LIC Marriage Endowment / Education Annuity Plan

LIC Marriage Endowment/ Education Annuity Plan is a child policy such that Sum Assured plus Bonus would be paid for the child’s benefit on the term’s maturity even if the Life Insured dies before. Thus, nothing is payable immediately to the nominee on death of the Life Insured, unless accidental; only the future premiums are waived and paid by the company such that the Maturity Benefit of the Sum Assured plus Bonus is duly paid.

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Key Features

Premium needs to be paid till maturity or earlier death.
There are inbuilt benefits like Premium Waiver Benefit and Accidental Death Benefit.
There are additional riders like Critical Illness Benefit and Term Benefit riders.
On Maturity the Life Insured or his nominee would receive the Sum Assured + Bonus.
The proposer or his nominee has the option to get the Maturity Amount in 10 half-yearly instalments.

There are 2 in-built riders available in this policy

Premium Waiver Benefit
Accidental Death Benefit
There are 2 additional riders available in this policy

Term Rider
Critical Illness Benefit


Death Benefit

In case of death of the Life Insured, the nominee would not get anything immediately. The future premiums would be waived and the Sum Assured plus Bonus would be paid on the terms maturity.
However, on Accidental Death basic Sum Assured is paid in addition to the above mentioned.

Maturity Benefit

On maturity, the life insured or his nominee gets the Sum Assured plus Bonus.

Tax Benefit


Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C


angle down iconWhat happens if you stop paying the premium

The policy will lapse if the premium stops. However, it can be revived within a specific period.

angle down icon What happens if you want to surrender the policy

If premiums for 3 years have been paid up, 30% of basic premiums paid less the 1st year's premium

angle down iconWhat happens if you want a loan against your policy

There is loan available under this plan.