Benefits-new-endowment-plan

Participation in Profit: LIC Endowment Plan participates in the profits of the company and the policy accumulates Simple Reversionary Bonuses and Final Additional Bonus which is declared on the basis of the experience of the company. Simple reversionary bonus is offered to the insured in case of death benefit or maturity benefit provided the policy has completed the certain minimum years. Maturity Benefit: If the policyholder survives the entire tenure of the policy then at the time of maturity of policy he/she will receive the basic sum assured amount along with accrued bonuses as maturity benefit and the tenure of the policy will lapse. Death Benefit: In case of demise of the insured person during the tenure of the policy, the beneficiary of the policy receives death benefit as the total sum assured on death along with the simple reversionary bonus or accrued bonus and the tenure of the policy lapses. Sum Assured on Death is defined as higher of: Basic Sum Assured as chosen at the beginning of the policy 10 times of annualized premium Subject to a minimum of 105% of the total premiums paid as on date of death Accidental Death and Disability Benefit Rider: LIC Endowment Plan offers additional benefit as rider under which the policy provides add-on benefit along with the basic coverage to the beneficiary of the policy in case of accidental demise of the insured person. Under this rider benefit and extra sum assured amount is paid to the beneficiary of the policy along with the basic sum assured amount. There is mode discount for yearly and half-yearly premium payments and for higher sum assured chosen by the policyholder. The insured can save bundles on taxes as the premium paid and the maturity proceeds are eligible for tax deduction under section 80C and 10(10D) of Income Tax Act.