LIC Endowment Plan Calculator

Endowment plan has been the mainstay of life insurance in the Indian household, catering to long-term goals envisaged in financial planning. An endowment plan is essentially an agreement between the insurer and the policyholder, specially designed to pay a lump-sum amount at the end of a mutually defined term or on death, whichever is earlier. The endowment plan’s contours are defined explicitly with maturity terms, age restrictions, and accruals during the policy’s currency.

Read more
Best Investment Options
  • Save upto ₹46,800 in tax under Sec 80C

  • Inbuilt Life Cover

  • Tax Free Returns Unlike FD

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Get Guaranteed returns along with life cover
invest in 100% Guaranteed Return Plans Tax benefits under sec 80C & No Tax on returns*
+91
View Plans
Please wait. We Are Processing..
Plans available only for people of Indian origin By clicking on "View Plans", you agree to our Privacy Policy and Terms of Use #For a 55 year on investment of 20Lacs #Discount offered by insurance company Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp

Some endowment plans offer additional riders to enhance the Sum Assured to cover unforeseen events.

The LIC Endowment Plan Calculator Plan combines protection and savings elements to financially support the deceased policyholder’s family. The LIC Premium Calculator helps the applicant with the wherewithal about the plan to purchase. It is a handy tool that provides answers to design the plan, the contours suiting the preferences and financial capability to sustain the policy in the long run.

Eligibility Criteria

The LIC Endowment Plan Calculator Policy eligibility norms are checked using the versatile Premium Calculator tool provided in the LIC’s official portal. It is an uncomplicated way to know in advance what the plan will return in the long run to match the individual’s future goals. The calculator asks a few simple questions to get you started. The endowment plan can be designed with the outcome to the following inputs, not necessarily in this sequence.

  • Applicants Name, Middle Name, and Surname
  • Enter Date of Birth to automatically display Age
  • Gender
  • Phone number
  • Email ID
  • Select Plan Name
  • Define the Policy Term
  • Enter the planned Sum Assured
  • Select Premium Payment frequency
  • Mark the appropriate Check Box for the Rider
  • Click on the Get Quote Button

Your queries are answered in a matter of minutes, to help arrive at an informed decision. The crucial input in this module is the plan name, which helps you to navigate and restrict your inputs to the eligibility norms defined in the named plan. For example, if the minimum sum assured in the plan is Rs.1 Lakh, the premium calculator sum assured field will prompt you to enter Rs.1 Lakh and above.

Core Benefits of LIC Endowment Plans

The LIC Endowment Plan Calculator Plan provides a host of benefits. It is a versatile, yet powerful tool to help predict the financials as a guide to match with one’s credentials. The basis for choosing an Endowment Plan is building a corpus in the long-term in consonance with the applicant’s present financial status. Some of the benefits are described below:

  • The Premium Calculator is a user-friendly tool seeking simple inputs, which requires no special expertise.
  • Starting from the essential personal information, all the other inputs are prompted for easy navigation till the desired output is obtained.
  • The LIC Endowment Plan Calculator Policy allows the option to compare up to three plans with identical parameters.
  • There are two ways to check for future financials through the Quick Quote option.
    • Get the premium for your entered sum assured
    • Get the prospective sum assured by entering the premium you can afford to pay
  • The Premium Calculator projects accurate results, preventing any ambiguity in the financials of the chosen plan.

Premium Structure of LIC Endowment Plans

The LIC Endowment Plan Calculator Policy offers two options - to pay the premium in the regular frequency of yearly, half-yearly, quarterly, and monthly installments, or as a single premium for the desired Sum Assured. The Premium Calculator helps in answering your queries in both situations. Let us check a few samples in hypothetical situations to get greater clarity.

