Limited Premium Endowment Plan 830
LIC Limited Premium Endowment Plan is a participating non-market-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.
LIC Limited Premium Endowment Plan is best for those who want to pay for short term and get lump-sum for Children Education, marriage or any other purpose. Under this plan premium payment is 8 or 9 years only but maturity on 12, 16 and 21 years makes affordable to all classes. This plan also suits well for IT sector employees as the premium paying term is reachable to all.
• Minimum Basic Sum Assured: Rs. 3,00,000/-
• Maximum Basic Sum Assured: No Limit
• Policy Term: 12 year or 16 year or 21 year
• Premium Paying Term: 8 year or 9 year
• Minimum Entry Age: 18 years (completed)
• Maximum Entry Age: 62 years (nearer birthday)
• Maximum Age at Maturity for Life Assured: 75 years
• Mode of Premium Payment: Yearly, half-yearly, quarterly & monthly
• Accidental Death & Disability Benefit Rider is available on payment of additional premium.
LIC’s Limited Premium Endowment Benefit Details
• On Death: “Sum Assured + Vested Bonus + FAB if any.”
• Where ‘S.A. on Death’ is defined as the higher of
i. 10 times of Annualized Premium, OR
ii. 105%of all Premiums paid as on death OR
iii. 125%of Basic Sum-Assured.
• On Survival : On survival Basic Sum Assured + Vested Bonus + FAB if any.
• Surrendered Value: The Policy can be surrendered at any time during the policy term provided atleast 2 full years premiums have been paid.
• Loan : Loan Facility is available under this plan, after payment of premiums for at least 2 full years.
• Income Tax Benefit: ( Please refer latest tax rules )
Premium paid under this plan is eligible for TAX rebate under section 80c.
Maturity under this plan is free under sec 10(10D).