LIC New Endowment Policy: Life Insurance Corporation of India (LIC) has many plans for different groups of customers and investment opportunities start from as low as Rs 500 per month. LIC frequently updates and revises its Endowment Policy and now this policy will help you to get better returns. This policy will give you benefits even if you invest only Rs 74 per day.
LIC’s New Endowment Plan is a non-linked, participating, individual, life insurance plan that offers an attractive combination of protection and savings features.
This combination provides financial support to the family of the deceased policyholder any time before maturity and a good lump sum amount at the time of maturity for the surviving policyholders. The scheme also takes care of all the needs through its loan facility.
The minimum entry age for this policy is 8 years and the maximum entry age is 75 years. The minimum policy term is 12 years and the maximum policy term is 35 years.
If a person takes this policy for a sum insured of Rs 1 lakh at the age of 20 years, the minimum annual premium is Rs 6,978 for a policy of 15 years, Rs 3,930 for a policy term of 25 years and Rs 3,930 for a policy term of 35 years. 2754 will be Rs.
understand by example
If an 18-year-old takes an endowment policy for a sum assured of Rs 10 lakh for a policy term of 35 years, the annual premium will be Rs 26,500. This breaks down to Rs 2209 per month or Rs 74 per day. By investing Rs 2209 per month, you will get a maturity amount of Rs 48 lakh after 35 years. This includes Sum Assured of Rs 10 lakh, Bonus of Rs 15 lakh and FAB approx Rs 23 lakh. The total premium amount paid will be Rs 9,27,500.
Since the monthly investment amount is not very high, if your child is around 8 or 9 years old, you can take this policy in his/her name. If your child is below 8 years of age, you can buy the policy in your own name. This policy term is good for those who want to invest a small amount every month or per year for a longer period.