Most Popular Endowment Plans from LIC
Posted: Sep 07, 2016
Protecting the interest of our family comes first to us. You do your level best to make them happy. But along with that you must also choose a customized investment strategy that will benefit you and your dependants in future. From variety of investment plans, LIC Endowment plan is a good option you can eye for. It is a non-linked participating insurance plan combining both protection and fund value.
Usually LIC endowment plan can be opted for maximum period of 35 years. You can also renew your plan if required and renewal can be done up to the age of 75 years. Once the plan matures, the company gives you the accumulated money with handsome bonus to the policy-holder. You can select your benefit option from Death Benefit and Maturity Benefit. There are other additional riders like Accidental Death Benefit with these endowment plans.
There are many LIC endowment plans available in India. Here we are going to discuss most popular ones.
LIC New Jeevan Anand Policy:
It is a blend of whole life and endowment policy. With this policy, one person can avail insurance for his entire life. This is a worthy investment plan offering liquidity facility and massive bonus facility.
LIC New Endowment Plan:
This is a comparatively new endowment plan from Life insurance corporation. In this policy, you can expect the sum assured coupled with vested simple reversionary bonus and final additional bonus when the policy gets matured.
LIC Jeevan Rakshak 827 Policy:
This plan is basically a participating regular premium paying LIC endowment plan. With this traditional plan, you are getting double benefits in form of protection and savings. The policy is vastly adopted by lower-income group of people who needs to be insured for sake of their family and as well as needs savings for future.
LIC Single Premium Endowment Plan:
LIC introduced this plan in 2014. When the tenure of the policy ends, company will pay the policy-holder sum assured along with bonus and final additional bonus. If the policy-holder dies during the term period, sum assured will be paid to his/her nominee.
LIC Limited Premium Endowment Policy 830:
From its name, you can understand that this plan comes with an option for limited period premium payment. Let’s assume that an individual has selected term of this policy for 15 years. Then he/she has to pay the premiums for 10-12 years’ maximum which is limited period of payment for the plan.
LIC Jeevan Lakshya Plan 833:
LIC has announced this endowment plan on March, 2015. Structurally this policy is a With-Profits Endowment Assurance Plan. This is a very traditional limited premium paying policy. It is particularly designed to ensure annual income of your family to cater their needs. If you have children and there is no other person to take care of them from financial point of view, then you must opt for this plan. At the end of the term of policy, it provides huge amount to the policy-holder if he/she survives.
To avail all the benefits that your LIC endowment plan bestows upon, you have to pay the premium for each policy religiously. Failing which may lead to cease of policy and its benefits. Before you take the policy, it is better for you to check the premium amount you have to pay and maturity benefits properly. With LIC endowment plans you are getting a lucrative option to select the policy term.
In this short but informative article, we have tried to give you a general idea on LIC endowment plans. Now it is up to you to take the decision and if you need any further assistance, you can fix an appointment with any LIC representative to clear your doubts.
This is Yash sharma Sr. creative writer. I have written several articles on finance, insurance & loans & I like very much to write insurance articles.