Endowment Plans
An endowment policy is a plan that combines the benefit of insurance as well as investment. i.e. an insurance cover, as well as build a risk-free savings corpus
Life cover:
Endowment plans pay a lump sum amount to the nominee in case of unfortunate death of policy holder.
Maturity benefits:
The unique feature of endowment plans is that sum assured is guaranteed on maturity. On completion of the tenure of the policy, the policy holder receives the sum assured as the maturity benefit.
There are two types of endowment policies:
- With profit
- Without profit
The maturity proceeds of a with profits endowment policy includes vested bonuses as well as final additional bonus declared.
Endowment policies have historically constituted a big portion of LICs product profile. In fact, LIC agents take genuine pride in saying that they have taught the habit of saving to the masses in India thru endowment policies.
Some important Endowment plans are given here:
| Sr. No. | Product Name | Date of Launch | Plan No | UIN No |
|---|---|---|---|---|
| 1 | LIC's Bima Jyoti | 20.12.2021 | 860 | 512N339V02 |
| 2 | LIC's Bachat Plus | 15.03.2021 | 861 | 512N340V01 |
| 3 | LIC's New Endowment Plan | 01.02.2020 | 914 | 512N277V02 |
| 4 | LIC's New Jeevan Anand | 01.02.2020 | 915 | 512N279V02 |
| 5 | LIC's Single Premium Endowment Plan | 01.02.2020 | 917 | 512N283V02 |
| 6 | LIC's Jeevan Lakshya | 01.02.2020 | 933 | 512N297V02 |
| 7 | LIC's Jeevan Labh | 01.02.2020 | 936 | 512N304V02 |
| 8 | LIC's Aadhaar Stambh | 01.02.2020 | 943 | 512N310V02 |
| 9 | LIC's Aadhaar Shila | 01.02.2020 | 944 | 512N309V02 |