Endowment Insurance plans at one time were the most popular and in demand policies in India. Endowment plans are very popular as they serve two purposes life cover and savings. Since the private players came in the market , ULIP 's seemed more attractive and were taken over by the other policies. Last year, of the new insurance policies sold by private insurance companies Ulips accounted for around 90% of the policies. Although ULIPS are hot cakes at the moment,yet for Life Insurance Corporation of India (LIC),their endowment policies are the main policies being sold in today's scenario.

Following are certain things that individuals should consider about endowment policies:-

Jeevan Saral Lic Plan

This is an Endowment Assurance plan where the proposer has simply to choose the amount and mode of premium payment. The plan provides financial protection against death throughout the term of the plan. LICs Jeevan Saral brings you
• Higher cover
• Smooth return
• Liquidity and
• Considerable flexibility

Features
• Under this plan death cover will be same irrespective of age at entry and term.
• The sum payable at maturity however differs for different entry ages and terms.
• This plan is very appropriate for employees seeking life cover through Salary Savings Schemes.
• Premiums are payable yearly, half-yearly, quarterly, or monthly through salary deductions as opted by you throughout the term of the policy or till earlier death.

LOYALTY ADDITIONS

This is an endowment assurance plan, specially designed for people who wish to protect their families from a financial crisis that may occur due to untimely death and in particular to meet the educational and marriage expenses of children.

Features
. Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, throughout the term of the policy or earlier death.

Lic Jeevan Saathi Plan

It is an Endowment Assurance Plan which is ideal for employed couples. The plan provides financial protection against death of both the lives.

Features
· This plan is issued on the lives of husband and wife
· It pays the maturity amount on survival of one or both the lives to the end of the policy term.
· Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions throughout the term of the policy or till the first death of the lives covered, whichever is earlier.

Benefits

Death & Maturity Benefit
· Sum assured along with accumulated bonus is payable on date of maturity if both lives survive up to date of maturity.

Lic of India Plans

It is an Endowment assurance plan specially designed for the handicapped persons.

Features
• The basic sum assured can be paid to beneficiary on the date of maturity or death, whichever is earlier.
• Premiums are payable yearly, half-yearly, quarterly, monthly.
• The premium can also be paid in one lump sum.
• Premium paying terms are Between 10 to 25 yrs
• Payment of benefits will be on the basis of 20% as a lump sum and balance 80% to secure an annuity.
Handicapped dependent predeceases the life assured
• In the event of the handicapped dependent pre-deceasing the life assured, the life assured has the option to:
o Surrender the policy or continue it by paying premium.
o Life assured also has option to receive full sum assured in lump sum or on a 20% to 80% basis.

Benefits

Benefits on maturity or earlier death

LIC's Jeevan Anand Plan has got both the features of an Endowment Plan & a Whole-Life Insurance Plan. This is a with-profit plan and provides financial protection against death throughout the lifetime of the life assured with the provision of payment of a lump sum at the end of the selected term in case of his survival.

Eligibility
Minimum age at entry: 18 years
Maximum age at entry: 65 years
Minimum Term: 5 years
Maximum Term: 7 years
Maximum age at maturity: 75 years
Loan: available against this policy

How does the Plan work?
In case the policy holder dies during the term of the policy, the beneficiary is paid the sum assured & the accrued bonuses after which the policy will terminate.