Below is a comprehensive summary of various LIC Endowment Plans including the New Endowment Plan, New Jeevan Anand, Jeevan Lakshya, Jeevan Labh, and Bima Jyoti Plan. These plans are structured to offer both savings and life protection, making them ideal for long-term financial planning.
Type: Endowment Plan
Policy Term: 10 to 35 years
Sum Assured: Minimum ₹2 lakhs (no maximum limit)
Premium Payment: Regular or limited premium options
Maturity Benefit: Sum Assured + bonuses
Death Benefit: Sum Assured + bonuses paid to nominee
Additional Features:
• Accident Benefit Rider available
• Loan facility after acquiring surrender value
Type: Combination of Endowment + Whole Life
Policy Term: 25 years and above
Sum Assured: Minimum ₹1 lakh
Premium Payment: Regular premium
Maturity Benefit: Sum Assured + bonuses
Death Benefit:
Nominee receives the sum assured, and whole-life coverage continues even after maturity.
Additional Features:
• Guaranteed surrender value
• Loan eligibility after policy acquires surrender value
Type: Endowment Plan
Policy Term: 10 to 25 years
Sum Assured: Minimum ₹1 lakh
Premium Payment: Regular or limited premium options
Maturity Benefit: Sum Assured + bonuses
Death Benefit:
Nominee receives the sum assured, and the policy ends.
Additional Features:
Designed to help meet future goals like children’s education and marriage.
Type: Limited Premium Endowment Plan
Policy Term: 10, 12, and 16 years
Sum Assured: Minimum ₹2 lakhs
Premium Payment: Pay for a limited term, enjoy full-term benefits
Maturity Benefit: Sum Assured + bonuses
Death Benefit: Sum Assured + bonuses paid to nominee
Additional Features:
Lower premium outlay due to short payment term.
Type: Endowment Plan
Policy Term: 11 to 16 years
Sum Assured: Minimum ₹2 lakhs (no upper limit)
Premium Payment: Regular premium
Maturity Benefit: Sum Assured + guaranteed additions
Death Benefit: Sum Assured + guaranteed additions
Additional Features:
Ideal for long-term savings with predictable returns and life coverage.
• Optional riders like Accident Benefit and Critical Illness Rider can enhance coverage.
• Premiums are eligible for tax benefits under Section 80C.
• Maturity amounts are generally exempt under Section 10(10D) (conditions apply).
• Policies acquire surrender value after a minimum number of premiums are paid.
LIC endowment plans offer a balanced combination of savings and protection, making them reliable tools for long-term financial planning. Before choosing a plan, individuals should assess their personal goals, future financial needs, and risk appetite. Always refer to official LIC policy documents or consult an authorized LIC advisor for the most accurate, updated information.