Best LIC Endowment Plans For 2024

Whenever buying an insurance plan, LIC is the traditional household name that comes to everyone’s mind. And why not? It is the largest and most reputable insurance company, providing different policies customized to each individual's unique needs and budget. Among the variety of plans available, LIC endowment plans are a popular choice as these policies offer a combination of life insurance coverage and savings. 

In this blog, we'll explore some of the best LIC endowment plans along with their features and benefits. 

List of Best LIC Endowment Plans

S.No.	Endowment Plan Name
1)	LIC Bima Ratna
2)	LIC Dhan Sanchay
3)	LIC Jeevan Azad
4)	LIC Jeevan Labh
5)	LIC New Endowment Plan
6)	LIC Single Premium Endowment Plan
7)	LIC Jeevan Lakshya
8)	LIC Amritbaal
9)	LIC Bima Jyoti
10)	LIC Aadhaar Stambh

Best LIC Endowment Plans

LIC Bima Jyoti

LIC’s Bima Jyoti is a non-linked, non-participating, individual life assurance savings plan that offers a combination of protection and savings benefits. The policyholders can enjoy a guaranteed lump sum payment at maturity or death benefit in case of their unfortunate demise. 

Features of LIC Bima Jyoti

• A loan facility is available if at least two full years’ premiums have been paid. 
• Guaranteed Additions will be added to the policy at the end of each policy year at the rate of Rs. 50 per thousand Basic Sum Assured. 
• Choose to pay the premium at yearly, half-yearly, quarterly, or monthly intervals, according to your preference. 
• Due to any unforeseen situation, if investors are unable to pay premiums, they can opt to surrender the policy after two full years’ premiums have been paid. The company provides a “Surrender Value” as a benefit, which is equal to a higher Guaranteed Surrender Value or Special Surrender Value.
• Policyholders can choose to receive death or maturity benefits in installments.
• Five optional rider benefits are available that you can avail by paying an additional premium:

1. Accidental Death and Disability Benefit Rider
2. Accident Benefit Rider
3. New Term Assurance Rider
4. New Critical Illness Benefit Rider
5. Premium Waiver Benefit Rider

LIC Dhan Sanchay

The next plan on our list of best LIC endowment plans is LIC Dhan Sanchay. It provides a regular income stream to the insured during the Payout Period from the date of maturity and also financial support to the family in case of unfortunate death of the life assured. 

Features of LIC Dhan Sanchay

• The plan offers different benefits according to the chosen PPT (Premium Payment Term)
• In case of Regular/ Limited premium payment

Option A: Level Income Benefit

Option B: Increasing Income Benefit

• In case of Single premium payment

Option A: Single Premium Level Income Benefit

Option B: Single Premium enhanced cover with Level Income Benefit

• Insured can opt for enhanced policy coverage by choosing Optional rider benefits.
• A grace period of 30 days is available for payment of yearly, half-yearly, or quarterly premiums and 15 days for monthly premiums.
• Incentives for High Annualised Premium are available. 

LIC Jeevan Azad

LIC Jeevan Azad is a limited premium payment endowment plan that provides several benefits to policyholders. Read on to find out. 

Features of LIC Jeevan Azad

• Death benefit or maturity benefits are payable to the life assured. 
• Three optional rider benefits are available under LIC Jeevan Azad

1. Accidental Death and Disability Benefit Rider
2. Accident Benefit Rider
3. Premium Waiver Benefit Rider

• If two full years’ premiums have been paid, the insured can choose to surrender the policy if they don’t want to continue. 
• Loan can be availed if at least two full years’ premiums have been paid.
• 30 days of free look period is available for policyholders to cancel the policy if they are not satisfied with the terms and conditions. 
• Enjoy tax benefits and deductions u/s 10D(D) and 80C. 

LIC Jeevan Labh

This best LIC endowment plan provides its policyholders with two core benefits, i..e, life cover and savings. The best part is that LIC Jeevan Labh participates in the company’s profits, that’s why investors are also given Simple Revisionary Bonuses and Additional Bonuses. 

Features of LIC Jeevan Labh

• The minimum basic sum assured offered for this plan is Rs. 2,00,000, while there is no limit to the maximum sum assured.  
• Rider, maturity, and death benefits are available. 
• Avail loan facility after payment of two years of premium. 

LIC New Endowment Plan

LIC New Endowment Plan is a non-linked, participating, individual, life assurance plan that provides policyholders with peace of mind that their family is secure in case of their untimely demise. 

Features of LIC New Endowment Plan

• This plan participates in the profits of the Corporation and gives policyholders extra bonuses.  
• The minimum policy term for LIC New Endowment Plan is 12 years, while the maximum policy term is 35 years. 
• Option to take death benefit or maturity benefit in installments. 
• A lapsed policy can be revived within a period of 5 consecutive years from the date of the first unpaid premium and before the date of maturity. 

