Overview
This plan serves a dual role. Firstly, it safeguards a family financially after the untimely death of the policyholder. Secondly, upon maturity, it provides a substantial sum of money to the policyholder. Each year, a bonus amount is added to the main sum assured.
The name itself suggests that this is a limited premium payment plan. This means premiums are payable for a limited period, after which the policyholder no longer needs to make payments. This is one of the most attractive features of this plan. For example, if the policy matures after 12 years, the policyholder might only need to pay premiums for 8 years. The full policy amount is paid upon the policyholder's untimely death before maturity or upon natural maturity.
LIC Premium Endowment Plan offers a range of benefits, including:
- Death Benefits
- Maturity Benefits
- High Sum Assured Rebates
- Profit Participation
- Bonuses
How to Buy LIC Premium Endowment Plan on PolicyX.com
- Visit the official website of PolicyX.com.
- Click on the 'Investment' tab.
- A new page will appear on the screen.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
Key Benefits of LIC Premium Endowment Plan
There are various benefits to buying the LIC Premium Endowment Plan. Let's understand each of them in detail:
- Death Benefit: If the policyholder dies before the policy matures, the Sum Assured on Death, along with accrued reversionary bonuses and any final additional bonus, is paid to the nominee.
- Maturity Benefit: Upon policy maturity, provided all premiums have been paid, the Sum Assured on Maturity, along with accrued reversionary bonuses and any final additional bonus, is paid to the policyholder.
- Bonuses: The plan participates in the profits of LIC, earning reversionary bonuses and a final additional bonus. These bonuses are declared by the Corporation and are added to the policy, payable upon the policyholder's death or maturity.
Additional Features
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Choice of Premium Term
The premium is payable monthly, quarterly, half-yearly, or yearly. The policyholder can choose the appropriate option for them.
-
Grace Period
The grace period or the extra time given for delayed premiums is 15 days for monthly payments and 30 days for other available premium payments.
-
Extended Coverage
You can choose additional riders with your base plan to enhance your coverage.
-
Tax Benefits
LIC Endowment Premium Plan offers term insurance tax benefits under Section 80C of the Income Tax Act, 1961, for up to 1.5 lakhs of the total premium paid in the same financial year.
How to Buy LIC Premium Endowment Plan Online
- Visit the official website of Life Insurance Corporation of India.
- Hover over 'Wealth Creation'.
- Click on 'LIC Premium Endowment'.
- Click on 'Buy Online' and you will be redirected to a new page.
- Enter your name and contact information. One of their representatives will reach out to you and discuss the quotes.
- Once discussed, you can make the premium payment and get the policy documents.
Exclusions
- If the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. Either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, is paid.
Documents Required to Buy LIC Premium Endowment Plan
Here is the list of documents required to buy the LIC Premium Endowment Plan:
- Photo ID Proof: Passport, Aadhaar card, PAN card, Driving license (any one of the following).
- Age Proof: Passport, Aadhaar card, PAN card, Driving license (any one of the following).
- Address Proof: Utility Bill, passport, voter ID, ration card (any one of the following).
- Medical Records: Medical Records of the policyholder if requested.
- Income Proof: Bank statement, last three months' salary slips (for salaried individuals) (any one of the following).
Plan at a Glance
| What's Good Here |
What's Missing |
| Death Benefits |
Premium Offset |
| Maturity Benefits |
High sum assured rebate |
| Bonuses |
Auto cover continuance |
| High Sum Assured Rebates |
Top-up premium |
In a Nutshell
If you are looking for a plan that provides benefits to your family in case of your demise along with maturity benefits if you survive the policy tenure, you must buy LIC Premium Endowment Plan.
For more information about this plan, you can visit PolicyX.com, or call us at 1800 - 420 - 0269. Our insurance experts will listen to your unique needs and suggest the best possible solution.
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