Endowment Policy/Plan of LIC Explanation with an example

Endowment Policy

Proposer: Mr. X

Age: 25

Policy Amount: 1 lac.

Policy duration: 15 years.

            One of the traditional and most popular plans of LIC for fulfilling all long/short term financial needs.

Benefits:

Maturiry Benefits:

            Sum Assured + Bonus will be given.  In addition, Final Additional Bonus is also given, if premium paid for 15 years or more.

Death Benefits:

            Sum Assured + Accrued Bonus is given to the nominee.  Final Additional Bonus is also given, if premium paid for 15 years or more.

What you pay
Years	Premium
	Yearly	Half-Yearly	Quarterly
1	6805	3455	1815
15	102075	103650	108900

What you get
	@	Sum
Sum Assured		100000
Bouns At the rate of *	42	63000
Final Additional Benefit. At the rate of *	250	25000
Total		188000

Along with this policy you will also be provided Double Accident Benifit

* - These rates are declared by the LIC and may vary.

 

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