• LIC Marriage Endowment / Educational Annuity Plan

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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    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.

    Eligibility Conditions of LIC Marriage Endowment / Educational Annuity Plan

    Entry Age Minimum - 18 years Maximum - 60 years
    Maturity Minimum - 0 years Maximum - 70 years
    Policy Term Minimum - 5 years Maximum - 25 years

    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 - Rs.50,000 Maximum - No limit
    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.

    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.

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

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

    LIC Marriage Endowment / Educational Annuity Plan Reviews

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    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a LIC policy from last 4 years and it is a long term policy. The tenure of this life insurance policy is 20 years. I pay my premium once in a year through direct payment and the payment options are convenient for me. I am happy with coverage and returns of this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 14, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with LIC from last 10 years and it is a long term policy. I am satisfied with the coverage and benefits of this policy. I pay my premium once in 3 months by cheque and i am convenient with the payment options. The maturity period for this policy is 15 years.
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      , ahmedabad
      Reviewed on Jun 14, 2018
    • LIC Life Insurance
      "Scope for improvement"
      0.5 3.0/5 "Satisfactory"
      I am having the life insurance policy with the Life Insurance Corporation of India. I would like to say that the customer service is not good one and the coverage value is not good too. There are no advantages with them.
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      , kolkata
      Reviewed on Jun 14, 2018
    • LIC Life Insurance
      "Best"
      0.5 4.5/5 "Excellent!"
      I have got the life insurance policy with the Life Insurance Corporation of India. I have not used their web portal as such. Coverage value is good one with the Life Insurance Corporation of India, also the premium value is better one with them.
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      , bangalore
      Reviewed on Jun 14, 2018
    • LIC Life Insurance
      "Good money back plan "
      0.5 5.0/5 "Blown Away!"
      I am having the Money back life insurance policy for the past 10 years. The customer support service and the response is good with the LIC. I pay the premium amount of Rs,5000 to this policy every year once. This policy has the tenure of 20years. I got the money back in 4 years once.
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      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good child plan "
      0.5 5.0/5 "Blown Away!"
      I got the Jeevan Tharan life insurance policy around 3 years ago. The customer support service and the response is good with the LIC and this policy will get matured once my child turns to 18years. I pay the premium amount of Rs,15,000 to this policy in every once.
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      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The Life insurance policy has been taken by me around 4 years ago. This policy has the tenure of 15years. The customer support service and the response is good with the LIC. I pay the premium amount of Rs,28,000 in every year once. i am satisfied having this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 3 years and it is a long term policy. I am happy with the returns and tax benefits of this policy. I pay my premium once in a year through online and the payment options are convenient for me. The maturity period for this policy is 20 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have been using LIC since my childhood and it is a long term policy, the tenure for this life insurance policy is 15 years. I pay my premium once in a year by cheque and i am convenient with the payment options. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "BEST"
      0.5 5.0/5 "Blown Away!"
      MONEY BACK i have been using from the LIC. I have been using since 2009. It is a long term policy of 27 years. I pay for 6 months once for my insurance and through the cash and sometimes through the net banking. I have not taken any of the loans in my insurance.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the Life Insurance Corporation of India and I have not interacted with them as much. Coverage value is fine one with the Life Insurance Corporation of India and I have not claimed as such.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Better Jeevan saaral policy"
      0.5 5.0/5 "Blown Away!"
      I pay the premium amount of Rs,12000 every year once to the Jeevan saaral policy . I hold this policy for the past 18years. The customer support service and the response is good with the LIC and this policy ha the tenure of 20 years. The plan benefits and the policy coverage is very good with this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good Jeevan anand policy"
      0.5 5.0/5 "Blown Away!"
      I got the LIC life insurance policy around 6years ago. The customer support service and the response is good with the LIC and this policy has good plan benefits and better policy coverage with this policy. I pay Rs,762 every 3 months once as premium amount. This policy has the tenure of 20years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good Life insurance policy"
      0.5 5.0/5 "Blown Away!"
      If i missed my due date, the ECS is deducted from the bank where it is got deducted. In the branch the services is good. I never claimed the policy so far. I can claim this policy after 16 years. I used to make the payment through cash. Once i completed my policy, my amount will include some bonus and interest.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Better policy"
      0.5 3.0/5 "Satisfactory"
      Their is a agent in LIC. In their customer care services, i wont get proper response. Whenever i have a issue, i will check withe a agent. Total tenure of the policy is more than 15 to 20 years, i cannot predict the money value in future. I'm not that much confidence on LIC. I used to pay through ECS. Death coverage, Disabled coverage is available.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 12, 2018
    • LIC Life Insurance
      "Best"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the Life Insurance Corporation of India. Customer service is good one with the Life Insurance Corporation of India. Plan benefits are really fine one for me with the Life Insurance Corporation of India.
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      , new delhi
      Reviewed on Jun 12, 2018
    • LIC Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the Life Insurance Corporation of India from the last five years of time. Customer service is good one and the response is good too. Coverage value is fine one with the LIC of India.
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      , bangalore
      Reviewed on Jun 12, 2018
    • LIC Life Insurance
      "Average service"
      0.5 3.0/5 "Satisfactory"
      Got the life insurance policy with the LIC and I have paid Rs,450 to this policy every month on month. The customer support service and the response is average with the LIC life insurance policy. The plan benefits and the policy coverage is very good with LIC.
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      , hyderabad
      Reviewed on Jun 12, 2018
    • LIC Life Insurance
      "Best"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the Life Insurance Corporation of India. Customer service is good one and the response is better one. Coverage value is around 2.5 lakh Rupees with the Life Insurance Corporation of India.
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      , hyderabad
      Reviewed on Jun 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 3 years and it is a long term policy. I am happy with the returns and tax benefits of this policy. I pay my premium once in a year through net banking and i am convenient with the payment options. The maturity period for this policy is 20 years.
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      , bangalore
      Reviewed on Jun 11, 2018
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