LIC ENDOWMENT PLAN (with Profit) Table No 14

LIC Endowment Plan with Profit plan (Table No 14), not only makes provisions for the family of the Life Assured in the event of his early death but also assures a lump sum at a desired age. The lump-sum can be reinvested to provide an annuity during the remainder of his life or in any other way considered suitable at that time.

Premiums are usually payable for the selected term of years or until death if it occurs during the term period.

SUITABLILITY

Most popular plan for fulfilling all long/short term financial needs.

Being an endowment assurance policy, this plan is very useful for people of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise.

The amount assured if not paid by reason of his death earlier will payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder’s life or in any other way he may think most suitable at that time.

BENEFIT of LIC Endowment Plan

• On maturity, Sum Assured + Bonus is given In addition, Final Addition Bonus is also given if the premium is paid for 15 yrs or more.
• On the death of Life Assured, Sum Assured + Accrued Bonus is payable to the nominee. Final Addition Bonus is also given if a premium is paid for 15 yrs or more.
• In case policyholder 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.
• Accident Benefit: By paying a small extra premium of Rs.1 per Rs.1000/- sum assured per year he or his family is entitled to the following benefits on death or permanent disability caused by accident. Even students above the age of 18 years can avail of this benefit.

ELIGIBILITY CONDITIONS AND OTHER DETAILS

• Minimum Age at entry: 12 years
• Maximum Age at entry: 65 years
• Maximum Maturity age: 75 years
• Minimum Term: 5 years
• Maximum Term: 55 years
• Minimum Sum Assured: Rs 50,000
• Maximum Sum Assured: Any amount.
• Premium Modes: All modes allowed (Yearly, Half-Yearly, Quarterly, Monthly, Salary Saving Scheme & Electronic Clearing Systems)
• Policy Loan: Available
• Assignment: Available

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, exclusive of any attached bonus, is not less than Rs. 250/-. The reduced sum assured will become payable on the event as stipulated in the policy.

BONUS
Every year the Life Insurance Corporation distributes its surplus among policyholders to ‘with-profits’ policies in the form of bonuses. Substantial bonuses have been declared in the past after each valuation of policy liabilities.

Final Addition Bonus is also given, if premium is paid for 15 yrs or more.