LIC Limited Premium Endowment

LIC Limited Premium Endowment Policy 830

Table of Contents

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 of India 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)

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.

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