LIC Endowment Plus Plan

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.

Switching

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.

LIC Resources

FAQs