LIC Limited Premium Endowment Plan (No 830) Review
LIC’s Limited Premium Endowment Plan is a Non-Linked Plan with a combination of savings and protection. LIC Limited Premium Endowment Plan introduced on 09th December 2014 by Life Insurance Corporation. The Unique Identification Number is 512N293V01. In the case of unfortunate death of the Life Assured, financial support is provided to the family members by the Endowment Plan. Policyholder gets the lump sum amount at the time of Maturity for surviving till the end of the Policy Term.
It is a Limited Period Premium Payment Plan which provides the loan at the time of liquidity need. On Payment of additional Premium Accident Death Benefit Rider, New Term Assurance Rider is available for the Life Assured. The Policy Term is 12,16 and 21 years in which the premium paying term may be 8 and 9 years.
Eligibility Conditions for LIC Limited Premium Endowment Policy
Minimum Entry Age: 18 years.
Maximum Entry Age depends on the different terms of the Policy which is tabulated below.
|Policy Term (in years)||Premium Paying Term 8 years||Premium Paying Term 9 years|
|12||57 years of Maximum Age||62 years of Maximum Age|
|16||59 years of Maximum Age||59 years of Maximum Age|
|21||54 years of Maximum Age||54 years of Maximum Age|
|Minimum Basic Sum Assured||Rs 3,00,000/-.|
|Maximum Basic Sum Assured||No Limit.
The Basic Sum Assured shall be multiples of Rs 10,000/-.
|Policy Term||12,16 and 21 years.|
|Premium Paying Term||8 and 9 years.|
|Premium Payment Mode||Monthly (ECS), Quarterly, Half Yearly or Yearly.|
Benefits of LIC Limited Premium Endowment Plan 830
- Death Benefit: On the sudden death of the Policyholder within the Policy term, the Sum Assured on Death along with vested simple reversionary bonus and a final additional bonus is payable. The Sum Assured on death is 125% of the basic sum assured or 10 times of the annualized premium which should not be less than 105% of all premiums paid as on date of death.
- Maturity Benefit: If the Life Assured survives till the end of the policy term, Maturity Benefit is provided which is Sum Assured on Maturity + simple reversionary bonus + Final Additional Bonus (FAB).
Sum Assured on Maturity = Basic Sum Assured.
LIC Limited Premium Endowment Plan Riders
The Policyholder can avail the benefits of Riders on payment of additional premium along with the basic plan. The Riders in LIC’s Limited Premium Endowment Plan are.
LIC’s Accidental Death and Disability Benefit Rider: This rider is available to opt within the premium paying term by the Policyholder. If Sudden Death occurs to the Life Assured, the Nominee will receive the Accident Benefit Sum Assured. On Disability of the Proposer due to the accident, the Accident Benefit Sum Assured is paid for a period of 10 years and all future premiums of Basic Plan which is equal to the Accident Benefit Sum Assured will be waived off.
Eligibility Conditions of LIC AD&DB Rider
|Minimum Entry Age||18 years|
|Maximum Entry Age||65 years (nearest birthday).|
|Maximum Cover Ceasing Age||69 years (for 12-year Term and 8 years PPT).
70 years (for all other cases).
|Minimum Accident Benefit Sum Assured||Rs 10,000/-.|
|Maximum Accident Benefit Sum Assured||equals to Basic Sum Assured subject to a maximum of Rs 100 lakhs.|
LIC’s New Term Assurance Rider: On Death of the Life Assured during the Policy term, the Nominee will receive the Term Assurance Rider Sum Assured if opted for this rider. An additional Premium has to be paid along with the Basic Plan during the Premium Paying Term.
Eligibility Conditions of New Term Assurance Rider
Minimum Entry Age: 18 years.
Maximum Entry Age varies for the PPT and Policy Term
|Policy Term in years||Premium Paying Term for 8 years||Premium Paying Term for 9 years|
|12||Maximum Entry Age of 57 years||Maximum Entry Age of 60 years|
|16||Maximum Entry Age of 59 years||Maximum Entry Age of 59 years|
|21||Maximum Entry Age of 54 years||Maximum Entry Age of 54 years|
|Policy Term||Same as Base Plan|
|Premium Paying Term||Same as Basic Plan|
|Minimum Term Assurance Rider Sum Assured||Rs 100,000/-.|
|Maximum Term Assurance Rider Sum Assured||less than or equal to Basic Sum Assured.|
LIC Limited Premium Endowment Plan Rebates
There are two types of Rebates available for this policy. They are.
- High Basic Sum Assured Rebate.
- Mode Rebate.
- CEIS Rebate.
