LIC’S LIMITED PREMIUM ENDOWMENT PLAN (TABLE NO. 830)
LIC LIMITED PREMIUM ENDOWMENT PLAN is a combined benefit of saving and protection,you can call a short term plan also. Because in this plan insured have 3 terms (12 , 16 , and 21 years) but premium paying terms are ( 8 and 9 years) that’s why we called a limited premium .Those who planned for short term, this plan is a best option for them.
WHY CHOOSE THIS PLAN:
- Plan for short term.
- Policy terms are 12 , 16 & 21 yrs But premium paying terms are 8 & 9 yrs.
- Accidental death & Disability benefit rider facility available.
- Plan for 80c & 10(10D) tax benefit.
BENEFITS OF PLAN:
ON DEATH: If insured dies during the policy term , then nominee will get SUM ASSURED on death . simple reversionary bonus and final additional bonus , if any , shall be payable. The sum assured on death equals 125% of basic sum assured OR 10 times the annualized premium OR 105 % of all premium. The death benefits would not be less than 105% of all the premiums paid as on the date of insured death.
ON MATURITY: On maturity insured will get , sum assured along with vested simple reversionary bonuses and final additional , if any , shall be payable . where sum assured on maturity is equal to basic sum assured.
PLAN PARAMETERS
| Age of Entry | 18 to 62 years |
| Premium Paying Mode | Yearly, Half Yearly, Quarterly, Monthly (ECS Only) |
| Premium Payment Term | 8 or 9 Years (Fixed) |
| Policy Term | 12, 16 and 21 Years (Fixed) |
| Basic Sum Assured | 300000 and above ( in multiple of 10000) |
| Policy Revival | within 2 year |
| Rebate Premiums | 2% on yearly, 1% on Half Yearly, Nil on Quarterly |
| Loan | After 2 years |
| Surrender | After 2 years of full premium payment |
| Guaranteed Surrender Value | From 30% to Maximum 80% of total premium paid |