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LIC -- ENDOWMENT ASSURANCE |
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Endowment Assurance Policy |
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Endowment Assurance Policy is a traditional endowment plan from Life Insurance Corporation of India. |
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Unique selling proposition |
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Premiums are payable for a selected term of years or untill death if it occurs during the policy term. Lump sum maturity benefits can be (as an option) invested in an annuity provision for rest of the policy holder's life. In case of policy holder becoming totally and permanently disabled, due to an accident and before reaching 70 years of age, all further premiums will be waived with the policy continuing to be in force. |
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Policy Benefit |
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Sum assured is payable either to the nominee / dependants in case of death of life assured during the policy term, or to the policy holder at the end of the policy term. |
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Eligibility parameters |
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Age at entry: minimum – 12 years; maximum – 65 years |
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Maximum age at maturity: 70 years |
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Policy term: minimum – 5 years; maximum – 55 years |
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Sum assured: minimum – Rs.50,000; maximum – no limit |
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Premium payment frequency: annual, semi-annual, quarterly, monthly, salary savings schemes (SSS) |
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Loan is available against the policy |
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Riders available |
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Accidental death and permanent disability benefit |
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Indicative Premium |
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Premium payable for a 25 year policy and a sum assured of Rs.10 lacs policy for a 30 year old male is Rs.37,818 |
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Tax benefits |
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Policy is eligible for tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961. |
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