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An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death. [ 1 ] [ 2 ] These are long-term policies, often designed to repay a mortgage loan, with typical maturities between ten and thirty years within certain age limits.
The Life Insurance Corporation of India (LIC) is an Indian multinational public sector life insurance company headquartered in Mumbai. It is India's largest insurance company as well as the largest institutional investor with total assets under management worth ₹ 52.52 trillion (US$610 billion) as of March 2024. [ 4 ]
A whole life policy is said to "mature" at death or the maturity age of 100, whichever comes first. [2] To be more exact the maturity date will be the "policy anniversary nearest age 100". The policy becomes a "matured endowment" when the insured person lives past the stated maturity age. In that event the policy owner receives the face amount ...
The new owner takes on responsibility for future premium payments and collects the maturity value when the policy matures or the death benefit when the original life assured dies. Policyholders who sell their policies, no longer benefit from the life cover and should consider whether to take out alternative cover.
The basic sum assured is the minimum amount of life assurance payable on death; for endowment contracts it is also the minimum lump sum payable at maturity. The basic sum assured attracts reversionary bonuses which are used to distribute profits to the policy. Once a reversionary bonus is added it cannot be removed from the policy.
The with profits endowment policy was sold alongside an interest only mortgage. By only paying interest, mortgage repayments were kept low. By only paying interest, mortgage repayments were kept low. However, in addition the mortgage holder had to pay monthly premiums on their endowment which ran for the term of the mortgage, typically 25 years.
LIC Housing Finance Limited (LIC HFL) is the largest Housing Finance Company in India, with a registered corporate office in Mumbai. It is a deposit taking housing finance company, and it is a subsidiary of LIC , mainly providing long-term financing to people who purchase or construct residential houses or flats.
Unit linked funds insurance plans existed pre 2000. An early adopter for unit-linked insurance plan was launched by Unit Trust of India. [1] With the Government of India opening up the insurance sector to foreign investors in 2001 [2] and the subsequent issue of major guidelines for unit-linked insurance plans by the Insurance Regulatory and Development Authority, now the Insurance Regulatory ...