Endowment Assurance - with profits
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
LIC Endowment Assurance Policy is an endowment policy with high bonus and liquidity facility incorporated. The Sum Assured along with accrued Bonus is payable on the Policy Maturity or on earlier death.
Product Description
- This plan is a simple endowment plan with guaranteed returns
- Sum assured + accrued Bonus paid on Maturity or on earlier Death.
- The lumpsum amount of money received on maturity can be reinvested to buy annuity for old age sustenance
- This plan offers disability benefit as well where the future premiums would be waived along with payment of Disability Benefit.
- Optional higher cover through 3 additional riders
COMPARE & BUY SIMILAR PLANS
Unique Features
LIC Endowment Assurance Policy is a vanilla endowment plan with reversionary and terminal bonus.The plan has a strong track record of reversionary bonus( 4.8% of the sum assured for FY 2015)
Annual premium to sum assured ratio is more than 20 times, which makes the annual bonus addition even more robust.
This plan provides for disability benefit incorporated within where the future premiums would be waived off.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Minimum Entry Age | 12 years | ||||
| Maximum Entry Age | 65 years | ||||
| Maximum Age of Maturity | 75 years | ||||
| Minimum Policy Term | 5 years | ||||
| Maximum Policy Term | 55 years | ||||
| Minimum Sums Assured | Rs. 50,000 | ||||
| Maximum Sums Assured | No Limit | ||||
| Mode | Yearly, Half-yearly, Quarterly, Monthly and SSS | ||||
| Notes: Grace Period (for regular premium) of 30 days is allowed for all Premium frequencies | |||||
OneInsure App Benefits
Product Benefit
Maturity Benefit:- At the maturity of the policy, the insured will get Sum Assured + accrued Bonus. Final Addition Bonus is also payable if premium has been paid for at least 17 years.
Death Benefit:- In case of death of the Life Insured, the nominee receives Sum Assured + accrued Bonus. Final Addition Bonus is also payable if premium has been paid for at least 17 years.
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Bonus | The plan participates in LIC's reversionary bonuses and final additional bonus,if any | |||||
| Disability Benefit: | In case policy holder becomes totally and permanently disabled due to an accident before reaching the age of 70 and the policy is in full force, he will not be required to pay further premiums, (the Disability Benefit is available in respect of the first Rs.20,000 sum assured on any one life) and the policy will continue to be in force. | |||||
| Premium Stoppage | If payment of premiums ceases after at least THREE years' premiums have been paid , a free paid-up policy for a reduced sum assured will be automatically secured provided the reduced sum assured | |||||
| Surrender | Guaranteed Surrender Value = 30% of all premiums paid – 1st year’ s premium | |||||
Add-ons
Accidental Death Benefit Rider:- In case of accidental death during the policy term, Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan
Term Assurance Rider Option:- Term Assurance as optional rider will be available under this plan. Premiums for this option are payable during the premium paying term and an amount equal to Term Assurance Sum Assured will be payable on death during the policy term.
Critical Illness Rider:- An amount equal to the Critical Illness Rider Sum Assured as optional rider will be payable in case of diagnosis of defined categories of Critical Illness subject to certain terms and conditions.
Exclusions
Exclusion in Endowment Assurance - with profits Plan
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy,
the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits
Tax benefits will be as per prevailing tax laws. Tax laws are subject to change.
Claim Process
Know claim process of Endowment Assurance with profits Plan
Company Overview
Life Insurance Corporation is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of Rs.1560482 crore.
BENEFITS OF BUYING FROM ONEINSURE
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