Marriage Endowment / Education Annuity Plan
Marriage Endowment / Education Annuity Plan
THIS PLAN IS NO LONGER AVAILABLE.
Please choose from other lic plans below:
| Other LIC Plans | |||
|---|---|---|---|
| Term Plans | Endowment Plans | Money-Back Plans | Children Plans |
| Anmol Jeevan | New Endowment Assurance | Money-Back 20 years | Jeevan Tarun |
| Amulya Jeevan | New Jeevan Anand | Money-Back 25 years | Children's Money Back |
| Jeevan Lakshya | |||
| Jeevan Rakshak | |||
| Limited Premium Endowment | |||
Marriage Endowment / Education Annuity Plan
(THIS PLAN IS NO LONGER AVAILABLE)
Marriage Endowment / Education Annuity Plan (Plan No. 90)
This is an endowment plan for children. The purpose of this
policy is to arrange for child’s marriage or higher education. This policy
helps parents to fulfill their objective of child’s marriage / higher education
even if they are not alive.
U/S 80 C : Premiums paid under this plan are eligible for tax rebate u/s 80C
U/S 10(D) : Maturity Returns / Death claim amount is also tax free u/s 10 (D)
On Accidental Death
In case, the policy holder dies due to an accident, the accidental sum assured will be immediately given to the nominee and all future premiums will be waived off. The policy will still continue as usual. The maturity returns will be paid to the nominee at end of the policy term.
He will pay annual premium of Rs 8,967.00 (Rupees Eight Thousand Nine Hundred and Sixty Seven only).
The maturity amount under this policy can be taken lump-sum
or in 10 installments of six months each.
This is an insurance plan on parents life where child is the beneficiary or nominee.
Features
- Lowest premium among plans for children
- Inbuilt Premium Waiver Benefit (PWB)
- Double Accidental Benefit
- Option to get maturity returns in 10 installments of six months each or in lump-sum
- Double Tax Benefit
- Loan can be taken against the policy @9% interest
Eligibility Conditions
| Minimum age at entry | 18 years |
| Maximum age at entry | 60 years |
| Minimum Term | 5 years |
| Maximum Term | 25 years |
| Maximum age at maturity | 70 years |
| Minimum sum assured | Rs 50,000.00 |
| Maximum sum assured | No higher limit |
Double Tax Benefit
U/S 10(D) : Maturity Returns / Death claim amount is also tax free u/s 10 (D)
Possible Events during policy duration
On Death
If the policy holder dies during the policy term, all future premiums will be waived off and the policy will continue as usual. The maturity returns will be paid to the nominee on completion of the policy term.
If the policy holder dies during the policy term, all future premiums will be waived off and the policy will continue as usual. The maturity returns will be paid to the nominee on completion of the policy term.
On Accidental Death
In case, the policy holder dies due to an accident, the accidental sum assured will be immediately given to the nominee and all future premiums will be waived off. The policy will still continue as usual. The maturity returns will be paid to the nominee at end of the policy term.
On Maturity
The nominee will get the Sum Assured along with the accrued bonuses. The maturity amount can be taken lump-sum or in 10 installments of six months each.
Understand Marriage Endowment / Education Annuity Plan with an example
Mr. Sandeep aged 30 years takes Marriage Endowment / Education Annuity Plan to make provision for his 3 year old daughter's marriage. He chooses sum assured of Rs 2,00,000.00 (Rupees Two Lakhs only) and the term of 21 years.
Possible Events
On Death
If Mr. Sandeep dies during the policy term, all future premiums will be waived off and the policy will continue as usual. At the end of the policy term, his nominee will receive the sum assured along with the accrued bonuses.
On Accidental Death
In case, Mr Sandeep dies due to an accident, his nominee will receive the accidental sum assured (Rs 2,00,000.00) immediately and all future premiums will be waived off. The policy will continue as usual. At the end of the policy term his nominee will receive the sum assured along with the accrued bonuses.
On Maturity
If Mr. Sandeep survives till the policy end date, he will receive the sum assured along with the accrued bonuses.
| Other LIC Plans | |||
|---|---|---|---|
| Term Plans | Endowment Plans | Money-Back Plans | Children Plans |
| Anmol Jeevan | New Endowment Assurance | Money-Back 20 years | Jeevan Tarun |
| Amulya Jeevan | New Jeevan Anand | Money-Back 25 years | Children's Money Back |
| Jeevan Lakshya | |||
| Jeevan Rakshak | |||
| Limited Premium Endowment | |||
