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.
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 .
Yours
Faithful customer
i have policy named Endowment Assurance policy t. n 14.
21 years
prem.=6834/= pa
what would be my sum assured and the benefit after maturity
Reply
I would like to purchase a LIC policy under table 14 of Rs.5,00,000/- for 20 years. My date of birth is 30.11.1972. Please confirm me the premium amount per year (yearly paid).
I want to take “The Endowment Assurance Policy No.14”.
Age: 27.
Policy Term :21 Years
Sum Assured: 8, 00, 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.
Niraj Kumar
9916396480
Our Endowment policy under Table-14 for Rs.1Lakh & Premium was Rs 3600 x 4 pay = 14,000 P.A, Payment for 8 years after paying for 8 Y finally at the time of Maturity LIC is paying us RS 1, 27,000 Only But We have Made payment of Rs 1,12,000 + Rs 6,000 as Late Pay an Ect Rs 1,12,000 + 6,000 + 700 fr submit = Total of Rs 1,18,000 Our LIC Returns at Maturity is Rs 1,27,000 – T,Pay Rs 1,18,000 = Rs 8,300 Bal in Hand after 8 .3 Years. I really ask any one is Rs 8,300 is really worth for 8years fu Questions
1. Why Lic is Not Giving Clear cut Information in The Policy Document
2. Thar is No proof for what LIC Agents Says at time of insuring nothing is given in written form
3. Be Aware Of LIC & ITS AGENTS……
Sir,I would like to join in Marriage Endowment policy on 5 Lacs for 16yr.What will be the monthly premium premium
I want to take a jeeven saral policy for 2000 p.m. premium for 10 years. My date of birth is 08/04/1965. What amount I would get at the time of maturity.
I am going to plan an endowment (profit) policy. My date of birth is 08/04/1965 and I want to take sum insured is Rs. 500000/-. I want to know what is the premium and maturity benefits. I want to take a policy for 10 years.
hi i am madhab last 2 year back i was opend lic 14 no table .
still i am continue .every alternative 3 month i have to pay \Rs
4000/ & this plan 14 year . my question is suppose after 2 year
i mean 2014 i need one loan .shall i get ? or you people
provided any loan .
I wish to take a LIC endowment policy and wish to cover Life risk Maximum around 30 lacs. My age is 27yrs. I wish to invest Rs50,000/- to 60,000/- premium p.a.
plese sugest a best lic policy where I get Rs.40 lacs by 20 yrs and also cover risk 30 lacs.