LIC Endowment Plans-new-endowment-plan

The Life Insurance Corporation of India is known as the pioneer of insurance in India. With its wide customer base the LIC is one of the most trusted brand in the insurance sector. The Life Insurance Corporation of India offers wide range of insurance products available in most affordable premium rates. With its expert customer support service the LIC of India helps you to get the best insurance policy as per your requirements and suitability. One can choose from the array of plans like protection plan, child plan, retirement plan, ULIP plan, endowment plan, saving plan, group plan, retirement plan, etc. Further in this article we are particularly going to talk about LIC New Endowment Plan but, before that lets give some insight on various endowment policies offered by the Life Insurance Corporation of India. LIC Endowment Plans Endowment plan offered by LIC are:- Single Premium Endowment plan- This plan is a single premium payment plan that provides no limit on the maximum sum assured amount. Moreover, the policy also offers guaranteed surrender value along with the death benefit and maturity benefit. LIC New Jeevan Anand- This plan is a saving cum protection plan that provides you an opportunity to save ample amount so that you can fulfill your future financial goals. Moreover, it also provides life protection to the family of the insured. LIC Jeevan Rakshak- This plan does not offer any limit on the maximum sum assured amount. At the time of maturity the plan offers revisionary bonus and final addition bonus to the policyholder. Moreover, the policy also provides concession on the premium paid. LIC Jeevan Lakshya- This is a participating endowment plan that is specifically designed to fulfill the requirements of the children. Under this plan the beneficiary i.e. (the child) receives the total sum assured amount in case of demise of their parent. Thus, the plan ensures a proper financial support to the child so that he/she can accomplish the major milestones of life. Limited Premium Endowment Plan- This plan offers the minimum sum assured amount of Rs3 lakh where as there is no limit on the maximum sum assured amount. The policy can be availed in 3 tenures i.e. 12 years, 16 year and 21 years. So, apart from LIC New Endowment plan this was the brief description about the LIC Endowment Plan. In addition to this further we will discuss elaborately about the features and benefits offered by LIC New Endowment Plan. LIC New Endowment Plan The endowment plan offered by LIC is a participating endowment plan that offers the dual benefit of protection cum saving plan. As a simple vanilla policy LIC endowment plan comes with both death and maturity benefit. Unlike pure term insurance plan LIC endowment plan is beneficial for those who want to have a disciplined saving long with life coverage. The combination of saving cum protection provides financial cushion to the family of the deceased insurance holder during the tenure of the policy. Moreover, if the insurance buyer survives the entire tenure of the policy then he/she receives the lump-sum amount as maturity benefit at the time of policy maturity. Moreover, by providing loan facility, LIC Endowment Plan also takes care of the liquidity needs. Key Features of LIC New Endowment Plan This is a Participating Traditional Endowment Plan Under this plan the policyholder requires to pay premium for the entire tenure of the policy. LIC Endowment plan also offers surrender benefit and loan facility to fulfill the liquidity needs. On survival till the end of the policy tenure, the maturity benefit is paid to the policyholder and the policy terminates If the life insured dies within the policy tenure, the death benefit is paid to the nominee and the policy terminates LIC Endowment plan offers additional coverage as optional accidental death and disability benefit rider which can be opted for additional premium along with the basic coverage offered by the policy. The entry age of the plan ranges from minimum 8 years to maximum 55 years. The maximum maturity age of the policy is 75 years. The premium of the policy can be paid in annual, half-yearly, quarterly and monthly mode. The minimum sum assured of the policy is Rs1,00,000 whereas it has no upper limit on the maximum sum assured. The premium paying tenure of the policy is equal to the tenure of the policy.