LIC reduces entry age for its new endowment plan to 50 years from 55

State-owned Life Insurance Corporation of India (LIC) has reduced the entry age for its new endowment plan to 50 years from 55, sources said. The revision is effective from October 1 this year.

Endowment is an insurance policy that provides life cover and maturity benefit. The life cover component provides a lump sum payout to nominees if the policyholder dies, while the other component gives a fixed payout given at the time of maturity.

LIC New Endowment Plan-914 is a participating endowment plan that offers the dual benefit of protection cum saving plan. LIC New endowment plan