Endowment Plan

šŸŒŸ What is LIC Endowment Plan?

  • A life insurance policy offered by Life Insurance Corporation of India (LIC)
  • Combines risk coverage and savings
  • Provides lump sum payout on maturity or death, whichever occurs earlier

āœ… Key Features

  • Life Coverage: Offers financial protection to the policyholder’s family in case of death during the policy term
  • Maturity Benefit: If the insured survives the policy term, a lump sum amount is paid
  • Bonus Facility: Eligible to receive reversionary and final additional bonuses declared by LIC
  • Fixed Premiums: Regular premium payments throughout the term
  • Loan Facility: Policy loan available after certain period
  • Tax Benefits: Premiums qualify for tax deduction under Section 80C and maturity amount is tax-free under Section 10(10D)

šŸ’” Benefits

  • Savings + Protection: Encourages disciplined savings with life cover
  • Long-Term Goal Planning: Ideal for retirement, children’s education, or marriage
  • Peace of Mind: Financial security for family in your absence

šŸ“„ Eligibility Criteria

  • Minimum Age at Entry: 8 years
  • Maximum Age at Entry: 55 years
  • Policy Term: 12 to 35 years
  • Minimum Sum Assured: 2,00,000
  • Maximum Sum Assured: No limit (subject to underwriting)