Marriage Fund Plan IN Nagpur

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Marriage Fund Plan : 

                                                     LIC Marriage Endowment/ Education Annuity Plan is a child policy such that Sum Assured plus Bonus would be paid for the child’ s benefit on the term’ s maturity even if the Life Insured dies before. Thus, nothing is payable immediately to the nominee on death of the Life Insured, unless accidental; only the future premiums are waived and paid by the company such that the Maturity Benefit of the Sum Assured plus Bonus is duly paid.
Key Features of LIC Marriage Endowment / Education Annuity Plan :

  • Premium needs to be paid till maturity or earlier death.
  • There are inbuilt benefits like Premium Waiver Benefit and Accidental Death Benefit.
  • There are additional riders like Critical Illness Benefit and Term Benefit riders.
  • On Maturity the Life Insured or his nominee would receive the Sum Assured + Bonus.
  • The proposer or his nominee has the option to get the Maturity Amount in 10 half-yearly instalments.                         
  • Benefits you get from LIC Marriage Endowment / Education Annuity Plan                              Death Benefit – In case of death of the Life Insured, the nominee would not get anything immediately. The future premiums would be waived and the Sum Assured plus Bonus would be paid on the terms maturity.
    However, on Accidental Death basic Sum Assured is paid in addition to the above mentioned.
     Maturity Benefit – On maturity, the life insured or his nominee gets the Sum Assured plus Bonus.
     Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C.                                                                                                                                                                            

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