LIC Endowment Plus

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Policy Discontinued

LIC Endowment Plus Policy

 

LIC Endowment Plus LogoLIC Endowment Plus is a unit linked insurance plan (ULIP), where the risk of investment is borne by the policyholder. If the Life Insured dies within the policy tenure, the nominee would receive the Sum Assured or the Fund Value, whichever is higher.

 


 

Key Features of LIC Endowment Plus

 

·         Unit linked insurance plan with choice of 4 investment funds

·         Higher of Sum Assured or Fund Value will be paid as Death Benefit

·         Choice of two riders is Accidental Death Benefit and Critical Illness Benefit cover

·         Option to decrease the Sum Assured during the policy tenure

 

 

Benefits you get from LIC Endowment Plus

 

Death Benefit - In case of death of the Life Insured, the nominee would get Sum Assured or Fund Value, whichever is higher.

 

Maturity Benefit - On maturity, the policy fund value is paid to the policyholder.

 

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C

 

 

Eligibility conditions and other restrictions in LIC Endowment Plus

 

 

Minimum

Maximum

Sum Assured (in Rs.)

Regular Premium

(Policy Term +1) x Annual premium

30 x Annualized premium

Sum Assured (in Rs.)

Single Premium

1.25 x Single premium

5 x Single Premium

Policy Term (in years)

10

20

Premium Payment Term (in years)

Single

Equal to Policy Term

Entry Age of Policyholder (in years)

7

60

Age at Maturity (in years)

18

70

Single Premium (in Rs.)

30,000

No Limit

Payment modes

Yearly, half-yearly, quarterly or monthly (ECS only)

 

 

Sample illustration of premium amount in LIC Endowment Plus

 

Premium = Rs.20,000

Age = 20 years

Sum Assured = Rs.420000

Policy Term = 20 years

PPT = Regular Pay

Total Investment = Rs 20,000 x 20 years = Rs 4,00,000

LIC Endowment Plus Sample Illustration 

  

Additional Features and Benefits of LIC Endowment Plus

 

Riders – There are 2 riders available in this policy

1.       Accidental Death Benefit rider

2.       Critical Illness Benefit rider

 

Investment Fund Options

There are 4 Investment Funds available

1.       Bond Fund

2.       Secured Fund

3.       Balanced Fund

4.       Growth Fund

 

Top-up

NA

 

Switching

You can switch between the four fund types for the entire Fund Value during the policy term subject to switching charges, if any.

 

Partial Withdrawal

Partial withdrawals are allowed only after completion of 5 policy years or the life insured’s age is at least 18 years, whichever is later. Partial withdrawal will be allowed subject to at least 2 year’s premiums should remain in the Policyholder’s Fund Value in case of regular premium policies and 25% of the single premium paid in case of single premium policies.

 

                                             

What happens if?

 

You stop paying the premium before 5 years - If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.

 

You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.

 

You want to surrender the policy – If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.

 

If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.

 

You want a loan against your policy - There is loan available under this plan under terms and conditions.

 

 

Alternate ULIPs from different insurance companies

 

ICICI Pru Pinnacle Super

India First Smart Save Plan

Aviva LifeSaver Advantage

 

 

Other ULIPs from Life Insurance Corporation of India

 

LIC Flexi Plus Plan

 

~ By Deepak Yohannan
Note: This is a statement of facts based on the information collected from the LIC Endowment Plus brochure and insurance company's website. It should not be construed as a Critical or Favourable LIC Endowment Plus Review, Analysis or Recommendation.
Insurance is a subject matter of the solicitation.


Leave a Comment

I have invested 300000 rs on 2011 for 5 years is it right to surrender it now or i will wait for 5 years complitation

By Pds Ds on Mar 25, 2014 Reply

Life insurance is a long-term investment. Pay the premiums regularly and you will get a good lumpsum amount at the end of the policy term. Surrender option has to be used only in case of emergency. Do not surrender just because 5 policy years are over. Do not surrender the policy now or even after 5 years.

Replied By Manoj Aswani (MIC Staff) on Mar 27, 2014 Reply

I am invested one time Rs. 30,000/- in LIC Endowment Plus in october 2010. I want to close the policy how much amount came to me?

By Sampath Kumar on Sep 26, 2013 Reply

Dear Sampath, this is Unit Linked Plan in which the amount will be credited to you only after 5 policy years. So even if you surrender now, you will receive the amount only after 5 years. The exact amount would depend on the NAV of the fund and the units which have been allocated to you. You can check the details by registering your policy online in the link mentioned below:

http://www.licindia.in/NewUserRegistration.htm

Further please find the logic of how it will work if you surrender before or after 5 years:

If the policy is surrendered within 5 years from the date of commencement of the policy:
If you apply for surrender of the policy within 5 years from the date of commencement of policy, then the Policyholder’s Fund Value after deducting the Discontinuance Charge, if any, shall be converted into monetary terms. This monetary amount shall be credited to the Discontinued Policy Fund and no charges shall be deducted thereafter. The Proceeds of the Discontinued Policy, as per para 10 below, shall be payable on completion of 5 years from the date of commencement of policy.

