LIC Limited Premium Endowment

LIC Limited Premium Endowment

LIC Limited Premium Endowment

LIC Limited Premium Endowment Policy

BUY ONLINE LIC'S LIMITED PREMIUM PLAN

BUY ONLINE LIC’S THIS PLAN

LIC Limited Premium Endowment  (LIC TABLE NO 830) is a traditional plan which means not a market based. This policy provides risk cover and Returns both.This plan has an option of Limited Period premium payment. Limited Premium Endowment Policy will be declared Bonus every year. Limited Premium Endowment is also a Conventional Endowment Plan which means it is a combination of saving and insurance coverage policy. Customers are provided to choose optional term of the policy like 12, 16 and 21 years and premium paying term like 8 or 9 years only.


Parameters

Minimum age at Entry – 18 years (Completed).

Maximum age at Entry

Term of the Policy Premium Payment Term 8 Years      Premium Payment Term 9 Years
12 Max. age is 57 years Max. age is 62 years
16 Max. age is 59 years Max. age is 59 years
21 Max. age is 54 years Max. age is 54 years
Policy Term 12, 16, 21 years.
Premium Payment Term 8, 9 years.
Min. Sum Assured Rs. 3,00,000.
Max. Sum Assured No Limit.
Premium payment mode SSS, ECS, Quarterly, Half Yearly and Yearly.
Max. Accident Death Benefit 1 Crore.

LIC Limited Endowment Plan Rebates

There are 2 rebates in this policy one is Mode Rebate and another is Sum Assured Rebate given below.

Mode Rebate:

Premium Payment Mode Percentage
Yearly Mode 2% of Tabular Premium
Half yearly Mode 1% of Tabular Premium
Quarterly and Monthly Nil

High Sum Assured Rebate: High Sum assured Rebate Based on Sum assured as under.

Basic Sum Assured (BSA) or Policy Value Rebate per Rs. 1000 /- Sum Assured
3,00,000 to 4,90,000 NIL
5,00,000 to 9,90,000 0.50 %of B.S.A
10,00,000 and Above 0.75% of B.S.A

LIC Limited Premium Endowment Policy Maturity  Benefits

LIC Bima Plan 830  provides two types of benefits. One is Maturity Benefit and other is Death Benefit.

Maturity Benefit: Sum assured + Bonus + Final Additional Bonus.

LIC Limited Premium Endowment Plan Death Benefits

Death Benefit:Sum assured on death+ Bonus + Final Additional Bonus(FAB) if any.

“Sum assured on Death” Means higher amount among 10 times of yearly premium and 125 % of sum assured.

LIC Limited Period Endowment Policy Surrender Value

If policy surrendered with-in first 2 years from the date of purchasing the policy then person will not get anything even paid premium also not given back. After 2 years Policy can be surrender the policy.

After 2 years, if premium is not paid then policy becomes reduced paid up means policy value will be changed based on premium paid till that time. No Bonus will be added. But policy will not become inactive fully. Sum assured on death becomes reduced paid up sum assured amount and maturity sum assured becomes reduced paid up sum assured.

Riders Available

LIC Accidental Death and Disability Benefit Rider.

LIC New Term Assurance Rider.

LIC Limited Premium Endowment Policy Loan Facility

Loan is available in this policy.

Minimum 2 years premium should be paid to get eligible for taking loan.

Maximum Loan amount granted will be,

90% for in force policy

80% for paid up policy

Benefit Example for LIC plan 830

An example of VINOD who is purchasing this Plan with following details.
Sum Assured: Rs. 600000
Premium Paying term: 9 Years
Policy Term: 21 Years
Policy Purchase Year: 2016
Age: 25 Years
Premium: Rs. 44709(Yearly)

Premium Calculator-LIC Limited Premium Endowment Plan 830

Please Select Only Plan No-830

Maturity Details

Maturity Year Maturity Age Maturity Amount
2037 46 1302600

For each year during the term of policy, LIC declares Bonus (Per Thousand of Sum Assured) for that particular year. This policy is also eligible for Final Addition bonus after certain number of years. As the policy term progresses, these benefits in the form of Bonuses keep accumulating and at the time of maturity, policy holder gets lump sum amount i.e. Sum Assured + Bonus. In case of death during the policy term, nominee gets sum assured + bonus accumulated up to that period. Year-wise and Age-wise benefits in case of death is mention below.

Year Age Risk Cover Normal Risk Cover Accidental Premium Tax Saved Net Premium Amount Received
2016 25 780600 1380600 44709 12944 31766 0
2017 26 811200 1411200 43927 12944 30984 0
2018 27 841800 1441800 43927 12944 30984 0
2019 28 872400 1472400 43927 12944 30984 0
2020 29 903000 1503000 43927 12944 30984 0
2021 30 933600 1533600 43927 12944 30984 0
2022 31 964200 1564200 43927 12944 30984 0
2023 32 994800 1594800 43927 12944 30984 0
2024 33 1025400 1625400 43927 12944 30984 0
2025 34 1056000 1656000 0 0 0 0
2026 35 1086600 1686600 0 0 0 0
2027 36 1117200 1717200 0 0 0 0
2028 37 1147800 1747800 0 0 0 0
2029 38 1178400 1778400 0 0 0 0
2030 39 1221000 1821000 0 0 0 0
2031 40 1254600 1854600 0 0 0 0
2032 41 1288200 1888200 0 0 0 0
2033 42 1321800 1921800 0 0 0 0
2034 43 1361400 1961400 0 0 0 0
2035 44 1404000 2004000 0 0 0 0
2036 45 1452600 2052600 0 0 0 0
2037 46 0 0 0 0 0 1302600

Additional Information

Above example illustrates that premium paying stops after 9 years and maturity receives after completion of 12th year. This example also includes double accidental benefit which gives the nominee an extra amount equal to sum assured in case of accidental death.

Revival: Policy should be revived before 2 years from last unpaid premium.

Loan Facility: Loan Facilities are available.

Riders Facility: Available.

Suicide Clause: If Policy Holder Committed Suicide within 12 month from date of taking the policy 80% of paid premium will be returned back. If committed suicide after 12 month. Full Sum assured + Bonus will be paid to the nominee.

Cooling off Period: Policy holder can return back policy within 15 days from date of receiving the policy.

Date Backing Facility: Possible.

Proposal Form : Form No 300 only.

BUY ONLINE LIC'S LIMITED PREMIUM PLAN

BUY ONLINE LIC’S THIS PLAN

Services that I offer

  • New LIC Policy Quotes and Completion
  • Complete guidance
  • Doorstep Premium Collection Service
  • Personalized Policy Recommendations
  • Renewal / Revival of Lapsed Policies
  • Human Life Value Calculation
  • Life Time Services

FOR MORE INFORMATION PLEASE CONTACT -:

BASPA NAND PANCHOLI

CON.9891009400

Office Address:-25,KG,Marg,Jeevan Prakash Building.

LIC of India,Branch Unit-117.

3rd floor,C.P. New Delhi-110001.

ENDOWMENT PLAN                                

LIC New Endowment

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LIC’s Jeevan Rakshak Plan Table no 827

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