LIC is one of the largest life insurance companies in India whose history goes back to as early as the year 1956 when the company was formed. Today, the company has the trust of more than 250 million customers. When it comes to products, LIC of India offers a range of insurance plans to suit the financial requirements of every individual. In the endowment category too the company has a range of different plans and each plan has a different set of features and benefits. Let’s understand what endowment plans are and the list of endowment plans offered by LIC.
An endowment insurance plan is a savings oriented life insurance plan which provides the dual benefits of insurance coverage and guaranteed wealth creation. The plans come with a long term investment perspective. If the insured dies during the policy tenure, the death benefit is paid. However, if the insured survives until the end of the policy term, a maturity benefit is paid. Thus, endowment plans help policyholders create savings for their financial goals.
Endowment plans have the following salient features –
LIC has a variety of endowment plans which are described in brief below –
Loans are offered when the plans attain a surrender value, i.e. premiums have been paid for the first two or three years depending on the plan. If the plan has acquired a surrender value, loans can be availed up to a specific portion of the surrender value.
Yes, a grace period of 30 days is allowed for payment of premiums. However, in the case of monthly premiums, the grace period allowed is 15 days.
If premiums are paid half-yearly a rebate of 1% of the premium is allowed. In the case of yearly premiums, the rebate increases to 2%
The policyholder can take as many available riders as he/she likes provided that the rider premium does not exceed 30% of the premium of the base policy.