LIC Endowment policy is a life insurance contract designed to pay a lump sum amount after a specific tenure on its ‘maturity’ or on ‘death’.

An Endowment policy is a combination of investment and insurance.

LIC Endowment policy is mainly a life insurance policy. The main feature of the endowment plan is along with the risk coverage to the life insured, it helps the policy holder to invest in regular savings over a specific period of time so that they can get a lump sum amount at the end of the policy term as a maturity amount.

In brief, Life Insurance Endowment Plan gives a bulk amount as a maturity at the end of policy term if the policy holder survives till the end of the tenure. If the insured dies during the policy, the sum assured will be given to the nominee as a death benefit.

Thus, LICs Endowment Plan having a savings component as a maturity along with the insurance coverage during the policy term.

The key benefits of any LIC endowment plans include financial protection of loved ones, secured investment as regular savings for a fixed tenure, tax benefits under section 80C and 10(10D) of the IT Act and the option to obtain loan against the policy, in case of any financial emergency .

Endowment Plans available in LIC are:

1)New Endowment Plan (814)

This is a regular premium, non-linked, with profits Endowment Plan. Read more…

2)New Jeevan Anand (815)

This is a combination of Endowment and Whole life plan. Regular Premiums are payable for selected term only. Read more…

3)Single Premium Endowment (817)

This is a single premium, non-linked, with profits Endowment Plan. Read more…

4)Jeevan Rakshak (827)

This is a regular premium, non-linked, with profits Endowment Assurance Plan. This Plan shall be allowed to standard lives only under Non-Medical limits. Read more…

5)Limited Premium Endowment (830)

This is a limited premium, non-linked, with profits Endowment Plan. Read more…

6)Jeevan Lakshya (833)

This is a limited premium, non-linked, with profits Endowment Plan. Premiums are payable for 3 years less than policy term. Read more…

7)Jeevan Labh (836)

This is a limited premium, non-linked, with profits Endowment Plan. Read more…

8)Jeevan Pragati (838)

This is a Regular premium, non-linked, with profits Endowment Plan wherein risk cover automatically increases after every 5 years. Read more…