Eligibility Criteria for LIC Endowment Plus 802: A Comprehensive Overview

Introduction to LIC Endowment Plus 802
Eligibility Criteria for LIC Endowment Plus 802
Age Limit
Investment Amounts of LIC Endowment Plus 802
Key Features Of The LIC Endowment Plus 802 Maturity Calculator
Benefits of Investing in LIC Endowment Plus 802
Tax Implications on LIC Endowment Plus 802 Maturity Calculator
Tips for Making the Most of Your Investment in LIC Endowment Plus 802

Are you looking for a secure and reliable investment option that offers long-term benefits? Look no further than the LIC Endowment Plus 802. This popular investment plan from Life Insurance Corporation of India has been specifically designed to cater to the needs of individuals seeking financial stability and growth. However, before investing in this policy, it’s important to understand its eligibility criteria thoroughly. In this comprehensive overview, we’ll take a deep dive into the various requirements and conditions necessary to invest in LIC Endowment Plus 802. So buckle up and get ready for an insightful journey towards securing your financial future!

Introduction to LIC Endowment Plus 802

LIC’s Endowment Plus plan is a Participating Non-Linked Endowment Life Insurance plan. It offers financial protection in case of death of the policyholder during the policy term. In addition, it also provides for maturity benefits in case the policyholder survives the policy term. The key features and benefits of LIC’s Endowment Plus plan are as follows:

Financial protection against death: In case of death of the policyholder during the policy term, the nominee will receive sum assured plus accrued bonuses.

Maturity benefit: On survival of the policy term, the policyholder will receive sum assured plus accrued bonuses.

Bonus declaration: Bonuses are declared at the end of each financial year and are not guaranteed. They form a part of the guaranteed benefits under this plan.

Policy loan facility: Policyholders can avail of a loan against their policies after completing at least two years’ premiums. The loan amount cannot exceed 75% of surrender value or 95% of loan eligibility, whichever is lower.

Eligibility criteria for LIC’s Endowment Plus Plan:

 Minimum entry age             18 years (lasts till 60 years)

 Maximum entry age              55 years 

 Policy term                    10 to 20 years

 Premium payment frequency     Yearly, Half-yearly, Quarterly, Monthly (through ECS only)

Eligibility Criteria for LIC Endowment Plus 802

To be eligible for LIC Endowment Plus 802, the policyholder must:

-Be between the ages of 18 and 55

-have a regular income

-be a resident of India

-have a valid bank account

Age Limit

The minimum age for taking out an LIC Endowment Plus policy is 8 years, with no upper age limit. This makes the policy ideal for people of all ages, from young adults to seniors.

Investment Amounts of LIC Endowment Plus 802

The LIC Endowment Plus 802 plan is a non-participating whole life insurance policy that offers guaranteed protection for the policyholder’s family in the event of their untimely death. The minimum sum assured under this policy is Rs.1,00,000 and the maximum sum assured is Rs.50,00,000. The policy term is 12 years and the premium paying term is 10 years.

The minimum investment amount for this policy is Rs.5,000 per annum and the maximum investment amount is Rs.1,00,000 per annum. The LIC Endowment Plus 802 plan offers two options for investment – monthly and yearly. Under the monthly option, the policyholder can make 12 monthly payments of Rs.4,167 each. Under the yearly option, the policyholder can make a single payment of Rs.50,000 at the beginning of each year.

The LIC Endowment Plus 802 plan provides death benefits in the form of a lump sum payment to the beneficiary equal to the sum assured plus accrued bonuses (if any). In case of survival to the end of the policy term, the maturity benefit payable will be equal to the sum assured plus accrued bonuses (if any). This plan also offers an optional rider known as the Accident Benefit Rider which provides additional financial protection in case of accidental death during the policy term

Key Features Of The LIC Endowment Plus 802 Maturity Calculator

The LIC Endowment Plus 802 Maturity Calculator is an online tool that can help you determine whether you are eligible for the LIC Endowment Plus policy. The calculator takes into account a number of factors, including your age, gender, smoking status, and health history.

If you are a smoker, the calculator will take this into account when determining your eligibility for the policy. If you have a history of health problems, the calculator will also take this into account.

The calculator will also take into account your current lifestyle and whether or not you are likely to continue with it in the future. This includes factors such as your current job situation and whether or not you have any dependents.

Once you have input all of the required information, the calculator will give you an estimate of your chances of being accepted for the LIC Endowment Plus policy. This estimate is based on the information that you have provided and is not a guarantee of acceptance.

Benefits of Investing in LIC Endowment Plus 802

There are several benefits of investing in LIC Endowment Plus 802. Some of these benefits are:

1) The policy provides for a death benefit in the event of the policyholder’s death during the policy term. If the policyholder dies during the policy term, their nominees will receive the sum assured plus any bonuses that have accrued on the policy.

2) The policy also provides for a maturity benefit. If the policyholder survives to the end of the policy term, they will receive the sum assured plus any bonuses that have accrued on the policy.

3) The policy givesPolicyholders the flexibility to choose from a wide range of investment options. They can choose to invest in either equity or debt instruments, depending on their risk appetite and financial goals.

4) The policy also offers Policyholders partial withdrawal facility, which allows them to withdraw a portion of their investment after completing five years of continuous premium payment. This facility can be used to meet unexpected financial requirements without having to surrender the entire policy.

5) Another key benefit of this policy is that it offers income tax benefits under section 80C and 10(10D) of the Income Tax Act, 1961.

Tax Implications on LIC Endowment Plus 802 Maturity Calculator

When it comes to tax implications, the LIC Endowment Plus 802 Maturity Calculator can be a helpful tool. This calculator can help you determine the taxable portion of your maturity payout, as well as the tax rate that will apply to that amount.

It is important to note that the maturity payout from an endowment policy is generally considered to be taxable income. However, there are a few exceptions to this rule. For instance, if you use the proceeds from your policy to purchase a annuity, the annuity income may be eligible for special tax treatment.

In addition, if you have owned your policy for more than 10 years, you may be able to take advantage of the “10-year rule.” Under this rule, a portion of your maturity payout may be excluded from taxation if it is used to pay for qualified expenses, such as college tuition or long-term care costs.

 Ultimately, it is important to consult with a tax advisor to determine how the taxes on your endowment policy will be calculated. The LIC Endowment Plus 802 Maturity Calculator can be a helpful tool in this process, but it is not a substitute for professional tax advice.

Tips for Making the Most of Your Investment in LIC Endowment Plus 802

When it comes to making the most of your investment in LIC Endowment Plus 802, there are a few key things to keep in mind. First and foremost, remember that this is a long-term investment. That means you shouldn’t expect immediate results or overnight success. Instead, focus on the big picture and think about your goals for the future.

In addition, keep in mind that this is an investment in your health and well-being. So make sure to take care of yourself and stay healthy! Eat right, exercise regularly, and get plenty of rest. By taking care of yourself, you’ll be more likely to see positive results from your investment in LIC Endowment Plus 802.

Remember to stay disciplined with your finances. This is important with any investment, but it’s especially important with something like LIC Endowment Plus 802. Make sure you’re contributing regularly and not withdrawing funds early. By staying disciplined, you’ll maximize the potential growth of your investment and reach your financial goals sooner than you might think!