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This plan has double roles to play. Firstly, this plan is applicable for safeguarding a family after the untimely death of the policyholder. Secondly, after maturity, it provides a handsome amount of money to the policyholder. After the end of each year, this policy has to offer a bonus amount which will be added to the main amount.
The name itself suggests that this plan is a limited-period offer. The meaning is the premiums that need to be paid are limited. After the end of certain years, the policyholder doesn't need to pay them anymore. This is one of the most attractive features of this plan. For example, if this policy is going to mature after 12 years then the policyholder has to pay premiums for at least 8 years. After that time period, they don't have to bear the payments. The amount of the actual policy will be paid fully if the policyholder dies unnaturally before maturity and also if it matures naturally.
LIC Premium Endowment Plan offers you a range of benefits including:
Minimum Age - 30 days Maximum Age - 65 years
Maximum Maturity Age - 75 years
10 to 25 years
Single Premium
Annual, half-yearly, quarterly & monthly
Rs 1 lakh to No limit
Let's understand how the LIC Premium Endowment Plan works with a simple premium illustration.
Mr. Verma is looking for a life plan that also provides financial safety to his family even in his absence along with maturity benefits.
His financial advisor advised him to buy the LIC Premium Endowment Plan. He visited PolicyX.com
Let's understand how the LIC Premium Endowment Plan works for him with a premium illustration table.
| Age of policyholder | Policy Term | Basic sum assured | Annual Premiums |
| 30 years | 10 years | Rs 1 lakh | Rs 78,010 |
Here are some features of LIC Premium Endowment:
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Here is the list of documents required to buy the LIC Premium Endowment Plan:
Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.
You can buy the LIC Premium Endowment official website or one of their nearest branch offices.
Visit the official website of PolicyX.com.
Click on the ‘Investment’ tab.
A new page will appear on the screen.
Fill out the form at the top of the page with the necessary details.
Select your income and city. Click on 'Proceed'.
Update your education and occupation details.
Choose your preferred plan and click on 'Buy this plan'.
Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
Visit the official website of Life Insurance Corporation of India.
Hover over the 'Wealth Creation'.
Click on the 'LIC Premium Endowment'.
Click on ‘Buy Online’ and you will be redirected to a new page.
Enter your name and contact information. One of their representatives will reach out to you and discuss the quotes.
Once discussed you can make the premium payment and get the policy documents.
You can buy the LIC Premium Endowment Plan offline by visiting one of their nearest branch offices. One of their representatives will help you buy the plan.
Compare and buy the most suitable Life Insurance Plan from the below-mentioned IRDAI-approved Life Insurance companies.
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Naval Goel is the Founder and CEO of PolicyX.com (IRDA- Approved Insurance Comparison Website). He is a CFA charter holder (USA) and FRM (GARP). He holds an MBA from IIFT, Delhi, and is also an Associate from the Insurance Institute of India. Naval is an avid investor and entrepreneur who has a deep understanding of the Indian equity market and insurance sector. He has been investing for more than 10 years now and is a CFA charter holder.
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