Know Everything About LIC's New Endowment Plan

One can select from a variety of plans such as a protection plan, a child plan, a retirement plan, a ULIP, an endowment plan, a saving plan, a group plan, a retirement plan, and so on. We will discuss the LIC New Endowment Plan in greater detail later in this article, but first, let us provide some background on the various endowment policies offered by the Life Insurance Corporation of India.

Key Features of LIC's New Endowment Plan

• This is a Participating Traditional Endowment Plan.
• The policyholder is required to pay a premium for the duration of the policy.
• To meet liquidity requirements, the LIC Endowment plan also provides a surrender benefit and a loan facility.
• The maturity benefit is paid to the policyholder upon survival until the end of the policy tenure, and the policy is terminated. If the life assured dies during the policy's term, the death benefit is paid to the nominee, and the policy is cancelled.
• The LIC Endowment plan provides additional coverage in the form of an optional accidental death and disability benefit rider, which can be purchased for an additional premium in addition to the policy's basic coverage.
• The plan's entry age ranges from 8 to 55 years. The policy has a maximum maturity age of 75 years.

Know Everything About LIC's New Endowment Plan

Below are a few things to know about LIC’s New Endowment plan:

• Single-Premium Endowment Plan 

This is a single premium payment plan with no maximum sum assured amount limit. In addition to the death benefit and the maturity benefit, the policy provides a guaranteed surrender value.

• LIC New Jeevan Anand

This plan is a saving and protection plan that allows you to save a substantial amount of money in order to meet your future financial goals. It also provides life insurance to the assured's family.

• LIC Jeevan Rakshak

The maximum sum assured amount is not limited to this plan. At maturity, the plan provides the policyholder with a revisionary bonus and a final addition bonus. Furthermore, the policy offers a discount on the premium paid.

• LIC Jeevan Lakshya

This is a participating endowment plan that is specifically designed to meet the needs of the children. In the event of their parent's death, the beneficiary, i.e. the child, receives the total sum assured amount. As a result, the plan ensures that the child receives adequate financial support in order for him or her to reach major life milestones.

• Limited Premium Endowment Plan 

This plan has a Rs 3 lakh minimum sum assured amount and no maximum sum assured amount. The policy is available in three tenures: twelve years, sixteen years, and twenty-one years. So, with the exception of the LIC New Endowment Plan, this was a brief overview of the LIC Endowment Plans. In addition, we will go over the features and benefits of the LIC New Endowment Plan in greater detail.

• LIC's New Endowment Strategy

The endowment plan provided by LIC is a participating endowment plan that provides both protection and savings. As a basic vanilla policy, a LIC endowment plan includes both a death and a maturity benefit. LIC endowment plans, as opposed to pure term insurance plans, are beneficial for those who want to have a disciplined saving long with life coverage. During the policy's term, the combination of savings and coverage provides a financial cushion to the family of the deceased insurance holder. Furthermore, if the insurance buyer survives the entire term of the policy, they will receive a lump-sum payment as a maturity benefit when the policy matures. Furthermore, by offering a loan facility, the LIC Endowment Plan addresses liquidity concerns.

Conclusion

Reading the above-mentioned features and benefits of the plan, it is clear that the plan is best suited for those individuals who want to have a disciplined saving option as well as the benefit of life cover. With the help of the LIC New Endowment plan, you can set long-term financial goals and begin saving for them in a more systematic manner.

Also Read:

Understanding Endowment Policy With An Example

How To Perform The Best Comparison Of Endowment Plans?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.