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Which is the best endowment policy in LIC?

Published On Aug 13, 2021

It is possible to get a lump-sum payout at maturity of an endowment insurance, or upon death. In the first 10, fifteen or twenty years of life, maturity is usual. In some cases, insurance policies provide coverage for serious illnesses.

Best Endowment Policy In LIC

In LIC, India's best endowment schemes are as follows:

1. LIC Jeevan Amar

The Life Insurance Corporation of India introduced LIC Jeevan Amar in August 2019. In other words, it is a long-term strategy. The insured is not entitled to any form of compensation. It does, however, offer the necessary financial support to the insured's family in the event of his or her demise. A solid and secure existence will be possible for them as a result of this. Life insurance term plan that is non-participating & non-linked that offers clients a choice of alternatives compared to other insurance providers.

Primary Characteristics:

i. The LIC Jeevan Amar plan is not tied to the stock market.
ii. The Sum Assured can be raised, and there is also a level Sum Assured option.
iii. The plan does not have a maturity amount.
iv. There are two sorts of premium rates: i)Smoker and ii)Non-Smoker
v. If the policyholder dies during the policy term, the death claim amount is paid to the beneficiary.
vi. Death benefits can be given in a lump sum or over a period of 5, 10, or 15 years.
vii. Policyholders have the option of choosing the premium payment period as well as the policy term.
viii.Premium payments can be made on a monthly basis, in a single sum, or on a limited basis.
ix.The Medical Cotinine Test for Urine is required for non-smokers.

2. LIC Jeevan Umang

LIC Jeevan Umang provides you with both incomes and savings for a secure future for your family. It is one of the top with-profit LIC plans and non-linked entire life insurance policies available. The plan provides 100 years of coverage, which is a unique characteristic of the insurance policy. At the end of the policy term, the policyholder gets paid a set Sum Assured

Primary Characteristics:

i. If you survive the policy's term, the plan will pay you an annual survival benefit of 8% of the Sum Assured amount.
ii. The plan provides comprehensive coverage, with a 100-year protection period.
iii. The plan's accidental death, term, and disability riders all need an additional premium payment.
iv. As it provides a lending facility, it may take care of your liquidity demands.
v. After retirement, it can be used as a pension plan.
vi. Under the plan, you may choose from a variety of premium payment arrangements.

3. LIC Jeevan Labh

LIC Jeevan Labh is a non-linked, participating endowment plan that requires you to pay premiums for a set period of time. To address the policyholder's liquidity needs, the plan provides numerous advantages, including a death benefit, a maturity benefit, and a loan facility. It is a single plan that combines monetary protection and savings.

Primary Characteristics:

i. The plan provides a borrowing facility if the premiums are paid for at least three years.
ii. LIC Accidental Death and Disability Benefit Rider and LIC New Term Assurance Rider are two of the rider choices available.
iii. By choosing annual or half-yearly options, you can get a refund on your payment.
iv. After the insurance has been paid in full, the policy can be surrendered.

Take Away

The Insurance Corporation of India (LIC) is India's largest and most reputable insurance business. The company provides more than 20 various programmes, each tailored to the individual's needs and budget. They introduced a number of initiatives in March 2020 and will continue to do so in the years to come. LIC plans have a great reputation in the market and offer good advantages, so you can feel confident in placing your money with them

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