The Life Insurance Corporation of India (LIC) has several programmes for various consumer groups, and there are investment opportunities starting at a little Rs. 500 each month. It now helps you obtain a greater return even if you save and invest an amount as low as Rs 74 each day, thanks to frequent modifications and revisions made by LIC to its Endowment Policy.
Read More: Want to opt for car loan? These banks are offering lowest interest rates
The New Endowment Plan from LIC is an appealing blend of saving and protection characteristics. It is a non-linked, participating, individual life assurance plan. The surviving policyholders receive a large lump sum payment at maturity as well as financial help for the decedent’s family at any point before maturity thanks to this combination. Through its credit facility, this plan also addresses the issue of liquidity.
The minimum and maximum admission ages under this policy are 8 and 75 years, respectively. The minimum and maximum policy terms are 12 and 35 years, respectively. The minimum annual premium for 15-year insurance will be Rs 6,978, Rs 3,930 for a 25-year policy term, and Rs 27,54 for a 35-year policy term if someone purchases this policy at the age of 20 for a total assured of Rs 1 lakh.
If your child is 8 or 9 years old and the monthly investment is not excessive, you can get this coverage in their name. You may purchase the coverage in your name if your child is under the age of eight. This policy term is suitable for customers who want to invest a small sum over a longer period of time, such as monthly or annually.
