LIC's Endowment Plans are designed to offer the Investor with a combination of Protection and Savings at one place. It not only offers financial cover for the Family of Policyholder during the policy tenure, but also promises a specific amount at the time of Maturity. In case the person, who holds the policy, dies during the policy period, his or her nominee (s) gets the full amount of the respective policy without any hassle. Being a policy holder, you can buy the endowment policy for 12 to 35 years Tenure. The policy can be bought by anyone, Aged between 8 to 59 years, which can be carried on till 75 years of age.
LIC's Endowment Plans work best if taken for 21 to 35 years Tenure as the accumulation period is substantial which results in a High Lumpsum Maturity amount at the end of the policy term. The Maturity amount can be used to Fund some large expenses like Child's Higher Education or Marriage or even an amount which will be useful when you are close to Retirement. LIC’s Endowment Plans offer Guaranteed Additions or Bonuses in addition to the Sum Assured which get added to the policy holder's account every year.
LIC’s Endowment Plans offer a Safe and Tax Free way to Invest your hard earned money and get insurance cover at the same time. So for those looking to Save Tax and are not comfortable with speculative markets which is high risk in nature find this as an attractive mode of investments. Also it forces Long Term Savings Habit and ensures that the money is returned at the end of the policy term is a handsome amount. You can also get additional riders like Accidental Death and Disability benefit.
LIC has got many Endowment plans like LIC's New Jeevan Anand Plan, LIC's New Endowment Plan, LIC's Jeevan Labh Plan, LIC's Jeevan Pragati Plan, LIC's Limited Premium Endowment Plan etc… You can select any one of them by comparing their benefits and conditions based on your requirement.