LIC's Marriage Endowment/Educational Annuity Plan (Plan No. 90, UIN: 512N082V01) is an endowment assurance plan that provides benefits on or from the selected maturity date to meet the marriage/educational expenses of the named child.
Key Features:
- Provides a lump sum payment on maturity to help cover the marriage/educational expenses of the named child.
- Offers the option to receive the maturity benefit in 10 half-yearly installments.
- Provides additional benefits in the form of simple reversionary bonuses and a final additional bonus, if any.
- Allows for nomination of a beneficiary to receive the benefits in case of the policyholder's death.
- Offers tax benefits under Section 80C of the Income Tax Act, 1961.
Eligibility:
- Age: The policyholder's age must be between 18 and 50 years.
- Child's Age: The child's age must be between 0 and 12 years.
- Policy Term: Policy term options are 15, 20, 25, or 30 years.
Benefits:
- Maturity Benefit: On maturity, the sum assured along with vested simple reversionary bonuses and final additional bonus, if any, is payable. You can choose to receive the maturity benefit in a lump sum or in 10 half-yearly installments.
- Death Benefit: In case of the policyholder's death during the policy term, the sum assured, vested simple reversionary bonuses, and final additional bonus, if any, are payable to the nominee.
- Simple Reversionary Bonuses: Simple Reversionary Bonuses are declared periodically by LIC based on the plan's performance. These bonuses are added to the policy and earn further bonuses.
- Final Additional Bonus: A final additional bonus may be payable at the time of maturity or death, depending on the plan's performance.
- Tax Benefits: Premiums paid towards the policy are eligible for tax deduction under Section 80C of the Income Tax Act, 1961.
Documents Required:
- Proof of child's age: Birth certificate or other acceptable documents.
- Proof of identity and address: PAN card, driving license, voter ID, or other acceptable documents.
- Proof of income: Salary slip, bank statement, or other acceptable documents.
How to Apply:
You can apply for LIC's Marriage Endowment/Educational Annuity Plan online or through a LIC agent.
Here are the steps on how to apply online:
- Visit the LIC website.
- Click on the "Buy Online" tab.
- Select "LIC Marriage Endowment/Educational Annuity Plan" from the list of plans.
- Enter your details and contact information.
- Select your child's details and contact information.
- Select your preferred mode of premium payment.
- Review and submit the application form.
Here are the steps on how to apply through a LIC agent:
- Contact a LIC agent.
- Provide the agent with your details and contact information.
- Provide the agent with your child's details and contact information.
- The agent will assist you in completing the application form.
- Submit the application form and make the premium payment.
Please let me know if you have any other questions.
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