LIC Marriage Endowment / Education Annuity Plan

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.

 

Key Features of LIC Marriage Endowment / Education Annuity Plan

• 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.

 

 

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Benefits you get from LIC Marriage Endowment / Education Annuity Plan

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.

Income 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

 

 Eligibility conditions in LIC Marriage Endowment / Education Annuity Plan

 

	Minimum	Maximum
Sum Assured (in Rs.)	50,000	No Limit
Policy Term (in years)	5	25
Premium Payment Term (in years)	Equal to Policy Term
Entry Age of Policyholder (in years)	18	60
Age at Maturity (in years)	-	70
Single Premium (in Rs.)	-	-
Payment modes	Yearly, Half-Yearly, Quarterly & Monthly

 

 

Sample illustration of LIC Marriage Endowment / Education Annuity Plan

Premium = Rs.3727/- , Age = 35 years

Policy Term = 25 years, Premium Paying Term = 25 years

Sum Assured = Rs 1,00,000

Total Investment = Rs 3727 x 25 = Rs 93,175 

 

Additional Features & Benefits of LIC Marriage Endowment / Education Annuity Plan 

Riders – There are 2 in-built riders available in this policy

1. Premium Waiver Benefit
2. Accidental Death Benefit

There are 2 additional riders available in this policy

1. Term Rider
2. Critical Illness Benefit

                                             

What happens if? 

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

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

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