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:

  1. Visit the LIC website.
  2. Click on the "Buy Online" tab.
  3. Select "LIC Marriage Endowment/Educational Annuity Plan" from the list of plans.
  4. Enter your details and contact information.
  5. Select your child's details and contact information.
  6. Select your preferred mode of premium payment.
  7. Review and submit the application form.

Here are the steps on how to apply through a LIC agent:

  1. Contact a LIC agent.
  2. Provide the agent with your details and contact information.
  3. Provide the agent with your child's details and contact information.
  4. The agent will assist you in completing the application form.
  5. Submit the application form and make the premium payment.

Please let me know if you have any other questions.