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.
I have an endowment assurance policy under T.no-14, for 21 years & my premium
is Rs.-1635/- per Month sum assured Rs-400000/- & it has been taken from
2011. Please let me know what will be the matured amount?
I have taken an endowment policy for 1500000 for 15 years.I am paying 27920 for every 3 months.
and was started in 2008.February.
What is the final amount i will get…
I have an endowment assurance policy under T.no-14, & my premium
is rs-15175/- qty sum assured Rs-1000000/- & it has been taken from
2013. pls let me know what will be the matured amount?
Sir,
I have taken a lic indoment ulip plane five years before I paid five instalments please tell me how much surrender value I get
Thanks
Sir,
I have taken a policy indoment ulip plan five year before I paid five instalments now please tell me the surrender value how much I get
I have taken an endowment assurance (Marriage endowment/Education Annuity Plan T.No.90 ) Policy on 27.02.2003 with sum assured of Rs. 50000/-. The Policy term mention 12 (Premium payment Term: 12).
I want to understand the figure12 here, does it means the number of installments. I pay the policy premium twice times in year.
Please let me know when is this to mature and what is the amount I would get on maturity.
Thanks
Hira
Dear sir
I have endow plan table no 14
——////////
Endowment 14
Age 24/7/1947 year jan 2001 sa 100000 term 16 pterm 16
Policy is in force
Policy no 672485883
Let me know maturity amount with types of bonuses
My son has the following policies provide maturity benefit to these as well
——////////
Endowment 14
Age 21/8/1973 year jan 2001 sa 500000 term 21 pterm 21 plan 14 provider lic
Policy is in force
Policy no 672485884
———————-
Jeevan anand
Age 21/8/73 year feb 2004 sa 500000 term 70 pterm 22 plan 140/70/22 Jeevan anand
Policy is in force
Policy no 673275761
———————-
Old jeevansree
Age 21/8/1973 year feb 2002 sa 800000 plan 112/25/16
Policy is in force
Policy no 672701762
Let me know maturity benefit for all of the above with types of bonuses for the same
Agents are promoting by this amounts and pushing hard to go for Jeevan Saral 1crore once some policies payments stop in 4 years
The amounts are
2.5 lake-14/16/16/
15 lakes 14/21/21 /
13 lakhs 149/70/22
30 lakhs 112/25/16
Appreciate your help to support the predictions promoted by agents
Our maid servant has taken LIC policy. Below are the details;
Sum assured : Rs. 100,000 Policy Term : 20 years Table 14. Half Yearly Premium : Rs 2922/-
She has paid the half yearly premium of Rs. 2922/- for last 6 years. (total premium paid till date 2922x6x2=35064/-). She had taken loan of 10,000/- against the policy after 5th year. Now she is unable to pay the further premiums and wants to surrender the policy. Request you to advise whether the policy can be surrendered and inform what is the amount she would be getting if she surrenders the policy.
-Divakar
i want to know about opening date of endowment policy table no.-14
Respected Sir,
I have tak a Lic of Endowment Assurance Policy with profits in year of 1994 Sum Assurance Rs. 35000 Per month premium paid through Salary Savings Rs. 156/ it will be last payment of 28-02-2014 Policy No. S-430480261. On 4-2-2012 due to accident facture of my fem neck RH. leg and then operated r morethan 18 month premium stop due to abstism of my job and pending premium pay ment recently I applied for revial of policy. now question can iget accident benefit from Licindia aginst my above policy. needless to say I am a Physicallyhandicapped canonot contact to your div. Office: totally I am helpless person, how to get accident benefit, how to revide the policy how to save my family.
Thanking you with regards
Chandan Prasad Choudhury