LIC Endowment Plans Effective from November 1st, 2024
Below is a list of the new LIC Endowment Plans along with their table numbers and uses:
New Endowment Plan
Table Number: 714
Uses: Provides life insurance cover along with a savings element. It is designed for long-term financial goals like children's education, marriage, or retirement.
New Jeevan Anand
Table Number: 715
Uses: Combines endowment and whole life insurance. It offers financial support during the lifetime and provides a death benefit even after the policyholder’s demise.
Jeevan Lakshya
Table Number: 733
Uses: Designed to meet specific financial goals like children's education. It pays out the sum assured at the end of the term or at the insured's death, whichever is earlier.
Jeevan Labh
Table Number: 736
Uses: A limited premium paying endowment plan that offers life cover and savings options. It is suited for various investment and protection needs while ensuring the benefit of insurance.
Bima Jyoti
Table Number: 760
Uses: Offers a combination of risk cover and savings. It is designed for individuals who want a life cover along with a maturation benefit at the end of the policy term.
General Uses of LIC Endowment Plans
Financial Security: Ensures financial protection for the policyholder's family in case of untimely demise.
Savings Component: Acts as a forced savings plan where the sum assured is paid out at maturity.
Tax Benefits: Offers tax deductions under Section 80C of the Income Tax Act on premiums paid and tax-free maturity proceeds under Section 10(10D).
Future Goals: Helps in planning for life events like education, marriage, and retirement.
Loan Facility: Policyholders can avail loans against the policy as it accumulates a cash value over time.
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