LIC 1 Crore Endowment plans are an ideal way of safeguarding the future of your loved ones and providing financial stability to them after your demise. These traditional life insurance plans offer the combined benefit of savings and protection, and are designed to offer comprehensive coverage of Rs. 1 Crore and above to the policyholder and help them to become financially independent.Read more
LIC of India caters to the insurance needs of every individual by providing LIC 1 Crore Endowment Plans. These plans offer coverage to your family of Rs. 1 Crore and above after your death as a Death Benefit. On the other hand, if you are alive till the end of the policy tenure, you can enjoy Maturity benefits of Rs. 1 Crore, which can be further utilized to fulfill your future objectives.
|Plan Name||Entry Age||Maturity Age||Policy Tenure|
|LIC Dhan Varsha||3-60 years||75 years||10 & 15 years|
|LIC Jeevan Lakshya||18-55 years||65 years||13-25 years|
|LIC Bima Jyoti||90 Days-60 years||75 years||15-20 years|
|LIC Jeevan Labh||8-59 years||75 years||16/21/25 years|
|LIC Bima Ratna||90 Days-65 years||65 years||15/20/25 years|
|LIC New Endowment Plan||8-55 years||75 years||12-35 years|
|LIC Single Premium Endowment Plan||90 Days-65 years||75 years||10-25 years|
|LIC New Jeevan Anand||18-50 years||75 years||15-35 years|
LIC 1 Crore Endowment plans offer the below-mentioned benefits that make it one of the ideal choices for investing your money. Have a look at them:
Security after Death
With LIC Endowment plans, the nominee of the plan will get a death benefit of Rs. 1 Crore, and you can ensure that your family continues living without compromising their basic needs.
Fulfilling Future Financial Goals
By investing in the LIC 1 Crore Endowment plan, you will get a maturity benefit of Rs.1 Crore if you survive till the end of the policy tenure.
Security for your post-retirement life
If you don't have a good strategy for your post-retirement life, living independently after retirement can get difficult. With LIC 1 Crore Endowment Policy, you can save your money effectively for your post-retirement life.
Premiums paid against LIC 1 Crore endowment plans are eligible for deductions under Section 80C of the Income Tax Act 1961.
If you are looking forward to buying LIC 1 Crore Endowment plan then these below pointers should be kept in mind:
High Coverage means High Premium
When you opt for a 1 Crore Endowment Plan, be prepared that the premium you need to pay will be on the higher side. For example, if you are an 18-year-old individual, planning to buy LIC Bima Jyoti with a Premium Paying Term of 15 years, and a Policy Term of 20 years, then the monthly premium you need to pay would be Rs. 68,667
Thus, before making a decision, analyze your needs properly, and then choose the best Endowment plan for yourself.
Customize the right plan according to your needs
LIC 1 Crore Endowment plans to allow the customers to customize their plan as per their personal needs. One can choose the policy tenure and premium payment frequency at their convenience. Thus, go through the policy brochure thoroughly and then choose your ideal plan.
Claim Settlement Ratio of the company
The Claim Settlement Ratio of the insurance company indicates the number of claims settled by the company during the financial year. The higher CSR of the life insurance company means higher chances of your hassle-free claim settlement. Thus, it is always recommended to check the claim settlement ratio of the company. The CSR of LIC is 98.62% of FY 2020-21, indicating the quick settlement of claims.
Free Look Period
The policyholder has a 15-day free-look period in life insurance during which they may cancel the plan if they are not satisfied with the terms and conditions.
A grace period of 15 to 30 days is given to the policyholder if the premium payment is delayed. The policy will get lapsed if the premiums are not paid during the grace period.
The policy is charged with a surrender value and a paid-up value after the completion of two policy years, which means that even if you stop making premium payments after two years, you will still receive a portion of the premiums and benefits.
To buy LIC plans from Policybazaar, follow the below steps:
Step 1: Visit the Life Insurance Corporation of India.
Step 2: Fill the form with your name and contact details.
Step 3: Click on “view plans”
Step 4: Put your dob and residing city
Step 5: Once done, you can check the plans available and customize them as per your needs.
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*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:- http://bit.ly/3J20bXZ