LIC International Participating Endowment Plan Review

LIC International Participating Endowment Plan Review

LIC International Participating is the Endowment plan. Endowment plan means here you pay annual premium for first 5 years or up to the entire tenure of the policy (Eligibility is 12 to 65 years) and later on, on maturity, you will get back this money along with bonuses if you survive.

The minimum sum assured is US $ 2500 and

The policyholder has an option to choose Accident Benefitduringtheterm of the policy or up to the age of 70, whichever is earlier. In case of total and permanent disability arising as a result of an accident, all future premiums to the extent of sum assured equivalent to accident benefit sum assured are waived and an amount equal to accident benefit sum assured will be paid in equal monthly installments spread over for 10 years.
In the event of unfortunate accidental death during the term, an additional amount equal to accident benefit sum assured is paid along with the claim.

You can also raise loan against your this policy with any bank.

My Opinion

LIC has not clearly mentioned anywhere in its product brochure that how much premium they will charge from the customers and how much will be the life insurance cover?

Thus, this is a very opaque policy and we don’t have any idea about various charges associated with this policy. When we are going to lock-in our money for the long term, it is very important to know the various policy related charges because in the long run the compound interest works best in favour of you.

Thus, in my opinion, rather than going for Endowment plans, it is advisable to go for Pure Term Insurance Plan + Equity Mutual Funds.