LIC Endowment Plus Plan

This plan has been withdrawn by the insurance company and is no longer available for sale. LIC Endowment Plus Plan offers not only insurance on the policy holder's life but also gives its customers the option of savings.  A policyholder can choose to invest his funds in any one of the four types of investment funds available.  The unit fund under the LIC Endowment Plus Policy is subject to charges and its value may rise or fall depending on the Net Asset Value.

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6.7 Crore
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It is a unit-linked, individual, non-participating, life insurance plan.  

The premiums for the policy can be paid on a yearly, half-yearly, quarterly or monthly basis.

Eligibility Criteria for LIC Endowment PlusPlan

Here is a rundown of the basic eligibility criteria for the Endowment Plus plan by the Life Insurance Corporation of India (LIC of India):

  • The minimum age at entry is 90 days (completed)

  • The maximum age at entry is 50 years (nearer birthday)

  • The minimum maturity age is 18 years (completed)

  • The maximum maturity age is 60 years (nearer birthday)

  • The policy term can range from 10 – 20 years

  • The premium paying term will be the same as the policy term

  • The minimum premium amount is as follows:

    • Yearly – Rs 20000

    • Half-yearly – Rs 13000

    • Quarterly – Rs 8000

    • Monthly – Rs 3000

  • There is no limit to the maximum premium amount.

  • The basic sum assured is 10 times the annual premium paid.

Core Benefits of LIC EndowmentPlus Plan

Endowment Plus Plan by LIC comes packed with a wide range of benefits to offer. The key benefits of the LIC Endowment Plan are as follows:

Death Benefit

  • An amount equal to the Unit Fund Value can be claimed by the nominee in the event of the death of the policyholder before the date of the beginning of risk.

  • In the event of death of the policyholder after the date of the beginning of the risk, the highest amount of the following will be payable

  • Basic Sum Assured minus the Partial Withdrawals made during the 2 year period immediately prior to death.

  • Unit Fund Value or 105% of the total premium paid till the date of death minus the Partial Withdrawals made during the 2 year period immediately prior to death.

Maturity Benefit

The Unit Fund Value is payable in the event that the policyholder survives to the end of the term of the policy.

Rider Benefits

The policyholder of the LIC Endowment Plus Plan may avail of the Linked Accidental Death Benefit Rider.  This rider must be applied before the policy anniversary on which the age nearer the birthday of the policyholder is 55 years.  It is to be applied for a minimum of 5 years.  The Accident Benefit Rider Sum Assured is payable as a lump sum in the event of the death of the policyholder if this rider is applied.  

Partial Withdrawals

A policyholder may make partial withdrawals at any time after the fifth policy anniversary on the condition that all due premiums until the date of Partial Withdrawal are paid.  A policyholder can choose to withdraw fixed amounts or fixed numbers of units.  Partial Withdrawals will be deducted from the Unit Fund Value.


A policyholder has the option to switch between the four fund types during the term of the policy.  Switching Charges will be applicable.  Once the switch is complete, the entire Fund Value will be switched to the new fund.

Settlement Option

Using this option, a policyholder can receive the death benefits in instalments.  The death claim amount will be paid to the nominee as decided by the policyholder, during the term of the policy and no changes can be made by the nominee.

The instalments will be calculated as units starting from the day of intimation of death.  Partial withdrawal or switching of funds shall not be allowed by the nominee.

Documents Required to Apply for LIC Endowment Plus Plan

The documents required while claiming the LIC Endowment Plus Policy are as follows:

In the case of death benefit claim:

  • Original policy papers

  • NEFT Mandate

  • Application form

  • Death Certificate (in case of death of policyholder)

  • Address Proof

In the case of maturity benefit claim:

  • Application Form

  • Original policy papers

  • Address Proof

  • Proof of age

A policyholder may be requested to submit any other documents that the Corporation might need.

Online Purchase of LIC Endowment Plus Plan

Online purchase is one of the fastest and most convenient methods of procuring the policy.  With the emergence of safe gateways for money transfer, it is also a completely safe process.

Step 1:On the website of the company a customer must click on the “Products” button and search for the policy.

Step 2:Once a customer has located the LIC Endowment Plus Policy he must click on the “Buy Online” option.

Step 3:He must then supply all the information requested by the corporation, like name, gender, date of birth, address, contact number etc.

Step 4:The customer must then choose the financial parameters suitable to him.

Step 5:He then has to upload scanned copies of all the documents.

Step 6:He must then study the quote that he receives and make an online payment to complete the purchasing process.

Key Exclusions

The LIC Endowment Plus Policy has a separate clause for suicide. In the event that a policyholder commits suicide within 12 months from the date of the beginning of risk, the Corporation will not respond to any claims, except payment of the Unit Fund Value available on the date of intimation of the death of the policyholder.  

This amount will be handed over to the beneficiary of the policy, provided the policy is in full force. No other claims under this policy will be acknowledged by the Corporation.


  • Q1. Is there a grace period that can be availed under the LIC Endowment Plus Policy?

    A1. A grace period of 30 days is allowed for the payment of yearly, half-yearly and quarterly premiums, while 15 days is allowed for the payment of monthly premiums.  This is calculated from the date of the first unpaid premium.  The policy will remain in full force during the grace period, with the risk cover, unless the premium is not paid even after the grace period, in which case the policy will lapse.

    The rider premiums which are to be paid along with the base policy enjoy the same grace period.

  • Q2. Is it possible to receive the death benefit in instalments under the LIC Endowment Plus Policy?

    A2. Yes, the option to avail of the death benefit in instalment over a period of 5, 10 or 15 years is available, provided the policy is in full force and all the premiums have been paid.  The death claim is then paid to the nominee and no changes are allowed.  The nominee is not allowed to switch plans or add rider benefits.  

    The instalment is calculated by dividing the total number of units, on intimation of death by the total number of instalments.  The first instalment is payable at the date of intimation of death.  

  • Q3. Can the LIC Endowment Plus Plan be revived if the policy has been discontinued?

    A3. If premiums remain unpaid beyond the grace period, they will automatically lapse.  These lapsed policies can be revived in 3 consecutive years from the date of the first unpaid premium or up to the date of maturity, whichever is earlier.  The corporation holds the rights to deny the revival of a policy if they decide to so.  The rider benefits, if they have been used previously can be revived along with the base policy and not exclusively.

  • Q4. Can the LIC Endowment Plus Policy be surrendered?

    A4. Yes.  The policy can be surrendered anytime during the policy term if all due premiums have been paid on time.

    The Unit Fund Value will be payable to the policyholder after deducting the Discontinuance Charge if he applies for the surrender of the policy within the 5 year's lock-in period.

    The Unit Fund Value is payable to the policyholder if he applies for the surrender of the policy after the 5 year's lock-in period.  There will be no Discontinuance Charge levied.

  • Q5. Can a policyholder apply for a loan under the LIC Endowment Plus Plan?

    A5. No.  The policyholder cannot apply for any loan under this plan.

  • Q6. Is there a free lock period with the LIC Endowment Plan that a policyholder can avail?

    A6. There is a 15 day free look period that a policyholder can avail of if he is unsatisfied with the policy.  If the policy is returned to the corporation within this period then it will be cancelled and the premium will be returned.  However, some amount will be deducted from it towards stamp duty charges, cost of medical examination and any special reports etc.

  • Q7. What is the mode of premium payment under the LIC Endowment Plus Plan?

    A7. The premiums under this plan can be paid on a yearly, half-yearly, monthly or quarterly basis.  This model is subject to change by the policyholder on any of the policy anniversaries during the term of the policy.

*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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