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.
Hello Sir,
I have taken LIC endowment policy(T 14) for term 21 years Sum Assured Value is 5 Lacs.. Yearly pay nearly 24K .
As per agent statement You will get nearly 12 Lacs in after 21 years completion.
It is correct or not. My friend are telling me its is not correct.
So far paid 5 premium.
Please advice. What i do.
Thanks
Ramkumar
Only sum assured will be written on document.Agents claim maximum interest applicable on policy that is always more than actual.It won’t reach 12 but u may get 8lacs…………….
Sir,
I have taken a LIC Policy (Endowment Policy Table No. 14) on dated- 10/11/1997 and annual premium was Rs. 1727/- per year. This policy has been matured on 10/11/2012. Let me know that what would be the maturity amount. For this, I shall be highly obliged.
Ravi Shankar Singh
Patna
I have an endowment policy with profit (Table 14 for 20 years).
Kindly let me know what will be the approximate matured amount ?
I have a plan 14 with lic which i am paying from 14yrs. The sum assured is 100000, i want to know wether can i get housing loan with this policy, if yes how much amount will i get pls reply
my age is 24.i want to take table 14 & with term 7 years with sum assured of Rs 100000?how much i will get at the time of maturity?
client age is 47 years I WANT A POLICY UNDER TABLE -14 , premium will be rs 10000/- to 15000/- what will be sum assured in 20years and all details
I have taken an endowment assurance plan (Table No. 14) on Feb 1998. My Sum Assured is 1,00,000/- and Payment Term is 35 Years and I am paying Rs 636/- quarterly. I want to know approximately what will be total amount i will get at the time of maturity?
I want to take “The Endowment Assurance Policy No.14?.
Age: 30.
Policy Term :21 Years
Sum Assured: 7, 50, 000.
Please let me know the return after the maturity of the plan.
I went through your blog and found that after maturity LIC gives,
Sum Assured + Bonus + Terminal Bonus.
Please let me know how the Bonus is calculated and how the Terminal Bonus is calculated.
yalla satyanarayana
9866288199
Bonus is calculated on your sum assured & age when u have taken the policy.
Do i get periodic bonus from the LIC bonds, which scheme offer the same
Dear sir,
I am having a LIC endowment policy (no.
233694790)of 9768 Rs half yearly since 28 april
2010.Can you please tell me that how much loan I
can withdraw from my above mentioned policy and
by what percentage of interest .
pleasereply on my above mentioned email I’d Yours faithful customer