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.
sir
in table 14 lic endowment plan term 10 years the bonus rate is Rs 34 per 1000 so for example sum assured of 2lakhs policy with term 10 years on maturity the amount paid is 269200 premium paid is 20377 yearly for 10 years .if the same was deposited in the bank it would have doubled in 10 years be careful even the development officers who get hefty comission for doing business gives all wrong information that is just to grab business at the time of selling the policy he promised the party will get 3.5 to 4 lakhs for a sum assured of 2 lakhs BE CAREFUL IN SELECTING THE POLICY IT IS NOTHING BUT WHITE COLLAR MANAGEMENT FRAUD BY LIC
I started this endowment policy on 28 March, 2002 with sum assured of Rs. 50000/-.
The policy term mentioned online is 25 (Premium patment term: 25).
I wanted to understand the figure 25 here, does it means the number of installments i pay every year(for now, i pay the policy 4 times in an year).
Please let me know when is this going to mature and what is the amount i would get on maturity.
Thanks
Vivek
I have taken the LIC policy aginst for plan no. 14 for 12 years of rs. 100000.
How much amount will get after 12 years?
I have taken an endowment assurance (table no.14) policy last year for sum assured 10 Lakh with a yearly premium of 1.09 Lakh . I have paid second installment too. Due to some reasons , now i do not want to continue the policy . Can any one suggest me how to go about it . How much i will get if i surrender now or after 3 years . Or any other way by which i can get back my maximum paid up amount.
You may surrender your policy after completing 3 policy years.
lic Endowment Plus 9450112757
Q.-I have taken an endowment assurance policy for 1 lakhs and its duration is 12 years.
What would be my full and final amount.
Thank you
If (Life Insurer) survive till maturity (Approximately) he would receive Rs.1,80,000 as maturity benefit (Rs.1,60,000/- being Bonus for 12 yrs at an estimated Rs.48 per 1000 p.a. + FAB for Rs.20,000/-)
Regards,
venkatesan
9444476149
I have taken Jeevan Anand policy starting Jan 2013 for 16 years term(149-73-16). S A 500000. I am 27 years old.
DOM is 23/01/2086. Does it mean that i will be getting the policy maturity benefit amount only on my 100th year(23/01/2086). Can you please clarify. I was under the assumption that, after premium pay term(16 years) is complete, i would be getting around 12Lakhs apprx , and once if i die after 16 years, my nominee will get 5 Lakhs as a death benefit.
hi,
I have taken an endowment assurance policy for 2 lakhs and its duration is 15 years.
What would be my full and final amount.
Thank you
Endowment policy under table no.14 is going to mature w.e.f. 28.04.2013 and the same was commenced in april, 1997, i.e. 16 years term.
I want to know that what will be the total maturity sum payable to me.
The policy was done at Sambalpur, odisha. I have now posted at bhubaneswar. Since theere is only 1.5 months remaining, I have not received any communication from LIC regarding maturity. How I could get my maturity sum ? please convey the above through my mail.
I have an endowment assurance policy under T.no-14, & my premium is rs-1587/- qty sum assured Rs-50,000/- & it has been taken from 2005. pls let me know what will be the matured amount?