Marriage/Educational Annuity With Profit
Features
Special Features
Benefits
Policy Parameters
Suitable For
Features
The Marriage Endowment/ Educational annuity plan provides a sum assured to be kept aside for the expenses of marriage or higher education of the policyholder's children. Premiums under this plan are payable for a selected term or till death of the life assured. Benefits will be given only after the selected term.
Special Features
With the help of this policy one can earmark money exclusively for marriage or higher education of his children.
Under this plan the policy monies and bonus are paid only at the end of the selected term, irrespective of whether the policy holder survives till the term or not, i.e. the survival or death benefit is payable at the same time. Unlike in the case of other endowment policies, the policy benefits in the case of Marriage Endowment / Educational Annuity Plan are not released to the policy holder's family in case of his premature death, but retained by LIC and released only at the end of the originally selected term.
In case the policy holder were to die during the term of the policy, no further premiums are payable but the bonus continues to accrue for the full-term of the policy. The sum assured, plus the accumulated bonus for the full term, are then paid to the family at the end of the policy's term. Further, one can opt to receive the money either in one lump sum, or in ten half-yearly instalments, the former may be suitable if the policy is bought essentially for the purpose of a child's marriage and the latter if it is a provision for higher education.
In case, the Double Accident Benefit is availed, then an additional sum equal to the basic Sum Assured becomes payable immediately on death due to accident during the policy term.
Benefits
Survival Benefits
Sum Assured plus Bonus payable in lumpsum or sum assured plus bonus payable in 10 half-yearly installments at the option of the life assured.
Death Benefits
Sum Assured plus Bonus payable in lump sum or in 10 half-yearly instalments at the option of beneficiary.
Accident
Accident benefit equivalent to basic sum assured would be available by paying appropriate additional premiums in that behalf. An amount equivalent to Sum Assured become payable immediately.
Income Tax Rebate
Under Section 88 on premiums paid.
100% Income Tax free
Permanent disability, Maturity and Death Claims paid.
Policy Parameters
| | Min | Max | | Entry Age | 18 | 60 | | Sum Assured | 50000 | No limit | | Term | 5 | 25 |
| Mode of Payment | Max Maturity Age | Policy loan available | | Yearly, Half Yearly, Quarterly, Monthly, Salary Saving Scheme | 70 Years | Yes |
Non-medical General and Special schemes are applicable
Suitable For
Being an endowment assurance policy, this plan is apt for people with fluctuating income of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their untimely death.
The amount assured will become payable at the end of the endowment term when it can be invested in an annuity provision for the rest of the policyholder's life or in any other way he may think most suitable at that time.
The policyholder also has the option to receive the policy moneys in 10 equal half-yearly installments. If there is a death claim, then the beneficiaries can exercise their right instead.
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