LIC International Double Cover Endowment Plan Review

LIC International Double Cover Endowment Plan Review

LIC International provides insurance services in Gulf countries for NRIs living over there. LIC International Double Cover is the Endowment Life Insurance Policy which gives you your money back along with bonuses incurred on the maturity of your policy.

Double cover plan gives you two benefits – Endowment & Term Insurance plan.

Under this plan, on the date of maturity, the sum assured together with the vested bonus will be paid. In the event of the policyholder’s death, two times of basic sum assured will be paid along with vested bonus thus providing the benefit of both endowment as well as term assurance.

You can also get a loan against this policy in case of emergency.

My Opinion

Surprisingly LIC international has no where mentioned that how much premium they will charge for how much of life insurance cover on their website. And that’s why I am sure that, the premium won’t be cheap.

They have mentioned on their website that minimum and maximum sum assured are US $ 2500 to US $ 100,000. But they have not mentioned that how much premium will be there for how much of the life insurance cover.

And on the top of this they have not mentioned anywhere that how they will grow our money. Means weather they will invest it in equity or in debts or combination of both.

All of these questions are very important when you are going to invest for 10,20, 30 years of time horizon. So in my opinion, rather than going for this opaque endowment policy, it is advisable to go for Term Insurance Plan + Pure Equity Mutual funds to build your retirement corpus as well as to protect your life.