Endowment Plans
LICI's Endowment Assurance plans allow you to target a specific long term goal such as your retirement savings, child’s higher educational needs, etc and allow you to start saving immediately. The life insurance element ensures that the motive behind the savings plan is fulfilled even if the policyholder is no more; the targeted sum along with vested bonuses is payable to the intended beneficiary in case of unfortunate death of the life assured during the term of the policy. Some of the highlights of the endowment assurance plans are:
  • World-wide risk coverage
  • Low premiums, High returns and fixed term of insurance •
  • Policy loan facility after 3 years.
Target Classic Plan (Table 614)
Life Insurance cover from ages 12 to 65 years. Age at maturity should be 75 or less. Quantum of insurance cover depends up on one’s income & health. Premiums are payable throughout the term of the policy as per the agreed mode of payment.

Basic Benefits:
Death Benefit
– Payment of the sum assured + the vested bonuses on death of the life assured during the term of the policy.

Maturity Benefit – Payment of the sum assured + the vested bonuses on the date of maturity of the policy.

Terminal Illness Benefit – 50% of the sum assured is payable if the life assured becomes terminally ill and the balance along with the vested bonuses is payable on the death of the assured (See details)

Optional Benefits:
The optional benefits are available on payment of additional premiums over and above the basic premiums. These are not automatically available to all the policyholders; they may be denied to some persons depending upon their health, age, physical disability, occupation, etc. There is also a cap on the maximum benefit payable under all LICI policies of the life assured, put together:

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