LIC Endowment Plans

Life Insurance Corporation of India (LIC) offers a range of endowment plans designed to provide financial security and savings with insurance coverage. In this comprehensive guide, we’ll delve into LIC’s prominent endowment plans, including LIC Endowment Plan 914, LIC Jeevan Anand 915, LIC Jeevan Lakshya, LIC Jeevan Labh 936, LIC Jeevan Umang 945, LIC’s Single Premium Endowment Plan, and LIC’s Amritbaal.

LIC Endowment Plan 914

LIC Endowment Plan 914 is a traditional endowment policy that provides a lump sum payment at the end of the policy term or upon the death of the policyholder. It combines insurance coverage with savings, making it suitable for individuals seeking both protection and long-term financial planning. The premiums paid towards this plan accumulate over time and are paid out as a maturity benefit to the policyholder or as a death benefit to the nominee in case of the insured’s demise during the policy term.

 

LIC Jeevan Anand 915

LIC Jeevan Anand 915 is a popular endowment plan that offers dual benefits of protection and savings. It provides a combination of a death benefit and a maturity benefit, making it a comprehensive financial solution for policyholders. In addition to the sum assured payable on death, the plan also offers a bonus accrued during the policy term. One unique feature of Jeevan Anand is that even after the maturity of the policy, the life cover continues for the lifetime of the insured.

LIC Jeevan Lakshya

LIC Jeevan Lakshya is an endowment plan designed to fulfill long-term financial goals while providing protection to the policyholder’s family. It offers a lump sum amount at the end of the policy term or upon the death of the insured during the policy term. The plan also provides an additional income benefit in the form of annual payouts from the end of the premium payment term until maturity. Jeevan Lakshya ensures financial security for the policyholder’s family even in their absence.

LIC Jeevan Labh 936

LIC Jeevan Labh 936 is a limited premium paying endowment plan that offers both protection and savings benefits. It provides a lump sum amount on maturity or in the event of the policyholder’s death. Additionally, the plan accrues bonuses throughout the policy term, enhancing the overall returns. Jeevan Lab is suitable for individuals looking for a short- to medium-term investment with guaranteed returns and insurance coverage.

LIC Jeevan Umang 945

LIC Jeevan Umang 945 is a unique whole life endowment plan that offers regular payouts even after the premium payment term ends. It provides a combination of death benefit, maturity benefit, and survival benefits, making it a comprehensive financial solution for policyholders. The plan offers lifelong coverage along with guaranteed returns, making it ideal for individuals seeking long-term financial security for themselves and their families.

LIC’s Single Premium Endowment Plan

LIC’s Single Premium Endowment Plan is a non-linked, single premium payment endowment policy that offers both insurance coverage and savings. It provides a lump sum amount on maturity or in the event of the policyholder’s death during the policy term. The plan is suitable for individuals who prefer to make a single premium payment rather than regular premium payments and seek guaranteed returns along with insurance protection.

LIC Jeevan Utsav

LIC Utsav Plan is a versatile savings-cum-insurance policy by LIC, ideal for celebrating life’s milestones while securing financial goals. Example: Consider Arun, 35, who opts for Utsav Plan with a 15-year term and a ₹15 lakh sum assured to fund his child’s education. He pays an annual premium of ₹75,000 for 10 years. At maturity, Rahul receives guaranteed returns with accrued bonuses. In unfortunate events, his child receives the sum assured.                                                                                  The benefits may change as per the age and term of the policy      

 

The LIC Utsav Plan ensures both celebration and security, allowing individuals like Rahul to cherish life’s moments while safeguarding their family’s future.

LIC’s endowment plans offer a range of options for individuals seeking financial security, savings, and insurance coverage. Whether it’s providing for family needs, fulfilling long-term financial goals, or securing a child’s future, there’s a plan to suit every requirement. By understanding the features and benefits of each plan, individuals can make informed decisions about their financial planning and ensure a secure future for themselves and their loved ones.