LIC's Endowment Assurance Policy(Plan no 14)

Posted by Admin on 3

--> This is LIC's one of the most popular endowment plan and few of the early plan which is still available for sale.
As its name suggest “Endowment with Profit ”You need to pay the premium till end of the term, and at the end of the term you will receives Sum Assured along with Bonus and Loyalty Addition, which is based on the performance of the company.
Highlight:
  • Best suited plan for fulfilling long term goal, along with providing financial security.
  • Natural Death: S.A + Bonus + FAB.
  • Accidental Death: 2 times S.A + Bonus + F.A.B. (If accidental benefit is taken).
  • You can pay premium Monthly/Quarterly/Half Yearly/Yearly.
  • Maturity Benefit tax-free.
  • Tax rebate on premium paid.
  • Loan facility (Subject to certain rules).
  • Riders: Accident and disability benefit.
Conditions:
  • Minimum age is 12 year and maximum age is 65 years.
  • Minimum term is 5 year and maximum is 55 years.
  • Minimum S.A is Rs. 50,000 and Maximum no limits.

Eg: Following table will highlight the benefits for a healthy person of age 30 years and for term of 25 years.
(F.A.B: 500/1000 for 100000 and 430/1000 for rest).

Sum Assured 500000 1000000
Yearly Premium 19410 38820
Total Premium 485250 970500
Maturity Benefit
Sum Assured 500000 1000000
Bonus @ 60/1000 750000 1500000
F.A.B 215000 500000
Total 1465000 3000000

Conclusion:
If you think endowment plan are best option for you and ready pay regular premium.

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3 comments:

Sweety for u said...

Nice topic on LIC.

Anonymous said...

calculation for total is wrong. It should be 14,65,000 instead of 1,46,500

Admin said...

Thanks, corrected

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