LIC Endowment Plus 802 has been withdrawn by the company. There is a new version of the plan under Plan no. 935 named LIC’s New Endowment Plus. The withdrawn plan offered the scope of investing as well as insurance protection to the policyholder. One had the option to choose from 4 different funds that policyholders could choose per the NAV of the funds.Read more
Now withdrawn, LIC Endowment Plus was a unit-linked, non-participating, individual, life insurance plan. Premium payment for this plan can be done monthly, yearly, half-yearly, or quarterly. It came with the choice of 4 fund options that policyholders could invest in per their risk appetite. On policy maturity, the fund value is paid out to the policyholder as the maturity benefit. On the death of the policyholder, the fund value or the sum assured on death (whichever is higher) is paid out to the nominees.
LIC offers its online portal wherein policyholders could check the premiums and maturity payouts by inserting certain inputs. The LIC Endowment Plus 802 Maturity Calculator was designed for users to calculate the benefits and the premiums of the plan prior to purchase.
It is an online tool that allows you to estimate the premiums against your desired maturity benefit and death benefit. Given the market-linked nature of the plan, the calculated benefits may differ with respect to the unpredictable market performance of the fund option chosen. Based on the results displayed, you can pick an option that perfectly suits your requirements. In a way, the tool helps you in your financial decision making, allowing you to accommodate your investments in the best way possible.
The calculator allows you to choose the expected rate of return on the premiums invested to give accurate estimates.
You can also choose the rider benefit against accidental death and disability to get an estimate of the change in premium payments and the subsequent benefit amount.
Such calculators factor in your age, annual income, fund option, expected rate of return, amount to invest to calculate the maturity benefit.
The tool is featured on the official platforms of LIC, thereby indicating the reliability of the tool.
The tool also eliminates any miscommunication that could happen while talking to an agent.
The results are instant and the tool can be accessed from the comfort of your home.
If you feel like the maturity benefit or returns are not as per your expectations, you have the option to tweak the inputs to arrive at your desired coverage.
In order to enter the required fields in the LIC Endowment Plus 802 maturity calculator correctly, you should be aware of the following eligibility criteria:
|Premium Paying Term
|Same as the policy term
|Premium Payment Option
|Single & Regular
|Subject to the annualized premium and the premium payment option
The following table illustrates the funds available so you can understand the kind of returns to expect on your investments.
|At least 60% in Government guaranteed securities and corporate debt funds; rest in market-linked instruments
|Low to Medium Risk
|At least 45% in Government guaranteed securities and corporate debt funds; rest in market-linked instruments
|At least 30% in Government guaranteed securities and corporate debt funds; rest in market-linked instruments
|Balanced Income & Growth
|At least 20% in Government guaranteed securities and corporate debt funds; rest in market-linked instruments
|Long term Capital Growth
*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