Top 5 Endowment Plans in India 2021

An endowment plan is a life insurance policy that helps you to make guaranteed savings for your financial needs in the future. Endowment plans are life insurance policies that are of dual purpose. An endowment plan can be used to build a savings corpus that is risk-free, while on the other hand, it will also provide financial protection for the family in case of any unfortunate event. 

Top 5 Endowment Plans in India 2021

Here is a list of the top 5 endowment plans in India 2021. Let us discuss these in detail. 

Life Insurance Companies	Claim Settlement Ratio FY 2020
1.Max Life Insurance	99.22%
2.HDFC Life Insurance	99.07%
3.Reliance Life Insurance	98.14%
4.Life Insurance Corporation (LIC)	96.69%
5.Kotak Life Insurance	96.38%

1.Max Life Life Gain Premier

Max Life Life Gain Premier is a traditional, non-linked and participating endowment life insurance plan which allows an individual to build a corpus through systematic savings and provides flexible bonus options that contribute to the growth of savings. It also provides a loan facility once the gains the required surrender value. Moreover, here policyholders have the option of choosing the policy term and premium payment term. Also, there are 3 rider options available with this plan.

Eligibility Criteria: The minimum entry age for this plan is 18 years and the maximum age is 55 years. 

Maturity Age: There is no minimum age for maturity in this plan. However, the maximum age is 75 years. 

Policy Term: The policy term is 15, 20 and 25 years. 

Sum Assured: The minimum amount of sum assured is Rs 50,000 and the maximum sum assured is Rs 500,000.

2. Life Endowment Assurance Plan by HDFC

Life Endowment Assurance Plan by HDFC is a participating and non-linked insurance policy that offers a great bonus facility. It provides a Simple Reversionary Bonus which is compounded annually. In this plan, the premium amount must be paid till the end of the policy tenure which is for 10 years. Moreover, 3 additional rider options are available with this plan. 

Eligibility Criteria: The minimum entry age is 18 years and the maximum entry age is 60 years. 

Maturity Age: There is no minimum age for maturity in this plan and the maximum age for maturity is 75 years. However, the maximum age limit varies if different rider benefits are taken along with the policy. 

Policy term: The policy term is 10 to 30 years. 

Sum Assured: The maximum sum assured is Rs 500,000.

3. Reliance Endowment Plan

Reliance Endowment Plan is a traditional endowment policy which increases savings by paying additional bonus. It also provides life coverage for the future financial security of your family. This plan includes 1 in-built rider and 4 additional riders. Moreover, loan facilities are also available under this plan after the completion of 3 policy years. 

Eligibility Criteria: The minimum age of the life assured for this plan is 5 years and the maximum age is 65 years. 

Maturity Age: The minimum age for maturity is 18 years and the maximum age for maturity is 75 years. 

Policy Term: The policy term for this endowment plan is 10 to 25 years. 

Sum Assured: The minimum sum assured in this plan is Rs 65,261. There is not any limit of maximum sum assured for the policyholders of age 18 years and above. For those who are below 18 years the maximum sum assured is Rs 500,000.

4. LIC New Endowment Plan

LIC New Endowment Plan is one of the best insurance policies launched by LIC India. It is a non-linked and participating life insurance policy which provides guaranteed returns and bonus. In this new endowment plan, the premium payment needs to be paid for the entire tenure. Loan facilities are also available if the policyholder is in need of emergency funds. It also has the coverage options of Accidental Death and Disability Benefit Rider. 

Eligibility Criteria: The minimum age of entry is 8 years and the maximum age is 55 years. 

Maturity Age: There is no minimum age for maturity in this plan. However, the maximum age for maturity is 75 years. 

Policy Term: The policy term is 12 to 35 years. 

Sum Assured: The minimum sum assured is Rs 1,00,000 in multiples of Rs 5000. There is no fixed amount regarding the maximum sum assured. 

5. Kotak Classic Endowment Plan

Kotak Classic Endowment Plan is one of the most popular insurance policies launched by Kotak Life Insurance. It is a traditional participating savings cum protection plan with regular and limited premium payment options. It provides guaranteed maturity benefits and gives life protection to the policyholder along with the life cover throughout the policy term. This plan provides annual incentives for the first year. Also, 6 rider options are available along with the plan to improve security. 

Eligibility Criteria: There is no minimum entry age for this plan. The maximum age for regular pay is 55 years and for limited pay, it is 60 years. 

Maturity Age: The minimum age for maturity is 18 years and the maximum age for maturity is 75 years. 

Policy Term: The policy term for this plan is 10 to 30 years. 

Sum Assured: The sum assured is determined on the basis of entry age, minimum premium amount, policy term and premium payment term.

Also Read: 

Top 5 Endowment Plans For Wealth Appreciation

Why Buying Endowment Plans Online Is A Good Option?

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.