This is an endowment assurance plan, specially designed for people who wish to protect their families from a financial crisis that may occur due to untimely death and in particular to meet the educational and marriage expenses of children.

Features
. Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, throughout the term of the policy or earlier death.

· Under this plan the policy monies and bonus are paid only at the end of the selected term, irrespective of whether the policy holder survives till the term or not, i.e. the survival or death benefit is payable at the same time. Unlike in the case of other endowment policies, the policy benefits in the case of Marriage Endowment / Educational Annuity Plan are not released to the policy holder’s family in case of his premature death, but retained by LIC and released only at the end of the originally selected term.

· In case the policyholder dies during the term of the policy, no further premiums are payable but the bonus continues to accrue for the full-term of the policy. The sum assured, plus the accumulated bonus for the full term, are then paid to the family at the end of the policy’s term. Further, one can opt to receive the money either in one lump sum, or in ten half-yearly installments, the former may be suitable if the policy is bought essentially for the purpose of a child marriage and the latter if it is a provision for higher education.

· In case, the Double Accident Benefit is availed, then an additional sum equal to the basic Sum Assured becomes payable immediately on death due to accident during the policy term

· Non-medical General and Special schemes are applicable

Benefits

Death benefit
The Sum Assured plus accumulated bonuses up to maturity is payable on maturity even though death occurs during policy term. This may be paid in a lump sum or in ten half-yearly installments at the option of the beneficiary.

Survival Benefits
· (Sum Assured + Bonus) payable in lump sum. Or
· (Sum Assured + Bonus) payable in 10 half-yearly installments at the option of the life assured

Extra Benefits (optional)
Extra benefits can be availed by paying extra premium

Surrender Value
Surrender value will be available under the plan on earlier termination of the contract.

Guaranteed Surrender Value:
The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium.

Accident Benefits
Accident benefit equivalent to basic sum assured would be available by paying appropriate additional premiums in that behalf. An amount equivalent to Sum assured become payable immediately.

Eligibility
· Minimum entry age: 18 years
· Maximum entry age: 60 years
· Maximum maturity age: 70 years
· Minimum Sum Assured: Rs.30,000
· Maximum Sum Assured: No Limit
· Policy Term: 5 to 25 Years
· Mode of Payment: All Modes

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