LIC Single Premium Endowment Plan

As the name suggests, in the LIC Single Premium Endowment Plan, you only have to pay the lump sum premium once at the policy’s inception. Here are the key features that make it one of the best LIC endowment plans. 

Features of LIC Single Premium Endowment Plan

• Pay once and enjoy guaranteed returns at the policy maturity. 
• Two optional riders are available under this plan, i.e., Accidental Death and Disability Benefit Rider and  New Term Assurance Rider. 
• Rebates are available for a high sum assured. 
• You can surrender the policy at any time during the policy year and get the “Surrender Value” as a benefit equal to the higher Guaranteed Surrender Value or Special Surrender Value.
• Policy loans can be availed up to 90% of the surrender value as of the date of loan sanction. 

LIC Jeevan Lakshya

With the LIC Jeevan Lakshya endowment plan, you can get a combination of happiness, care, security, and savings. It provides for Annual Income benefit that will help in fulfilling your family's needs. 

Features of LIC Jeevan Lakshya

• Along with death and maturity benefits, Simple Reversionary Bonuses and Final Additional Bonus are also given to the life insured. 
• The minimum basic sum assured offered for this plan is  ₹1,00,000, while there is no limit to the maximum sum assured.  
• Four optional riders are available under this plan, i.e., Accidental Death and Disability Benefit Rider, New Term Assurance Rider, Accident Benefit Rider, and New Critical Illness Benefit Rider. 
• Policy surrendering, loan facility, free-look period, and grace period are also available under LIC Jeevan Lakshya. 

LIC Amritbaal

LIC Amritbaal is specifically designed to have an adequate corpus to meet the higher education and other needs of your child. The policy provides a Guaranteed Addition of  ₹80 per thousand Basic Sum Assured throughout the Policy Term that results in corpus accumulation. 

Features of LIC Amritbaal

• Flexibility to choose life insurance coverage according to your child's needs. 
• High Sum Assured Rebate benefits
• Choose from Single Premium and Limited Premium Payment.
• Select the maturity age from 18 to 25 years and opt for payment of death or maturity benefits in instalments.

LIC Bima Ratna

The another best LIC endowment plan is LIC Bima Ratna, which helps meet various financial needs of individuals at specified durations through periodical payments. 

Features of LIC Bima Ratna

• Along with death and maturity benefits, the plan also provides survival benefits. It is a fixed percentage of the Basic Sum Assured, which is given to the insured on a specified duration during the policy term. 
• Guaranteed Additions are given at the end of each policy year. 
• Five optional rider benefits are available that policyholders can opt for by paying an additional premium:

1. Accidental Death and Disability Benefit Rider
2. Accident Benefit Rider
3. New Term Assurance Rider
4. New Critical Illness Benefit Rider
5. Premium Waiver Benefit Rider

• Policyholders are free to surrender the policy and avail loan during the policy term if at least two years' premium is paid. 

LIC Aadhaar Stambh

Last but not the least, LIC Aadhaar Stambh is an endowment plan that offers the benefits of protection and savings under a single plan. The policy is designed exclusively for male lives. Below are some of its key benefits and features. 

Features of LIC Aadhaar Stambh

• Policyholders are eligible for Loyalty additions if at least 5 full years’ premiums have been paid. 
• Premium in this plan can be paid on a monthly, quarterly, half-yearly, and yearly basis. 
• The Minimum Basic Sum Assured under LIC Aadhaar Stambh is ₹2,00,000, while the Maximum Basic Sum Assured is ₹5,00,000. 
• Choose to get death benefits and maturity benefits in installments. 

Conclusion 

LIC offers different endowment plans with a unique combination of several benefits, like savings, life cover, loan facilities, and more. You can buy any of the above LIC endowment plans online from InsuranceDekho according to your financial goals, risk appetite, and premium-paying capacity. 

Also, if you need expert assistance in understanding the features of the plan, get in touch with our relationship manager at +91-7551196989. 

Frequently Asked Questions (FAQs) 

Are LIC endowment plans good?

LIC endowment plans offer several benefits, including 

• Death benefits 
• Maturity benefits 
• Loan facilities 
• Loyalty additions 
• Guaranteed additions
• Different premium payment terms 
• High Sum Assured Rebate benefits, and more. 

All these features make these plans a good buy. 

Which are the best LIC Endowment Plans? 

Below are some of the best LIC Endowment Plans

• LIC Jeevan Azad
• LIC Jeevan Labh
• LIC New Endowment Plan
• LIC Single Premium Endowment Plan
• LIC Jeevan Lakshya

Can I surrender my LIC endowment policy before maturity?

Generally, all LIC endowment plans allow policyholders to surrender the policy if they are unable to pay the premiums. In return, the company provides “surrender value” as a benefit. However, terms and conditions for policy surrendering may vary according to the chosen plan. 

Are there any riders available with LIC endowment plans?

Yes, LIC offers various optional riders that can be added to your endowment plan for enhanced coverage. 

How can I choose the best LIC endowment plan? 

Firstly, you need to identify why your needs for buying the endowment plan.