The Life Insurance Corporation of India (LIC) offers several programmes for various consumer groups, with monthly investment opportunities starting at Rs. 500. It now allows you to earn a higher return even if you save and invest as little as Rs 74 per day, thanks to frequent changes and revisions made by LIC to its Endowment Policy.
The LIC New Endowment Plan is an appealing blend of saving and protection features. It is a non-linked, participating individual life assurance plan. Because of this combination, the surviving policyholders receive a large lump sum payment at maturity as well as financial assistance for the decedent’s family at any point before maturity. This plan also addresses the issue of liquidity through its credit facility.
Under this policy, the minimum and maximum admission ages are 8 and 75 years, respectively. The policy’s minimum and maximum terms are 12 and 35 years, respectively. If someone buys this policy at the age of 20, the minimum annual premium for 15-year insurance is Rs 6,978, Rs 3,930 for a 25-year policy term, and Rs 27,54 for a 35-year policy term for a total assured of Rs 1 lakh.
You can get this coverage in your child’s name if they are 8 or 9 years old and the monthly investment is not prohibitively expensive. If your child is under the age of eight, you may purchase coverage in your name. This policy term is appropriate for customers who want to invest a small sum over time, such as monthly or annually.