Unlike the term insurance plans, which does not give anything on the survival of life assured, the endowment plans provide the sum assured at the end of policy term.
Features of Endowment Plan / Policy
Endowment Plan is a type of Life Insurance. Endowment plans were the most popular plans till some years back. This was largely because there were very few other options, and because the returns were assured by the insurance company.In Endowment plans, the premium paid is partly used to secure insurance for your life, and partly used for investments to generate returns.
Endowment Plans from LIC of India
- The Endowment Assurance Policy
The Endowment Assurance PolicyIt is famous for Moderate Premiums, High bonus, High liquidity and Savings oriented plan. - The Endowment Assurance Policy-Limited Payment
Pay once, twice or till limited time and get this for long time. Best suited for those people who have non-regular income and who want don’t want to pay every year. - Jeevan Mitra (Double Cover Endowment Plan)
Twice the Sum Assured plus all bonuses on the basic sum assured to date is payable in a lump sum upon the death of the life assured. - Jeevan Mitra (Triple Cover Endowment Plan)
Thrice the Sum Assured plus all bonuses on the basic sum assured to date is payable in a lump sum upon the death of the life assured. - New Janaraksha Plan
After at least two full years’ premiums have been paid, full insurance cover is available even when premiums are not paid for up to three years. - Jeevan Amrit
Premium payment is limited to 3 or 4 or 5 years and the premium payable during the first year is higher than the premiums payable in subsequent years. - Jeevan Anand
This is the only plan which not just pay at maturity but even after the maturity of this policy. The policy pay an extra amount after maturity and for that you do not have to pay any premium after maturity.
