LIC Marriage Endowment / Educational Annuity Plan

LIC Marriage Endowment / Educational Annuity Plan provides benefits on selected maturity date. This plan can be taken to ensure that you have enough cash flow for meeting the expenses of your child's education or marriage.

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Key Features of LIC Marriage Endowment / Educational Annuity Plan

Type	An Endowment Assurance Plan.
Basis	Individual.
Coverage	Death Benefit: In the event the life insured dies during the policy term, the nominee will receive sum assured along with the accrued bonus that is payable on maturity. Maturity Benefit: The policyholder will get sum assured along with any bonuses which is paid in a lump sum on maturity or it could also be paid in 10 half-yearly instalments. Optional benefit: Additional optional benefits can be added to the plan for extra coverage.
Sum assured	Minimum - Maximum
Premium paying term	Equal to the policy term.
Premium paying frequency	Quarterly, half-yearly, yearly, monthly or salary deductions.
Premium paying method	Monthly premium payment must be transmitted through ECS or direct debit.
Bonuses	Simple reversionary bonus is declared at the end of each financial year. Additional bonus and vested bonuses are payable, if any.
Surrender Value	The policy can be surrendered after 3 years premium has been paid. Special surrender value will be paid depending on the duration for which the premiums have been paid and the policy duration at the time of surrender.
Loan	Loan facility is not available.
Grace period	30 days grace period is allowed for paying the premium.
Free look period / Cooling off period	The plan has a 15 days free look within which you can return the policy.
Tax benefits	Prevailing tax benefits are applicable.
Nomination	You can appoint a nominee.

Advantages of LIC Marriage Endowment / Educational Annuity Plan

The advantages of LIC Marriage Endowment / Educational Annuity Plan are:

On maturity, maturity benefits are paid to the policyholder.
If the insured dies during the policy term, death benefit is offered to the nominee.
Tax benefits can be availed.
The policy can be surrendered after completing 3 policy years.

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How the Plan Works

Miss Reena took LIC Marriage Endowment or Educational Annuity Plan when she was 35 years old. The policy term she opted for was 25 years and premium payment term she chose was 25 years. The sum assured that she opted for was Rs.1 lakh. She chose to pay the premium annually. She will have to pay Rs.3,727 annually towards the premium payment. She will get survival benefit and if she dies during the term, the death benefit will be offered and the premium will be waived off.

By the end of 25 years, she would've paid Rs.93,175, but she will get guaranteed benefit of Rs.1 lakh. Non-guaranteed benefit at 6% is Rs.69,500 and at 10% is Rs.1,82,500. Therefore at the end of the policy term, if the non-guaranteed benefit is offered at 6% she will get Rs.1, 69,500 and if it is 10% she will get Rs.2,82,500.

Premium Payment

The premium can be paid yearly, half-yearly, quarterly or monthly or through salary deductions. The monthly payments are to be made through ECS or Direct Debit.

Riders

There are no riders available with this policy.

Life Insurance Plans from LIC

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Informative Life Insurance Pages

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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