This insurance plan is assured for the policyholder after his/her death. The beneficiaries/ nominees will receive the death benefit. An endowment plan states that a single payment will be made to the insurance holder if he/she survives until the maturity period. LIC offers a wide range of insurance plans that fulfills the financial aid of every individual.

Features Of LIC Endowment Plan:

The features that are offered in the LIC endowment plans are as given below

• The payment to the endowment plan can be done on nominee survival or death that is occurred at the term period
• The endowment policy is available in two plans as with profit and without profit
• The bonus in the endowment plan is payable at the date of maturity or even after the occurrence of death of nominee in the maturity period
• The endowment plan can be paid as a single payment or the endowment plan can be set to a shorter period
• The tenure period for endowment plan can be extended as long as you want

Documents Required For Endowment Plan:

The following are the list of documents that are required to apply for the endowment plan. The basic documents that are required are  

• An application form that is filled with the mandatory fields
• A passport size photograph
• An address proof that consists of the nominee name
• Proof of age
• If any medical proofs are mentioned to submit then medical proofs need to be submitted

Benefits Of Endowment Plan:

The following are the list of benefits that you will be benefited with the endowment plan

• An endowment plan will provide the insurance in the term period and a single payment will be done to the nominee after the maturity period
• Endowment plan works as the long term investment with high returns including tax benefits
• The endowment plan is safe when compared to other mutual funds.
• The policyholders can add the additional riders which will provide cover for a specific illness, critical illness, disabilities
• The endowment plan will protect and assist in developing investments which help to save your money

Types Of Endowment Plans:

There are three different types of endowment plans are present as

A Table Representing The list Of Endowment Plans:

1. Single premium endowment plan:

This plan doesn’t have any limits on the sum of the amount that is assured. The entry age to start this plan is 90 days and the people up to 65 years can start an endowment plan. The single premium plan provides death benefits and maturity benefits.

Features Of Single Premium Endowment Plan:

• The minimum amount that can be insured is 50000 and there are limits over the maximum amount in this plan
• The endowment plans will maturity benefits. This policy can also be used to secure a loan
• The period that we can choose for this endowment plan ranges from 10 to 25 years
• The entry age to start this plan is 90 days and the people up to 65 years can start an endowment plan

2. New endowment plan:

Some advanced features are included in this endowment plan. The minimum age entry for this plan is 8 years and the maximum age limit is 55 years.

Features Of New Endowment Plan:

• The maximum amount that needs to be invested is 1 lakh and there is no limit on the sum assured
• The plan tenure period is available in two modes as 12 years and 35 years
• The amount can be paid monthly, quarterly, half-yearly, yearly

3. New Jeevan Anand plan:

This is an insurance plan that will provide life protection to the whole family
Features Of Jeevan Anand plan:

• The minimum age entry for this policy is 15 years and the maximum age limit is 50 years
• There are two different tenure periods as 15 years, 35 years
• The policy can be extended up to 75 years
• The new Jeevan Jyothi plan will be enhanced by using accidental death, disability rider.

4. Jeevan Rakshak:

The Jeevan Rakshak plan is similar to the Jeevan Lakshya plan

Features Of Jeevan Rakshak Plan:

• The policy doesn’t have any limits over the sum assured
• This plan offers a reversionary, bonus after the maturity of the policy
• The policy will issue the death benefits of 105% in the premium paid
• A discount of 2% will be available on the premium plan if they are paid every year in an annual mode

5. Limited Premium Endowment Plan:

The amount that can be insured in this plan is 3 lakhs and there is no limit on the maximum amount. The policy tenure is available in different modes as 12 years, 16 years, 21 years.
Features Of Limited Premium Endowment Plan:

• The minimum amount that should be invested is 3 lakhs and there is no limit over the maximum sum
• There are three modes of policies available as 12 years, 16 years, 21 years
• The premium term is either 8 years or 9 years and this plan offers death benefits and maturity benefits

6. Jeevan Lakshya: .

This is an endowment plan that will assure the financial support to a child to accomplish their dreams. In this plan, the beneficiary child will be assured by the total amount in the case of parent demise
Features Of Jeevan Lakshya:

• The minimum amount that should be insured is 1 lakh and there is no limit over the maximum amount
• The tenure period for this policy is 13 years and 25 years
• The premium can be paid monthly, annually, half-yearly, quarterly
• A discount of 2% will be available on the premium plan if they are paid every year in an annual mode and 1% will be available half-year mode

7. New endowment plus plan

The endowment plus is a plan that invests the policyholder money in debt and there will be guaranteed in returns

Features Of New endowment plus plan:

• The minimum insured amount should be 20,000 and there is no limit over the maximum amount
• The policy tenure is in two modes as 10 years and 20 years
• There is an option available to change from one fund to other

8. LIC Jeevan Pragati Plan

This plan is also called a with-profits endowment plan that provides additional benefits.

Features Of Jeevan Pragati Plan:

• After every five years, the amount that is invested will be increased to 25% even in the case of death the sum assured will be paid
• An optional rider can be added to the plan. The premium paid and benefits received will earn the tax reliefs.

9. LIC Jeevan Labh Plan

This is an endowment plan that provides the loan in the policy tenure if the policyholder wants funds for financial emergencies.

Features Of Jeevan Labh Plan:

• There is a chance to add two additional riders in the plan
• A simple bonus is paid through the term of the plan. A final bonus will be paid with maturity or death benefit.

10. Aadhar Shila Plan

This endowment plan is offered for the females who had a valid aadhar card.

Features Of Aadhar Shila Plan:

• Loyalty additions will be paid after the death or maturity of the premium if the first five years are paid
• The minimum amount should be less than 3 lakhs, the maximum amount that should be assured is 3 lakhs

11. LIC Aadhar Stambh Plan

This is a plan that is open for the males who have a valid aadhar card.

Features Of Aadhar Stambh Plan:

• The term policy of the Aadhar stambh plan offers two different modes as 10 years and 20 years
• The minimum amount that can be assured is 75000 and the maximum amount that can be assured is 3 lakhs
• A loyalty addition can be made if the policy in force for five years