Life Insurance Policy Return Calculator – Endowment Insurance Plan (Table 14) is the most basic endowment type insurance plan and is one of the most popular LIC plans of India. This post is meant to help you understand all the benefits of the plan in a simple way.
Please note that this plan has now been canceled and is no longer available for sale. You can read all the details of the latest version of the plan (available for sale) here -> New LIC Gift Plan (814)
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The online premium and benefit calculator of Endowment Insurance Scheme will help you understand the benefits of the scheme easily. Just submit your details to get full plan benefits in tabular format.
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Please note that the bonus rates shown in the calculations are based on the latest applicable rates and actual rates may vary depending on the Corporation’s practices.
To understand the benefits of Endowment Insurance Scheme (14), let’s see an example of someone who has taken this scheme. The life assured details for taking the policy are as follows.
The maturity benefit for the given example will be as follows. The bonus and final increment bonus rates are as per the latest bonus rates and may change in the future based on corporate experience.
If this benefit is chosen, an additional amount equal to the accident benefit sum assured is paid for accidental death, provided the driver is working at the time of the accident. In case of accidental permanent disability (within 180 days from the date of the accident) an amount equal to the AB Sum Assured will be paid in installments over 10 years and all additional premiums will be waived.
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A critical illness rider helps protect against financial loss in the event of a critical illness, up to and including life insurance.
This rider helps us get additional insurance coverage along with the coverage provided with the plan by paying a small additional premium.
The premium paid under the scheme will qualify for income tax benefit under section 80C of the Income Tax Act. The maturity amount of the policy will be exempt from tax under Section 10 (10D) of the Income Tax Act.
If you have doubts about the benefits of the plan, please feel free to post your queries in the comment section below.
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Anish LJ is a ‘Financial Planner’ and Fellow of the Chartered Insurance Institute (CII), London and the Insurance Institute of India. He is a financial, insurance and software consultant. He closely follows developments in finance, insurance and other related sectors.
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Not sure how much coverage you need? No problem, use our tool to find the right size and type of guide that’s best for you.
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Not sure what amount or policy coverage to get? We’ve got it, use our handy lifetime calculator to see what a financial planner would recommend.
This type of policy is ideal for protecting short-term needs such as mortgage protection or income protection. You don’t keep term life insurance coverage forever, but term policies have lower premiums.
One of the only guarantees we have is that we will eventually make it. Whole life (permanent) insurance is meant to protect you for your entire life. It can be used to cover final expenses, things like capital gains or for estate planning.
This fixed policy is the most flexible type. It can also be used as a 100 word policy. You can pay lower premiums or contribute additional funds to a universal life insurance policy that grows on a tax-free basis.
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Whether you have a medical condition that makes coverage difficult, or you just don’t want the hassle of needles and nurse appointments, no medical life insurance coverage is a perfect option. With only one medical application to obtain coverage, this convenient and popular option allows more people to receive coverage and protection than ever before.
Retired or recently retired in need of the right policy and coverage? We excel at finding solutions for our senior clients by partnering with competitive specialty premium life insurance companies.
Many people choose this type of mortgage life insurance policy through their lender, and unfortunately, this is not a good idea. Having an individual policy to cover the loan is better for several reasons. Ask us why!
Choice, flexibility and convenience. Gone are the days when one company was the best at everything. Let us do your due diligence and find the right coverage with the right company. Get started by using our policy and coverage quote tool and get a free quote.
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There are many types of policies to choose from, with different protection and investment features. For some, a term-specific policy may be better, while others may benefit more from a universal, permanent policy. Some people’s needs may be better served by a combination of types. Use our financial planning tool to determine the best solution for your needs.
It may be more than you think. To the people you love, you are priceless. Use our handy calculator to help determine the best amount of coverage to meet your needs and protect what’s most important to you.
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We work with over 20 insurance companies in Ontario to make sure you’re getting the best rate for your insurance, without compromise. We hope you want to save money!
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In 2016, 20.3 billion in insurance premiums were paid to 91 providers. With 91 vendors trying to win your business, it can be overwhelming to sort through them all and find the best company. Let’s make this as easy as possible for you!
As licensed independent insurance brokers, we are free to choose from dozens of insurance companies. We review their plans and processes and then make the best recommendations for your needs. We can clearly explain all the details about whole life, life expectancy, universal life, cash value, dividends, investment methods, tax considerations, estate planning and more.
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We understand that choosing life insurance is a sensitive and deeply personal topic. We are committed to our customers, always putting their best interest first. We don’t want to sell you a policy – we want to help you meet your needs in the best, most convenient and most cost-effective way possible.
Jordan was born in London, Ontario, but has lived across the province from Windsor to Sudbury. In 2014 Jordan earned the Life License Qualification Program (LLQP), and recently earned the Certified Financial Planner (CFP) designation. With early success in the financial services industry, Jordan is capable of quickly transitioning into management roles, creating a great work culture and team building in digital marketing strategies. These skills were used in the creation of Insurance, whose goal is to become an all-in-one advisory platform offering a wide range of financial products, all available digitally.
Jordan is engaged and has two daughters and a beautiful son. When Jordan is not working or with his family, you can find him on the golf course or playing basketball.
Gary was born in Guyana and moved to Toronto, Ontario at the age of 13. Gary received his Bachelor of Applied Science degree in Engineering in 1982. After working as an engineer with Texaco for four years, Gary realized he was looking for a career where he could meet and help people on a daily basis and started at London Life in 1982 .Became a successful life insurance consultant in 1986
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