LIC Limited Premium Endowment Policy
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.
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.
|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.
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 Year||Maturity Age||Maturity Amount|
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|
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.
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
Office Address:-25,KG,Marg,Jeevan Prakash Building.
LIC of India,Branch Unit-117.
3rd floor,C.P. New Delhi-110001.