LIC New Endorsement Plan (with Accident Benefit Rider)

The yearly premium (inclusive of 18% GST) payable by a 30 years standard life male for Rs.5 Lakh Sum Assured is:

  • Policy Term 15 years: Rs.35305
  • Policy Term 20 years: Rs.25142
  • Policy Term 25 years: Rs.19560

LIC Single Premium Endowment Plan

The premium (inclusive of 18% GST) payable by a 30 years standard life male for Rs.5 Lakh Sum Assured is:

  • Policy Term 15 years: Rs.320884
  • Policy Term 20 years: Rs.270315
  • Policy Term 25 years: Rs.230370

Documents Required for LIC Endowment Plan

The documents required for buying a LIC Endowment Plan Calculator Plan are standard primarily focused on KYC compliance. The copies of documents must be those that are accepted as Officially Valid. The following are mandatory:

  • Identity Proof- Any of the Photo OVD comprising an Aadhaar card, PAN card, EPIC, Passport, Driving License, among others, are accepted.
  • Date of Birth Proof- Any OVD where the date of birth is explicitly mentioned, besides the Birth Certificate and School Leaving Certificate.
  • Address Proof- Any OVD with address, besides widely accepted utility bills.
  • Bank Account Details- It is mandatory for policyholders who have chosen the monthly premium payment frequency to fulfil the NACH’s requirement or the Salary Savings route.
  • Latest Photograph
  • Duly filled and signed Proposal Form.

The Process to Buy LIC Endowment Plan Online

The availability of suitable digital platforms has revolutionized the buying of the LIC Endowment Plan Calculator Policy. The customer can visit the LIC’s official portal or any aggregator to avail of their services. It is also sensible to use the Premium Calculator to model a policy with defined contours to help arrive at an informed decision. The Premium Calculator is designed to display the proposed premium for a Sum Assured and its Maturity amount, inclusive of prospective Simple reversionary and Final Additional Bonus. Customers can additionally get detailed information on the surrender, loan value, and future returns.

The defined steps for buying the policy online are described below briefly for easy comprehension.  

Step 1: Visit the LIC of India portal and either invoke the online service portal or select the plan to invoke the “Buy Online” option.

Step 2: Enter the basic personal information, including gender, date of birth, and communication details.

Step 3: In the next step, the policy framework and financials are finalized for processing and quote generation.

Step 4: Approve the received quote and complete the online form with all the requisite information and scanned documents upload.

Step 5: Pay the premium online and comply with other underwriting norms for the LIC Endowment Plan Calculator Policy, if any, to sign off.

Exclusions for LIC Endowment Plan

Understanding the claim process is intrinsic to life insurance, and exclusions are the essential factors that impact the settlement process. It makes sense to scan the policy document’s fine print to comprehend the impact of exclusions to ensure a seamless claim settlement in the future. Some of the necessary items for special attention are:

Suicide Clause

This clause is invoked when the policyholder commits suicide with twelve months of risk commencement or the revival date, and the policy is void. However, 80% of the premium paid is refunded after recovering charges and incidental expenses.

Critical Illness

It is applicable when the policyholder chooses the Critical Illness Rider covering 15 listed Critical Illnesses. Since the Critical Illness Rider is invoked upon diagnosis, it is incumbent for the policyholder to check for clauses and provisions regarding Sum Assured payment after complying with the Waiting and Survival norms.  

FAQs

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.

**Tax benefit is subject to changes in tax laws

Written By: PolicyBazaar - Updated: 05 July 2021
Search
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Newsletter
Sign up for newsletter
Sign up our newsletter and get email about LIC India.

Investment plans articles

Recent Articles
Popular Articles
RD Calculator (Recurring Deposit)

08 Dec 2021

Just like any other investment option, Recurring Deposit is also...
Read more
How to Invest Money

25 Nov 2021

The investment made today is the asset created for tomorrow...
Read more
Gold Bonds in India for NRIs

24 Nov 2021

Gold is an asset whose value increases over time that may be...
Read more
PIS Account for NRI

24 Nov 2021

Non-Resident Indians can operate in the recognized stock...
Read more
Process to Fill SSY Form in Post Office?

20 Nov 2021

The Sukanya Samriddhi Yojana (SSY) is a post office scheme...
Read more
Best LIC Policies For Investment in 2022
When it comes to purchasing a life insurance plan, 'LIC policies' are the most popular choice for customers. LIC...
Read more
Short Term Investments Options
Short-term investments can be described as temporary investments or marketable securities, which can be easily...
Read more
Post Office Monthly Income Scheme - MIS Interest Rate 2022
Are you looking for an investment avenue that is safe and secure, earns substantial returns with a short locking...
Read more
SBI Life Insurance Plans in India
SBI Life Insurance, a joint venture between State Bank of India (SBI) and BNP Paribas Assurance, provides...
Read more
State Bank Of India Investment Plans
Monthly investments plan is a popular investment options for individuals who wants to gain a profitable investment...
Read more
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL