LIC Endowment Plans

LIC Endowment Plans

LIC Endowment Plans gives financial security to the family members and nominee, complete protection to the life insurance policy holder for a specific period of time, with the Maturity Benefits. Tax Benefits under Section 80(C) and Section 10 (D). Generally LIC Policies are inbuilt with bit of extra premium, Accidental Death and Disability Benefit Rider. As a one of the best LIC Agent in Chennai, India. We help to check the: Eligibility, Sum Assured, Policy New Features, Best Benefits, Reviews, Details, & Life Insurance Premium Calculator, and to find the Life Insurance Plans in India 2017. PolicyandFunds.com provides good customer services to choose top & best LIC Endowment Plans for Insurance & Investments.

Various Endowment Policy available in LIC for different age groups like, New Jeevan Anand, New Endowment Plan, Limited Premium Endowment, Jeevan Labh, Jeevan Rakshak, Jeevan Lakshya, Jeevan Pragati, Single Premium Endowment, Jeevan Shikhar Single Premium Endowment, Aadhaar Stambh Plan, Aadhaar Shila Plan, Jeevan Umang Plan, Bima Diamond Plan, Jeevan Utkarsh Plan, and we are the authorized and best LIC Agent in Chennai, LIC policy holder who is customer or clients with LIC India may contact us for any LIC India Chennai Branch related quires and claim related assistance.

lic India ChennaiEndowment Plans

An endowment policy is a life insurance coverage contract intended to pay a lump sum amount after a particular term (on its ‘maturity’) or on death. Normal maturities are ten, fifteen or twenty years up to a particular age limit. A few arrangements additionally pay out on account of basic sickness (critical illness).

Life Insurance Corporation of India (LIC)

List of LIC Endowment Plans in India 2017

What is an endowment policy?

It is a protection policy that pays a specific sum on death and also maturity (i.e. in the event that the policyholder gets by till the finish of the policy term and pays the whole premium). The sum that is paid on surviving the policy term is according to the terms in policy.

Traditional or Conventional endowment policy are risk free benefits are characterized and fixed while unit-linked plans (ULIP) are linked with market.

Types of Endowment Policy

Traditional Endowment Policy:

In this kind of policy, the policyholders are “Participating” in insurance company’s benefits and profits which are given as bonus. The measure of bonus and other installment terms are chosen by the safety net provider and referred to in the policy record.

Traditional (non-participating):

The policyholders are not participate in the insurance company’s benefits and profits.

Unit linked endowment (ULIP): A piece of the premium paid is utilized to give life (mortality) cover while the rest of the bit is put resources into different value and obligation based plans. As in mutual funds, policyholders have the choice of choosing the sort of assets and blend in view of their hazard craving. Likewise, policyholders are apportioned units, and every unit has a Net Assert Value (NAV) that is proclaimed regularly on which the profits are based.

Full Endowment Policy

At the begin of the policy, one is guaranteed of basic sum assured entirety that is equivalent to a demise or death benefit.

The key advantages of an endowment design are:

Savings towards goal: With endowment policy, policyholders are required to set aside a pre-decided sum as premium at a stipulated time-interim. This requires a restrained way to deal with sparing cash.

Tax Benefits: The arrangement offers Tax benefits under area 80 C and 10 (10D) of the Income Tax Act.

Eligibility for Loan option: In the event of crisis, policyholders can get advance against the policy – for the most part without securing the advance against insurance.

Bonus: Endowment policy proclaims a bonus each year. The bonus is ordinarily given out as a specific level of the aggregate guaranteed.

While the safety net provider may report a bonus toward the finishing of every year, the bonus pronounced is not payable quickly. Not at all like on account of stock profit or a shared reserve profit, which is payable quickly after it is announced, here the bonus collects and is payable just when the approach develops or in the occasion the policyholder kicks the bucket. Additionally, take note of that the extra does not compound or intrigue is not pulled in to the bonus sum every year. The sum keeps on collecting every year for the whole policy term.

Premium Rates: The premium pay out for endowment policy is far higher than that of term insurance policy. In this way, one needs to assess the top notch payable deliberately before going for a long term commitment.

Bonus Payment: Check the insurance company’s reputation of extra instalments.

Claim Settlement Ratio: in case of the demise of the policyholder mid-path amid the policy residency, the candidate should petition for a claim. In this way, so as to guarantee that in the lamentable occasion of destruction of the policyholder, the candidate faces insignificant odds of cases dismissal, it is critical to take note of the cases settlement proportion of the backup plan.

Client Service: Look for surveys, evaluations and criticism of the safety net provider to comprehend if their client benefit is immediate and direct when required the most.

Monetary Standing: Evaluate the budgetary standing, the notoriety and number of years that the safety net provider has been doing business.

Read your protection record precisely before you confers – keep away from strategies with complex elements that you discover hard to fathom. Endowment policy may offer lower returns yet they likewise offer the genuinely necessary true serenity realizing that your venture and protection needs are both tended to with a solitary arrangement.

How to Choose an Endowment Policy in India?

Much the same as other life insurance, the market is currently overflowed with various sorts of endowment policies. There are a few variables which become possibly the most important factor, with regards to picking the correct endowment protection policy. Singular needs, current life stage, pay and hazard craving are only a couple of elements to consider. Given that the premiums of endowment designs are pricier when contrasted with term designs, cost of premiums is likewise a main factor. After premium costs, another urgent factor to remember is the protection supplier’s reputation regarding the extra installments. Close to these, some different elements to remember would be the client benefit gave by the backup plan, their claim settlement proportion, budgetary status of the guarantor, and so forth while picking an endowment policy, pick one which is straightforward and does not accompany elements and advantages which are hard to fathom and the better points of interest of the policy may become mixed up in the fine print.

Required Documents to buy Endowment Policy

Keeping in mind the end goal to apply for an endowment policy, clients will for the most part be required to submit essential documentation, for example, the accompanying:

  • Completely filled Application form/Proposal frame.
  • Photo.
  • Evidence of living arrangement/address verification.
  • Evidence(proof) of age.
  • Medical Reports (just if required).

Endowment Policy Premium Calculator

With the Endowment Plan Premium Calculator you can know the points of interest like Premium sum, development esteem, surrender esteem, credit esteem and returns of the Policy. Endowment Policy Premium adding machines will request that you input data like your age, policy term and measure of entirety guaranteed. Utilizing this data, the number cruncher will register the top notch which you will be required to pay towards your endowment policy.

Riders For Endowment Policy

Most endowment policies offer additional items to improve the insurance gave by the policy. A portion of the riders usually accessible with endowment approaches are as per the following.

  • Basic Disease (Critical illness)
  • Waiver of premium
  • Accidental death (Unplanned passing)
  • Quickened sum assured
  • Disability and perpetual handicap
  • Hospital cash (Healing facility money)

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