LIC Endowment Assurance Policy

LIC Endowment Assurance Policy plan serves a dual purpose as it provides both life coverage and a sum assured endowment upon maturity of the policy. It helps the policyholders save an amount of money over a specified time and finally avail it at the end of the plan. If any unfortunate event takes place and the insured dies, the LIC endowment policy makes sure that the life coverage is paid to the beneficiaries listed by the deceased.

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LIC Endowment Assurance Policy plan generally spans 10, 15, or 20 years for a specific age limit.

Eligibility Criteria of LIC Endowment Assurance Policy

The eligibility criteria for the LIC Endowment Assurance Policy are laid down in a lenient manner so that the maximum number of people can take advantage of it. There are different plans under this one policy.

The eligibility criteria for different plans under LIC Endowment Assurance Policy are listed below:

For Basic Plan

  • Minimum age at entry: 8 (years completed)

  • Maximum age at entry: 55 years (last birthday)

  • Maximum maturity age: 75 years (last birthday)

  • Minimum term: 12 years

  • Maximum term: 35 years

One must meet the above requirements to opt for the basic plan under the endowment policy. One notable point here is that the minimum sum assured under the basic plan is 100,000 rupees, and there is no set limit for the maximum sum assured. Also, the basic sum assured will be in multiples of 5000 rupees.

Core Benefits of LIC Endowment Assurance Plan

There are three confirmed benefits associated with the LIC Endowment Assurance Policy along with some additional advantages depending upon if you choose to select them or not.

  • The primary benefit of this plan is that the risk component in this policy is next to nothing. Maturity benefit is 100% guaranteed without any issues upon the completion of the plan.

  • In addition to the maturity benefit, the policyholder’s loved ones have assured life coverage in case any calamity happens. Sum assured it is given to the beneficiaries nominated by the insured.  

  • Also, this plan lets the policyholder avail a number of tax benefits, details of which can be read in the brochure document.

*Tax benefit is subject to changes in tax laws.

Bonus under Endowment Assurance Policy

There are several additional bonuses added to this policy by many insurance companies along with the basic structure of the LIC Endowment Assurance Policy. Specific terms and conditions are inserted by different insurers agreeing to which one can claim the additional bonuses.

Two main divisions of additional bonuses are as follows:

Revisionary Bonus

Revisionary bonus is added to your sum assured annually in percentile manner that one can avail upon the maturity of the plan or death of the insured.

Terminal Bonus

Unlike revisionary bonus, it is added only at the maturity or the death of the insured, whichever comes first.

Benefits that one can purchase in the form of Riders

One can add some cover benefits to the basic LIC Endowment Assurance Policy in the form of riders.

A few cover benefits are listed below:

Accidental Death Cover

This cover adds an extra benefit to the sum assured and the basic death cover if the policyholder dies by an accident.

Cover against Critical Illness

This rider secures the insured in case he is diagnosed with any fatal disease such as kidney failure, cancer, or heart attack, etc.  

A lump sum amount is paid to the insured for clearing medical bills arising due to the severe illness.

Disability Rider

This rider assures the policyholder against any partial or complete disability. Financial support is provided to help fight life after disability if one adds this rider to the basic structure of the LIC Endowment Assurance Policy.

Hospital Cash Cover

This rider protects the insured upon hospitalization. A lump-sum daily allowance is provided if the nominee is hospitalized. Post-hospitalization medical bills are also covered under this rider.

Premium Waiver

An insured person can be exempt from paying premium upon permanent disability or critical illness if he adds this rider to the basic plan.

Benefits upon Maturity

Surviving the entire timespan of the LIC Endowment Assurance Policy provides the maturity benefit to the insured. The policyholder receives the sum assured along with a bonus if any. The amount to avail upon maturity of the plan is tax-free.

Premium Structure of LIC Endowment Assurance Plan Premium

The premium structure of the LIC Endowment Assurance Policy differs with age, and the net sum assured.  

The annual premium to be paid for a policy term of 20 years is shown below in tabular form for different ages and sums assured.


100,000 sum assured 

200,000 sum assured 

500,000 sum assured 













The amounts entered in the table are the payable premiums yearly for different age categories to avail different sums upon completing the plan or death of the insured, whichever comes first.

Documents Required

LIC Endowment Assurance Policy doesn't require a lot of documents to apply for, and all Indian nationals can opt for this assurance. Essential details that are needed to buy this policy are listed below.

Age proof

Age proof is required while buying this plan. One can show many documents in order to prove their age, some of which are given below.

  • Birth certificate

  • SSC LC certificate

  • Passport

  • Pan card


Passport size photographs will be required while applying for a LIC Endowment Assurance Policy.  

Filled-up application form

One will need to submit a proposal with all authentic details in it while buying the LIC Endowment Assurance Policy.

Residential Address Proof

One can submit the below documents as their address proof:

  • Voter ID card

  • Rental agreement

  • Passport

  • Ration card

  • Aadhaar card

  • Permanent driving license

  • Utility bills (water bill, electricity bill, gas bill) 

The Process to buy LIC Endowment Assurance Policy Online

The purchasing process of the LIC Endowment Assurance Policy has been made easy with the online buying system. One can apply from the comfort of their homes just by clicking through the website.

There is a standard and straightforward online procedure following which one can easily buy the LIC endowment assurance policy. The official LIC website is very user-friendly as it dictates every step of the procedure and makes it easier to follow:

Step 1:Go to the purchase link at the official website of the Life Insurance Corporation of India.

Step 2:Get yourself registered online through OTP.

Step 3:Then apply for the endowment policy. A form will appear after applying.

Step 4:Fill in the authentic details as asked.

Step 5:Upload required documents.

Step 6:Enter the payment details and complete the process after agreeing to all conditions.

Key Exclusions of the Plan

Exclusion is when the insurer becomes exempt from providing any or all benefits related to the agreed plan. In the case of endowment assurance policy, the leading cause of exclusion is suicide committed by the policyholder.

Committing suicide by the insured exempts the corporation from providing the agreed death benefits to the beneficiaries.  

  • If the nominee commits suicide within 12 months of the policy commencement date, the corporation will be liable to pay only 80% of the premiums paid till the date of death. One cannot claim anything more than the amount stated above.

  • In case of revival of the policy, if suicide is committed within 12 months of revival, the insurer will pay higher of two values available, one, 80% of the premiums paid till date, and the other being the surrender amount available on the date of death.

The insurer will not pay any bonus or added benefit when the insured has committed suicide. One cannot even claim the death benefit over the suicide of the life assured.


*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:-
++Returns are 10 years returns of Nifty 100 Index benchmark

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