High Basic Sum Assured Rebate
|Basic Sum Assured||Rebate per Rs 1000 BSA|
|Rs 3,00,000/- to 4,90,000/-.||NIL.|
|Rs 5,00,000/- to 9,90,000/-.||0.5% of BSA.|
|Rs 10,00,000/- and above||0.75% of BSA.|
|Monthly and Quarterly Mode||NIL.|
|Half Yearly Mode||1% of the tabular premium.|
|Yearly Mode||2% of the tabular premium.|
The Policy completed under CEIS will get the 5% of the Tabular Premium for the basic plan as well as the riders premium if the policy is not taken through the Agent or Broker.
LIC Limited Premium Endowment Policy Buying Process
We provide the different ways to the Customer to buy the Policy in an easy way. Online Mode is the Simple and Fast Process for the Life Assured to purchase the Plan. The Policy can be bought online by filling the necessary details like PAN details, Occupation, Medical History, Existing Life Insurance Plans, etc. The Other way to purchase the policy is through LIC Agent or Visiting the nearest LIC Branch Office. The necessary documents to buy the LIC’s Limited Premium Endowment Plan are listed below.
- Application form/ Proposal form.
- Address for communication.
- Proof of Age.
- Previous insurance policy details.
- Annual Income details.
- ID proof number.
- Bank account number and IFSC code.
- Nominee and Appointee details.
LIC Limited Premium Endowment Plan Claim Process
The Life Assured/Nominee can apply for Claim amount on sudden death of the Insured or completion of the Policy Term. Maturity or Death Benefit is provided along with the Sum Assured at the time of claim process. For Claim amount the following documents are to be carried by the Policyholder/Nominee. The Claim Form is available at the official website of LIC or at the Life Insurance Corporation Branch Office.
- NEFT Mandate Form.
- Claim Form.
- Original Policy Document.
- Proof of Title.
- Proof of Death.
- Proof of Disability/Accident.
- Medical Treatment Document before death.
- Proof of Age.
LIC Limited Premium Endowment Premium Calculator
The Life Assured worries about the calculation of Premium amount that has to be paid for Policy Purchasing. The LIC Limited Premium Endowment Plan Premium Calculator is used to calculate the Premium to be paid by the Policyholder. You need to enter Some Basic Information like Name, Mail Id, Mobile Number, Age, Policy Term, and Minimum Sum Assured to calculate the Premium Value.
Additional Information for LIC’s Limited Premium Endowment Plan
- Paid up Value:
- Death Paid Up Sum Assured = Sum Assured on Death * (no of premiums paid/no of premiums payable during the PPT).
- Maturity Paid Up Sum Assured = Sum Assured on Maturity * (no of premiums paid/no of premiums payable).
Surrender Value: The Life Assured can surrender the Policy at any time of the Policy term, if completed payment of 2 years premiums.
Guaranteed Surrender Value: The GSV is the percentage of the total premiums paid excluding the riders premium and extra premium if any paid.
Special Surrender Value: The SSV is the discounted value of the sum of Maturity Paid Up Sum Assured and the vested simple reversionary bonus if any.
- Revivals: The Life Assured can revive the Policy within 2 consecutive years from the date of first unpaid premium amount.
- Loan Facility: The Policyholder has the benefit to avail the loan after payment of premiums for 2 years on following conditions. The Maximum Loan to be granted to the Life Assured as a percentage of Surrender Value is
- For in force policies – 90%.
- For Paid-up policies – 80%.
- Taxes: The Taxes including Service Tax will be as per the Tax laws and tax rate varies from time to time.
- Back Dating Interest: The Policy can be dated back within the same financial year. The interest on back dating is applicable at the time of completion of the Policy.
- Cooling Off Period: The Policyholder can return the Policy within 15 days from the date of receipt of policy, if not satisfies with the Terms and Conditions of the Policy.
- Proposal Form: Under this LIC Limited Premium Endowment Plan, Proposal Form No 300 should be used.
- Reinsurance: As per Reinsurance Treaty, Normal Procedure of Reinsurance is applicable.
- Suicide Clause: The Nominee will receive the 80% of premiums paid if the Life Assured commits suicide within 12 months from the date of commencement of risk.
FAQ’s of LIC Limited Premium Endowment Plan
- Is there any revival period for the policy?
Ans. Yes, the Policy can be revived within 2 years from unpaid premium amount.
2. What are the Riders available in this plan?
Ans. The Riders available in this policy are LIC’s Accidental Death and Disability Benefit Rider, LIC New Term Assurance Rider.
3. What is Proposal Form required for the Policy Purchasing?
Ans. Proposal Form No 300 is required for the policy buying.