LIC Endowment Plans

LIC of India, established in 1956 is one of the largest insurers in the country that offers several insurance products ranging from term plans to savings and investment plans for both Indians and NRIs. If you are an NRI living in Canada and looking to purchase endowment plans, you have a vast variety offered by LIC. Here are discussing a few endowment plans of LIC that are also available for NRIs of Canada.

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What is LIC Endowment Plan? 

A LIC endowment insurance plan is a service-oriented insurance policy that offers the dual benefits of insurance cover and guaranteed creation of wealth. This is a long-term investment. In case of the policyholder’s demise during the policy tenure, the death benefit is paid to the nominee. However, if the policyholder survives the tenure of the policy, a maturity benefit is paid. Endowment plans help life assured to create savings for their financial objectives. 

Benefits of LIC Endowment Plans 

LIC endowment plans offer the following unique benefits: 

  • The LIC Endowment plan provides you a lump sum amount after completing the policy tenure or on the demise. 
  • All endowment plans offer maturity and death benefit. 
  • These plans help your dependents to live a happy life even in your absence.
  • These plans are available for NRIs i.e. Non-Resident Indians
  • Availability of optional riders under these plans increases the coverage of your policy.
  • You can also enjoy parts of the profits earned by the insurer according to its performance. 

List of LIC Endowment Plans 

  1. LIC Jeevan Labh 

    LIC Jeevan Labh, a with-profit endowment, and a limited premium payment plan offer the dual benefits of savings and investment to the life assured. This policy is mainly suitable for young citizens of India who are studying or settled in another country like Canada. 

    Features of LIC Jeevan Labh

    The plan offers high returns 

    • Offers two riders options - New Term Assurance Rider and Accidental Death and Disability benefit ride.
    • 10X the cover of the annualized paid premium. 
    • People between 8 to 59 years of age are eligible. 
    • Flexibility to choose policy terms for 16 years, 21 years, and 25 years.
    • The plan comes with the option of liquidity and offers a loan facility. 
  2. LIC New Jeevan Anand 

    New Jeevan Anand is a participating and non-linked plan introduced by LIC. The plan offers a unique combination of savings and protection. The plan provides liquidity by giving a loan facility to the policyholders. 

    Features of LIC New Jeevan Anand 

    • In case of the policyholder’s demise, a death benefit will be provided to the nominee. It involves the vested reversionary bonus, final additional bonus and sum assured amount on death. 
    • The sum assured amount on death will be 10X the annual premium or 125 percent of the Basic SA.
    • If the life assured dies after the policy term, then a basic sum assured will be paid.
    • Get the tax savings rebate on premiums paid towards this plan u/s 80C of the Income Tax Act, 1961.   
  3. Limited Premium Endowment Plan 

    LIC Limited Premium Endowment Plan is a non-linked policy that offers the right combination of savings and protection. In this, the life assured receives a lump sum amount at maturity. This plan takes care of the requirements of the family in case of the unfortunate demise of the policyholder. 

    Features of Limited Premium Endowment Plan 

    • Loan facility is available up to 80 percent of the paid-up policy and 90 percent of the policy that is in force. 
    • Limited premium paying term. 
    • The death benefit will be provided along with the final additional bonus and simple reversionary bonus. 
    • Accidental death and disability rider and term assurance riders are also available under the plan. 
    • Sum assured on death is the guaranteed SA on maturity or 10X of the annual premium, whichever is higher. 
  4. LIC Jeevan Lakshay 

    LIC Jeevan Lakshay is a complete family protection plan that provides protection and savings under a single plan. In case of death of the policyholder, the nominee receives the sum assured amount under natural death. 

    Features of LIC Jeevan Lakshay 

    • The plan offers both death and maturity benefits 
    • You will receive the part of the company’s profit if you purchase this plan 
    • Accidental death and disability rider and term assurance riders are also available under the plan
    • Annual income benefits i.e. 10 percent of the basic SA are paid as a death benefit 

Wrapping It Up!

LIC is a popular and trustworthy life insurance company that has been offering various life insurance products for Indians and NRIs like people living in Canada. With the LIC endowment plans, you can make sure that you receive protection and wealth creation without any involved risks. Various endowment plans provide you a section of the profits earned by the insurer depending on their performance.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:-

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