Limited Premium Endowment Plan - 830
LIC's Limited Premium Endowment Plan is a participating non-linked plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.
Benefits
Death Benefit:
In case of death during the policy term, provided all due premiums have been paid, Death benefit, defined as sum of “Sum Assured on Death”, vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where, “Sum Assured on Death” is defined as the highest of 10 times of annualised premium or Guaranteed Sum Assured on Maturity i.e. Basic Sum Assured or Absolute amount assured to be paid on death i.e. 125% of Basic Sum Assured . This death benefit shall not be less than 105% of all the premiums paid as on date of death.
Premiums referred above exclude service tax, extra premium and rider premium(s), if any.
Premiums referred above exclude service tax, extra premium and rider premium(s), if any.
Maturity Benefit:
“Sum Assured on Maturity” equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.
Participation in profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.
Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity.
Optional Benefit: The policyholder has an option of availing the following Rider benefit(s):
1. LIC’s Accidental Death and Disability Benefit Rider
2. LIC’s New Term Assurance Rider
Rider sum assured cannot exceed the basic sum assured.
Participation in profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.
Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity.
Optional Benefit: The policyholder has an option of availing the following Rider benefit(s):
1. LIC’s Accidental Death and Disability Benefit Rider
2. LIC’s New Term Assurance Rider
Rider sum assured cannot exceed the basic sum assured.
Eligibility Conditions and Restrictions:
| Particulars | Description |
|---|---|
| Minimum Basic Sum Assured | Rs. 3,00,000 |
| Maximum Basic Sum Assured | No Limit |
| Policy Term | 12, 16 & 21 years |
| Premium Paying Term | 8 & 9 years |
| Minimum Age at entry | 18 years (completed) |
| Maximum Age at entry | 62 years (completed) |
| Premium mode | Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS) |
| Mode Rebate | Yearly mode - 2% of Tabular Premium Half-yearly mode - 1% of Tabular premium Quarterly & Salary deduction - NIL |
Revival:
If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium by paying all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation at the time of the payment, subject to submission of satisfactory evidence of continued insurability.
Revival of rider(s), if opted for, will be considered along with revival of the Basic Policy, and not in isolation.
Revival of rider(s), if opted for, will be considered along with revival of the Basic Policy, and not in isolation.
Paid-up Value:
If, after atleast two full years’ premium have been paid and any subsequent premiums be not duly paid, this policy shall not be wholly void, but shall subsist as a paid-up policy.
The Sum Assured on Death under a paid-up policy shall be reduced to such a sum, called‘Death Paid-up Sum Assured’ and shall bear the same ratio to the Sum Assured on Death as the number of premiums paid bears to the total number of premiums payable i.e. Death Paid-up Sum Assured = Sum Assured on Death * (no. of premiums paid / no. of premiums payable during the premium paying term). Death Paid-up Sum Assured along with along with vested simple reversionary bonuses, if any, is payable on death of the Life Assured during the policy term.
The Sum Assured on Maturity under a paid-up policy shall be reduced to such a sum called‘Maturity Paid-up Sum Assured’ and shall bear the same ratio to the Sum Assured on Maturity as the number of premiums paid bears to the total number of premiums payable i.e. Maturity Paid-up Sum Assured = Sum Assured on Maturity * (no. of premiums paid / no. of premiums payable). Maturity Paid-up Sum Assured along with along with vested simple reversionary bonuses, if any, is payable on expiry of the policy term.
A paid-up policy will not accrue any further bonuses.
Rider(s) do not acquire any paid-up value and the rider benefits cease to apply, if policy is in lapsed condition.
The Sum Assured on Death under a paid-up policy shall be reduced to such a sum, called‘Death Paid-up Sum Assured’ and shall bear the same ratio to the Sum Assured on Death as the number of premiums paid bears to the total number of premiums payable i.e. Death Paid-up Sum Assured = Sum Assured on Death * (no. of premiums paid / no. of premiums payable during the premium paying term). Death Paid-up Sum Assured along with along with vested simple reversionary bonuses, if any, is payable on death of the Life Assured during the policy term.
The Sum Assured on Maturity under a paid-up policy shall be reduced to such a sum called‘Maturity Paid-up Sum Assured’ and shall bear the same ratio to the Sum Assured on Maturity as the number of premiums paid bears to the total number of premiums payable i.e. Maturity Paid-up Sum Assured = Sum Assured on Maturity * (no. of premiums paid / no. of premiums payable). Maturity Paid-up Sum Assured along with along with vested simple reversionary bonuses, if any, is payable on expiry of the policy term.
A paid-up policy will not accrue any further bonuses.
Rider(s) do not acquire any paid-up value and the rider benefits cease to apply, if policy is in lapsed condition.
Surrender Value:
The policy can surrendered provided atleast two full years’ premiums have been paid. The Guaranteed Surrender value shall be percentage of total premiums paid (net of service tax) excluding extra premiums and premiums for rider(s), if opted for. This percentage will depend on the policy term and policy year in which the policy is surrendered.
In addition, the surrender value of any vested simple reversionary bonuses, if any, shall also be payable. The surrender value factors in percentage will depend on the policy term and policy year in which the policy is surrendered.
Corporation may, however, pay Special Surrender value, if it is more favorable to the Policyholder.
In addition, the surrender value of any vested simple reversionary bonuses, if any, shall also be payable. The surrender value factors in percentage will depend on the policy term and policy year in which the policy is surrendered.
Corporation may, however, pay Special Surrender value, if it is more favorable to the Policyholder.
Policy Loan:
Loan can be availed under the policy provided the policy has acquired a surrender value and subject to the terms and conditions as the company may specify from time to time.
Taxes:
Taxes including Service Tax, if any, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.
The amount of tax as per the prevailing rates shall be payable by the Policyholder on premiums including extra premiums, if any. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.
The amount of tax as per the prevailing rates shall be payable by the Policyholder on premiums including extra premiums, if any. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.
Cooling-off period:
If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 15 days from the date of receipt of the policy bond stating the reasons of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for basic plan and rider(s), if any) for the period on cover, expenses incurred on medical examination, special reports, if any and stamp duty.
Contact me 9899551897 or send your detail on satishkumar.licofindia@gmail.com to get your insurance plan.
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