Key Features Of LIC Endowment Plans

Endowment plans are a great way of saving up for a financially stable and secure future. Endowment plans help in wealth appreciation and provides low-risk returns for your investments. LIC has a number of endowment plans available under them. Although these plans largely have the same benefits and features, they have differences among them that make them more suitable for certain needs and circumstances.

LIC Endowment Plans

Take a look at the key features of some of the endowment plans available under LIC.

1. LIC New Endowment Plan

The LIC New Endowment Plan is characterized by the following features:

• You can purchase the LIC Accidental Death and Disability Rider with this plan
• The minimum entry age under this plan is only 90 days
• There are Simple Reversionary Bonuses available under this plan
• The maximum Sum Assured is unlimited

2. LIC Limited Premium Endowment Plan

Under the LIC Limited Premium Endowment Plan, you can benefit from these features:

• The policy term can be anywhere between 12 to 21 years
• The minimum Sum Assured is 3 Lakhs INR which is one of the highest
• You can choose from two riders, the Accidental Death and Disability Benefit Rider and the New Term Assurance Rider
• The premium payment term lasts for a maximum of 9 years

3. LIC New Endowment Plus Plan

The LIC New Endowment Plus Plan is a unit-linked non-participating endowment plan equipped with the following features: 

• The minimum entry age of this plan is as early as only 90 days
• You can switch the funds in which your savings are being invested, during the policy term
• There is a settlement option available, that can be chosen one month before the date of maturity of the plan
• There are multiple premium paying options: monthly, quarterly, half-yearly or yearly

4. LIC Single Premium Endowment Plan 

The LIC Single Premium Endowment Plan is a non linked, participating, individual life assurance and savings plan. Here are some of the key features to be found under the plan:

• There is a death benefit, maturity benefit as well as bonus benefits under this plan
• The two riders available under this plan are the Accidental Death and Disability Benefit Rider and the New Term Assurance Rider
• The death benefit can be paid out in instalments if the policyholder chooses so
• After one policy year, loans can be availed against this plan at any time

Conclusion

An endowment plan is a great savings option that sufficiently contributes to your financial stability. The above plans are some of the most efficient endowment plans offered by LIC. You can purchase one of your choices, online as well as from offline offices.

Also Read: 

Benefits of LIC Endowment Plans

All You Need To Know About Endowment Policy Premium Calculator

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.