LIC New Endowment Plan vs. Term Life Insurance | #Shorts | EP. #206

The problem with LIC New Endowment Plan is, you have to pay over Rs. 3 lacs in Premium (Plus, GST of around 7k) per year to get a life coverage of Rs. 1 crore. Because you can get the same coverage using a Pure Term Plan for just Rs. 12,000 or so per year. And if you invest Rs. 3 lacs per year at 8% for 30 years. Your investment will be worth a whopping Rs. 3.5 crores. And that’s 50% more than what THIS LIC Endowment Plan is promising – which is 2.1 crores assuming a return of 8%.

And the worst part about this plan is that if you surrender the policy before 30 years, you may not even get back your full premiums. Because according to THIS illustration of the policy, if you pay the premiums for 25 years and then decide to surrender it, you will get only Rs. 74 lacs when the total premiums paid by you will be Rs. 78 lacs.

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