LIC - Comparison of Products - Whole Life, Endowment Plans

WHOLE LIFE PLAN

The Premiums are payable throughout the life time of the assured. This is the cheapast form of Policy. If payment of premiums ceases after 3 years premiums are paid, a free paid-up policy for such reduced sum will be secured sum will be secured provided, the reduced sum assured exclusive of any bonus is not less than Rs250/-. Such reduced paid-up Policy will not be entitled to participate in the profits declared thereafter but bonus already declared will remain attached to the policy.

ENDOWMENT ASSURANCE POLICY

This is the most popular form of life assurance, since it is not only makes provision for the family of the life Assured in the event of his early death but provides a lumpsum at any desired age. The amount assured if not paid by reason of his earlier death, becomes payable at the end of the endowment term. The premium paying term is restricted to maximum of 25 years for endowment without project plan, No loan will be granted under this plan on the policies issued on the lives of children, until the policy vests in the life assured.

JEEVAN ANAND

Jeevan Anand Plan is the Combination plan  of Whole Life Plan and Endowment .

Benefits
(a) Survival benefits:  Sum assured along with vested bonuses payable at the end of the premium paying team.

(b) Death benefit: Sum assured along with vested bonus are payable on death during the premium paying term.

(c) Simple Reversionary Bonus accures during premiumpaying term and is payable at the end of the premium paying term or on earlier death alongwith final dditional bonus.

(d) Accident Benefits : The double Accident Benefit is available during the premium paying term and thereafter upto age 70.

Loan will be granted against the surrender value of the policy after payment of premium for atleast 3 years.