LIC's Endowment Plan (Table No - 14)

LIC's Endowment Plan (Table No - 14)

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LIC's Endowment Plan has always been one of the very popular plans. The table number of this plan of LIC is 14. This scheme has been discontinued on Jan 01, 2014. This means that LIC's Endowment Plan is not available for purchase and sale from Jan 01, 2014 onwards.

But those who have purchased LIC's Endowment Plan (Table No. 14) before the date Jan 01, 2014. They will continue to get all the benefits of this policy. This is one of the major reasons due to which this article of "Jeevan Bima Bazaar" is presenting the information about Endowment Insurance Policy with the help of it. So that if you need any information about this scheme then you can easily get it.

Features of LIC's Endowment Plan-

LIC's Endowment Plan used to pay a lump sum amount on maturity along with Life Insurance cover. The maturity payout of this plan can be used to get pension in old age or to meet other major needs.

The policyholder could choose the term of the policy while buying LIC's Endowment Plan. But with the issuance of the policy, the premium for this policy was required to be deposited till the term as selected by the policyholder. The basic feature of LIC's Endowment Plan was that the plan offered both Life Insurance Cover and Savings Plan benefits at a simple premium rate.

Plan parameters-

Age at Entry	Min. 12 yrs, Max. 65 yrs
Maturity Age	Max. 75 yrs
Sum Assured	Min. ₹50,000, Max. No Limit
Policy Term	Min. 5 yrs, Max. 55 yrs
Mode of Payment	Yly/Hly/Qly/Mly/SSS
Loan Availability	Yes
Housing Loan	Yes
Assignment	Yes
Revival	Yes
Surrender	Yes

Maturity Benefits-

The Vested Bonus and Final Additional Bonus (if any) along with the Sum Assured is paid on the maturity date of LIC's Endowment Policy (Plan No. 14).Provided that all premiums of the policy have been paid.

Death Benefit-

In case of death during the policy term, the Sum Assured plus vested bonus is paid to the nominee. Final Additional Bonus is also paid to the nominee if the policy premium is paid for a period of 17 years or more. Provided that the policy is in full in-force at the time of death of the policyholder.

Accident Benefit-

In LIC's Endowment Plan, one can avail several benefits by paying an additional premium of Re 1 per thousand Sum Assured every year in case of death due to accident or permanent disability due to accident.