Endowment Plan Summary:
It is one of the oldest and popular LIC plans. Endowment policy (Table 14) provides financial assistance to the family of the life assured in the event of policyholders early death or a lump sum amount on policyholders survival up to the selected term. Hence, the Endowment plan (Table 14) provides for family income in the event of unfortunate death of the life assured or makes provision for retirement in case of living too long. An endowment Plan is best for every reason, for all long and short-term financial needs.
Endowment Policy Benefits:
- Natural Death:
Sum Assured + Bonus for a number of years premium paid + Terminal Bonus if any. - Accidental Death:
Double Sum Assured + Bonus for a number of years premium paid + Terminal Bonus if any. - Maturity:
Sum Assured + Bonus + Terminal Bonus. - Accident And Permanent Disability Benefit:
The accident benefit is a maximum Rs.50 lakh. - Tax Benefit:
Tax benefit on your premium u/s 80C and Maturity/Death Claim u/s 10 (10D) - Loan:
Loan Facility is available on this policy after 3 years, you can also use it as Housing Loan collateral.
Premium Payment:
You can pay premium Yearly, Half-yearly, Quarterly, Monthly or Single premium.
Endowment plan Eligibility Conditions and Restrictions:
- Minimum age: 12 years
- Maximum age: 65 years
- Maximum age at Maturity: 75 years
- Min. Term: 5 years
- Max Term: 55 years
- Minimum SA: Rs.50,000/-
- Max. Sum Assured: No Limit
Example:
Mr. Rajesh buys an Endowment policy under Table-14 for Rs.1 Lakh for 25 years term. He dies due to disease after 3 yrs. In this case, Mr. Rajesh’s family/nominee will receive Rs.1, 14,400(Rs.14, 400 being a Bonus for 3 yrs at an estimated Rs.48 per 1000 p.a.). If Rajesh survive till maturity he would receive Rs.2,70,000 as maturity benefit (Rs.1,20,000 being Bonus for 25 yrs at an estimated Rs.48 per 1000 p.a. + FAB @ 500/- per 1000 = 50,000/-)
Update: Endowment plan Table No. 14 Has Been Discontinued.
Note:
The above is the product summary giving the key features of the plan. This is for illustrative purposes only. This does not represent a contract and for details please refer to your policy document.
plan no. 14 lic policy
s.a.=55000
policy 11years
how return
Dear sir,
sir I am waiting for your reply above/below comments/ questions
LIC Branch Purnea code no- 04587537
Dev. off. no- 9999999.
Agency Code no- 04587537
Name of Insure – Chandi Charan Singh.
Lic Name – Jeevan Anand with profit
Table no- 149-21-21
Proposal no- 18393 dtd- 31.03.07
policy no- 523608187 dtd- 28.03.07
sum Assurance-2,00,000/-
DOM- March 2027.
sir i want take Loan aganist above policy. whose amount get for me what is the @ of interest. so please full detail for the following policy. as given above Email id.
Thanking you,
Chandi charan singh.
Dear sir,
Please Request to your origination what is the status for the following Policy.
LIC Branch Purnea code no- 04587537
Dev. off. no- 9999999.
Agency Code no- 04587537
Name of Insure – Chandi Charan Singh.
Lic Name – Jeevan Anand with profit
Table no- 149-21-21
Proposal no- 18393 dtd- 31.03.07
policy no- 523608187 dtd- 28.03.07
sum Assurance-2,00,000/-
DOM- March 2027.
Remarks- sir supose if i want take Loan aganist above policy. whose amount get for me what is the @ of interest. so please full detail for the following policy. as given above Email id.
(NOTE : Sir already 2nd insurance done by same branch.
Name of insurance- Chandi Charan Singh.
Lic Name – Jeevan Saral.
Policy no- 525207406, DOC- 28.01.2010.
Sum Assurance-5,00,000/-
DOM- 28.01.2026.)
Sir Please Reply for above Email.ID.
Thanking you,
Your truly.
Chandi Charan Singh.
i’ve taken 2 policy of 108 and 149. Both in 2009 and 1 lakh each. You tell me whether will i.be eligible to take up any loan from Lic after 3 years of premium paid to these policies. Is there any option for loan from these policy or any other policy should i go. Reply to my e mail id. I’m waiting
Yes, you can get loan on your LIC Policy.
I have taken an endowment assurance policy(with profits) for 2 lakhs.
Policy term is 5 yrs(Oct05 to Oct10)
What would be my final additional bonus?
I have not received any bonus so far??