have an option to make a single premium payment if they prefer it over regular premium payments.
Eligibility Criteria for LIC Endowment Plus
|Minimum Entry Age||7 years (last birthday)|
|Maximum Entry Age||60 years (nearest birthday)|
|Minimum Age at Maturity||18 years (completed)|
|Maximum Age at Maturity||70 years (nearest birthday)|
Key Features of LIC Endowment Plus
|Plan Type||Unit Linked Endowment Plan|
|Sum Assured||Minimum: Regular Premium Policies: (Policy Term +1) x the yearly premium Single Premium Policies: If entry age is under 45 years: 1.25 x Single Premium. If entry age is 45 years and above: 1.10 x Single Premium Maximum: Regular Premium Policies: If entry age is under 45 years: 30 x Yearly Premium. If entry age is 45 years and above: 25 x Yearly Premium. Single Premium Policies: (If Critical Illness Benefit Rider is selected) If maturity age is under 55 years: 5 x Single Premium. If maturity age is between 55 and 60 years: 3 x Single Premium Single Premium Policies: (If Critical Illness Benefit Rider is not selected) If maturity age is under 65 years: 5 x Single Premium If maturity age is between 65 and 70 years: 3 x Single Premium|
|Premium Payment Modes||Monthly, Quarterly, Semi-annual, Annual|
|Policy Term||Minimum: 10 years Maximum: 20 years|
|Premium||Minimum: Regular (apart from monthly ECS mode): Rs.20,000 per annum Regular (for monthly ECS mode): Rs.1750 per month Single Premium: Rs.30,000 Maximum: Regular: Rs.1 lac Single Premium: No Limit|
|Loan against Policy||Available|
|Revival of Policy||Available|
|Cooling off Period||15 days|
Benefits of LIC Endowment Plus
- Death Benefit: In case of death of the Life Assured prior to the predetermined date of maturity, and if the death occurs prior to the Date of Commencement of Risk, an amount equivalent to the Fund Value of the policyholder will be paid out to the nominee. In case of death after the Date of Commencement of Risk, an amount equivalent to the higher of the policyholder's Fund Value or Basic Sum Assured will be paid out to the nominee. The Basic Sum Assured here will either be 105% of the overall premiums paid or 10 x the yearly premium, whichever is higher.
- Maturity Benefit: In case the Life Assured survives until the date of maturity of the policy, he / she will receive an amount equivalent to his / her Fund Value.
- Optional Benefits: The Linked Accidental Death Benefit Rider can be availed to increase the level of coverage.
How does this Plan Work?
The Endowment Plus plan is a unit linked endowment policy by LIC that can be availed by customers who choose to make a single lump sum premium payment or premium payments on regular intervals of time. The premium payment mode and the amount of money the individual decides to pay as premium will determine the level of coverage he / she can avail. Benefits will be paid out either on the death of the policyholder, or upon maturity of the policy. In case of death of the Life Assured, the Fund Value (Basic Sum Assured) of the policyholder will be paid out to the nominee. In case the Life Assured survives until the policy has matured, maturity benefits can be claimed in the form of an amount equivalent to the policyholder's Fund Value.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017