In case of death of life assured after the date of surrender but before the completion of 5 years from the date of commencement of policy the Proceeds of the Discontinued Policy shall be payable to the nominee/ legal heir immediately.

If the policy is surrendered after 5 years from the date of commencement of the policy:
If you apply for surrender of the policy after 5 years from the date of commencement of policy, then the Policyholder’s Fund Value, as at the date of surrender, shall be payable. There will be no Discontinuance Charge.

Replied By Deepak Yohannan (MIC Staff) on Sep 26, 2013 Reply

I have taken Endowment plus on 25/03/13 for 10 years term with Rs.1,00,000/- yearly premium.May I take Jeevan Sugam, only single premium one time for 10 years term with Rs.1,00,000/- instead of endwoment plus.
Kindly guide me! which will be better Jeevan Sugam plan or Endwment plus

By Manik Samanta on Mar 26, 2013 Reply

Yes Manik, you can change the plan now as you are within the freelook period. You will not lose money. Both these are very different plans. Endowment plus is ULIP and Jeevan Sugam is single premium traditional plan. So depending on the ability to pay, the amount of cover which you need and your risk appetite, you will need to make this decision

Replied By Admin (MIC Staff) on Mar 28, 2013 Reply

this is a good policy

By Anaya Barnwal on Feb 02, 2013 Reply

sir i want to know about lic endowment plus policy.if i invest 20000 per year for a 20 year plan how much i found on maturity of policy.plz tell me in full detail.is this policy useful under 80(c).

By Anil Shukla on Mar 29, 2012 Reply

L.I.C IS GOOD PROTECTION FOR HUMEN BEING

By Ashish Kumar Asthana on Mar 28, 2012 Reply

Hi I am from mumbai I had done investment in 802-20 in growth fund . ( Singal Primium) Can I get Tax Benifit.

By Sushil on Mar 23, 2012 Reply

I have this policy with premium of 1,05,000..i dont know about the bonus..When we can recive the bonus?

By Akshatha on Mar 05, 2012 Reply

Hello Sir,

I have listed about LIC endowment-plus policy. And its good benefits for policy holders.
I am interested to know more about it.

Can you please help me to know more about this policy, its benefits and procedure?

Thank you.

By Bhargav on Feb 03, 2012 Reply

premium amt 1539/-
21 years
amt of policy 130000/-
total amount of maturity plz calculate

By Dinesh Kumar Rai on Jan 08, 2012 Reply

hi........I am something confuse abt dis, pls send me plicy dtls of which covers death ,tax critical illness benefits and sum assuerd 10-15 laks thus I wll b gratefullto you.


Thanking you

By Jubar Ahmed on Dec 31, 2011 Reply

Hello I am Adarsh. I want to know about Endowment plus. I have listen. It"s like to share bazar. and what's the procedure of this plan. How to invest in this plan.

By Adarsh Deep on Dec 30, 2011 Reply

i want to open a palish ple gide me how to do

By Amarnarayana on Dec 24, 2011 Reply

I have taken the Endowment plus policy in the month of August 2011 at the age of 56 years for Rs one lakh only. After completion of 5th year how much I am able to get the return approsimately. Whether teturnable amount i have to pay the tax for full amount. If so how much i have to pay the tax approximately.. The same policy can be contiuned for the another 5 (totally 10 years ) or not.Please confirm

By T.Gnanasigamani on Nov 23, 2011 Reply

tell me about the tax benefit of this policy...& if yes then in which section. plz send me information on my email address.

By Sunny Munjal on Nov 18, 2011 Reply

this policy is very good policy for our life and our family .

By Vinod Kumar on Oct 02, 2011 Reply

this policy is very good for life and our future .

By Vinod Kumar on Oct 02, 2011 Reply

Hi,

This policy looks like, the one i am looking for. But not completely understood the risks in it and benefits from it.

All i am looking for is a policy with assurance of sum 7500000/- on death or maturity of policy.

With minimum payment of premium per annum and for minimum period.

Suggest one.

Thank you

By Lokesh on Sep 08, 2011 Reply

Very Good Policy

By Jolly Dutta on Aug 23, 2011 Reply

Hi,i am 37year old i want to buy a term insurance plan .for the cover of 20 to 25 lacs

By Jeet Kumar on Jul 27, 2011 Reply

Sir

Subject :only insurance for heart attack related

i siju from Kerala. I want to only insurance heart attack related (like 1200 pay it will covering only cancer up to 2 lac under India government scheme)
if you have this type of scheme please in from me why i asking i cant afford this premium
i want insurance only my dad and mum. amount rs= 2 lac if have low premium below 5000 then i can. for cancer i already take under India government scheme
what ever you decision please in from me sir thanks

dad and mum both of age 55 56

my id : sijups.com@gmail.com

By Siju.Ps. on Jul 12, 2011 Reply

I this policy premium waiver is not avilable like sbi and hdfc

By P.Asaithambi on Jul 12, 2011 Reply

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