LIC Endowment Assurance Policy
Why this policy was introduced?
LIC endowment assurance policy is a traditional endowment plan introduced by the Life Insurance Corporation of India. This plan is suitable for all the people of all the age and social group wishing to defend their family members from the financial problems that might occur in their future life due to their death.
What is the nature of this policy?
The assured amount if not paid due to his earlier death, it is payable at the end of the LIC endowment assurance policy term. This amount paid at the end can be invested in the annuity provision that might help the rest of the life of the policy holder.
What are the important features of this policy?
The important features of the LIC endowment assurance policy are listed below.
The policy makes provisions not only for the folks of the existence assured in the event of early death and also provides a lump sum amount at a desired age.
This lump sum amount can also be invested again in order to provide an annuity for the remaining period of the policy holder's life or at any other suitable time. Premiums can be paid for a selected term of years or up to the death which occurs during the term period of the LIC endowment assurance policy.
What are the benefits of this policy?
The benefits under this policy are
If the policy holder becomes disabled totally due to an accident before the age 70 years, then he is not required to pay the premiums further and the policy still continue to be in force. So it is important to pay premium at regular intervals.