Government company Life Insurance Corporation of India (LIC) has reduced the maximum age limit for entry into its New Endowment Plan-914 from 55 years to 50 years.
That is, now only people up to the age of 50 will be able to take the endowment plan. According to sources, this change has become effective from October 1, 2024.
According to this, ‘As per the new surrender norms, the maximum age of entry into LIC’s ‘New Endowment Plan’ has been reduced from 55 to 50 years.’
LIC’s New Endowment Plan-914 is a participating endowment plan and it provides dual benefits of protection and savings plan. LIC’s New Endowment Plan provides both death and maturity benefits. Endowment plan is a type of life insurance policy which not only provides life insurance cover but also maturity benefits. In case of death of the policyholder during the policy period, a lump sum amount is provided to his family and under the maturity component, a fixed payment is provided at the time of maturity.
LIC has reduced the entry age probably because the life expectancy rate of people increases after a certain age.
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