Here's a summary of various LIC Endowment Plans, including the New Endowment Plan, New Jeevan Anand Plan, Jeevan Lakshya, Jeevan Labh Plan, and Bima Jyoti Plan, along with their key features and details:
1. LIC New Endowment Plan (Table No. 714)
Type: Endowment Plan
Policy Term: Available for 10 to 35 years.
Sum Assured: Minimum ₹2 lakhs, with no maximum limit.
Premium Payment: Regular and limited premium payment options.
Maturity Benefit: Sum Assured plus bonuses (if any) at the end of the policy term.
Death Benefit: In case of the policyholder's demise during the policy term, the nominee receives the sum assured plus bonuses.
Additional Features:
Accident Benefit Rider available.
Loans can be availed against the policy after it acquires a surrender value.
2. LIC New Jeevan Anand Plan (Table No. 715)
Type: Combination of Whole Life and Endowment Plan
Policy Term: 25 years and above (for life cover).
Sum Assured: Minimum ₹1 lakh, with no maximum limit.
Premium Payment: Regular premium payment available.
Maturity Benefit: Sum Assured plus bonuses at the end of the policy term.
Death Benefit: In case of the policyholder's demise, a sum assured is paid to the nominee, and the policy continues for life (whole life coverage).
Additional Features:
Guaranteed surrender value after a certain number of premiums have been paid.
Loan facility available.
3. LIC Jeevan Lakshya (Table No. 733)
Type: Endowment Plan
Policy Term: 10 to 25 years.
Sum Assured: Minimum ₹1 lakh.
Premium Payment: Regular and limited premium payment options.
Maturity Benefit: Sum Assured plus bonuses at the end of the policy term.
Death Benefit: If the policyholder dies before the policy term ends, the nominee receives the sum assured, and the plan ends; if the policyholder survives till maturity, they receive the sum assured.
Additional Features:
Suitable for fulfilling future financial goals (e.g., children’s education, marriage).
4. LIC Jeevan Labh Plan (Table No. 736)
Type: Limited Premium Paying Endowment Plan
Policy Term: 10, 12, and 16 years.
Sum Assured: Minimum ₹2 lakhs.
Premium Payment: Limited premium payment; premiums paid for 10, 12, or 16 years.
Maturity Benefit: Sum Assured plus bonuses at maturity.
Death Benefit: If the policyholder dies during the policy term, the nominee receives the sum assured plus bonuses.
Additional Features:
Lower premium outlay due to limited payment term.
5. LIC Bima Jyoti Plan (Table No. 733)
Type: Endowment Plan
Policy Term: 11 to 16 years.
Sum Assured: Minimum ₹2 lakhs, with no maximum limit.
Premium Payment: Regular premium payment option.
Maturity Benefit: Sum Assured plus bonuses at the end of the policy term.
Death Benefit: In case of the policyholder's demise, the nominee receives the sum assured plus bonuses.
Additional Features:
Ideal for long-term savings with life coverage.
Important Notes for All Plans:
Riders: Additional riders such as Accident Benefit, Critical Illness Benefit, etc., may be available to enhance coverage.
Tax Benefits: Premiums paid qualify for tax deductions under Section 80C, and maturity proceeds are tax-exempt under Section 10(10D) of the Income Tax Act, subject to conditions.
Surrender Value: Policies acquire a surrender value after a certain period, allowing policyholders to withdraw their investment if needed.
Conclusion
For each of these plans, it is crucial to review the official documentation or consult a LIC representative for precise terms, conditions, and any specific updates. Individuals should assess their financial objectives, risk tolerance, and long-term needs before choosing a suitable LIC endowment product.
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