Sentences with phrase «basic endowment plan»
New endowment plan (814) and Jeevan Pragati (838) are basic endowment plans of LIC which are quite similar to each other except increasing life cover in case of Jeevan Pragati.
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However, unlike a basic term plan, an endowment plan has the return component, i.e. it pays an endowment to the policyholder.
This term plans offer you the option of converting your basic term plan into a whole life insurance plan or investing in an endowment policy, after spending a stipulated amount of time in the pure term plan.
An endowment plan not only offers all the basic benefits of a life insurance plan but also some additional benefits like «double endowment», «educational endowment», «marriage endowment» plans etc..
This plan choice provides endowment + whole life option benefits in which the endowment benefits is equal basic assured sum in case the insured survives till 100 years of age or on demise before in the extension period.
However, the basic working principle for an endowment plan is common for all.
This includes a basic life cover, endowment plans, new age ULIPs, annuities and a pension plan which gives you regular income even after your retirement.
Death Sum assured in case of New endowment plan (814) will be same as basic sum assured while it will increase every five in case of Jeevan Pragati (838) and the same has been explained in the death claim table.