LIC Endowment Assurance Policy (Plan No.14) Details

LIC Endowment Assurance Policy plan serves a dual purpose as it provides both life coverage and a sum assured endowment upon maturity of the policy. It helps the policyholders save an amount of money over a specified time and finally avail it at the end of the plan. If any unfortunate event takes place and the insured dies, the LIC endowment policy makes sure that the life coverage is paid to the beneficiaries listed by the deceased. LIC Endowment Assurance Policy plan generally spans 10, 15, or 20 years for a specific age limit.

Eligibility Criteria of LIC Endowment Assurance Policy

The eligibility criteria for the LIC Endowment Assurance Policy are laid down in a lenient manner so that the maximum number of people can take advantage of it. There are different plans under this one policy.

The eligibility criteria for different plans under LIC Endowment Assurance Policy are listed below:

For Basic Plan

• Minimum age at entry: 8 (years completed)
• Maximum age at entry: 55 years (last birthday)
• Maximum maturity age: 75 years (last birthday)
• Minimum term: 12 years
• Maximum term: 35 years

One must meet the above requirements to opt for the basic plan under the endowment policy. One notable point here is that the minimum sum assured under the basic plan is 100,000 rupees, and there is no set limit for the maximum sum assured. Also, the basic sum assured will be in multiples of 5000 rupees.

Core Benefits of LIC Endowment Assurance Plan

There are three confirmed benefits associated with the LIC Endowment Assurance Policy along with some additional advantages depending upon if you choose to select them or not.

• The primary benefit of this plan is that the risk component in this policy is next to nothing. Maturity benefit is 100% guaranteed without any issues upon the completion of the plan.
• In addition to the maturity benefit, the policyholder’s loved ones have assured life coverage in case any calamity happens. Sum assured it is given to the beneficiaries nominated by the insured. 
• Also, this plan lets the policyholder avail a number of tax benefits, details of which can be read in the brochure document.

Bonus under Endowment Assurance Policy

There are several additional bonuses added to this policy by many insurance companies along with the basic structure of the LIC Endowment Assurance Policy. Specific terms and conditions are inserted by different insurers agreeing to which one can claim the additional bonuses.

Two main divisions of additional bonuses are as follows:

Revisionary Bonus
Revisionary bonus is added to your sum assured annually in percentile manner that one can avail upon the maturity of the plan or death of the insured.

Terminal Bonus
Unlike revisionary bonus, it is added only at the maturity or the death of the insured, whichever comes first.

Conclusion

The purchasing process of the LIC Endowment Assurance Policy has been made easy with the online buying system. One can apply from the comfort of their homes just by clicking through the website. There is a standard and straightforward online procedure following which one can easily buy the LIC endowment assurance policy. The official LIC website is very user-friendly as it dictates every step of the procedure and makes it easier to follow.

Also read: Are Endowment Plans Worth It

Endowment Policy: What Is It and How Does It Work?