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.• 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 Anualized 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 Facillity is available under this plan, after payment of premiums for at least 2 full years.
• Income Tax Benefit: Premium paid under this plan is eligible for TAX rebate under section 80c.
• Maturity under this plan is free under sec 10(10D).