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An Endowment Assurance Policy is offered by an LIC life insurance company that provides financial protection against death throughout the term of the plan. It pays the Maturity amount on survival to the end of the policy term.
An endowment policy is an investment life insurance plan that provides life coverage and savings benefits. It pays out a lump sum either at the policy's maturity or to the beneficiary in the event of the policyholder's demise during the term.
LIC (Life Insurance Corporation of India) is a reputable insurer in India, and they offer a range of endowment policies. The suitability of an LIC endowment policy depends on your specific financial objectives and goals.
The maturity proceeds from an endowment policy are typically not taxable. However, it's essential to understand the terms and conditions before buying a policy.
The return on an endowment policy can be calculated by comparing the total maturity amount or death benefit received with the total premiums paid over the policy term. The actual return can vary based on factors like policy duration and bonus additions.
Endowment policies require you to pay regular premiums. These premiums cover both insurance costs and savings. The policy matures at the end of a predetermined term, at which point you receive a lump sum, or in the event of your demise during the policy term, the sum assured is paid to your beneficiary.
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