LIMITED PREMIUM ENDOWMENT PLAN (Table 830) - UIN 512N293V01


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. This plan also takes care of liquidity needs through its loan facility.

Eligibility Conditions


For Basic plan

  • Minimum Basic Sum Assured : Rs. 300,000 (The Basic Sum Assured shall be in multiples of Rs. 10,000/-)
  • Maximum Basic Sum Assured : No Limit
  • Policy Term : 12, 16 & 21 years
  • Premium Paying Term : 8 & 9 years
  • Minimum Age at entry : 18 years (completed)

Maximum Age at entry :

Term (in Years) PPT = 8 years PPT = 9 years
12 57 62
16 59 59
21 54 54

Maximum Maturity Age :

  • 69 years (nearest birthday) for 12 year Term and 8 year PPT
  • 74 years (nearest birthday) for 12 year Term and 9 year PPT &
  • 75 years (nearest birthday) in all other cases
  • Payment of Premiums:

    Premiums can be paid regularly during the premium paying term at yearly, half-yearly, quarterly or monthly mode (through ECS only) or through salary deductions over the term of policy.

    However, a grace period of one month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.

Benefits


Death benefit:

In case of death during the policy term, provided all due premiums have been paid, Death benefit, defined as sum of "Sum Assured on Death", vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where, "Sum Assured on Death" is defined as the highest of 10 times of annualised premium or Guaranteed Sum Assured on Maturity i.e. Basic Sum Assured or Absolute amount assured to be paid on death i.e. 125% of Basic Sum Assured . This death benefit shall not be less than 105% of all the premiums paid as on date of death.

Premiums referred above exclude service tax, extra premium and rider premium(s), if any.

Maturity Benefit:

"Sum Assured on Maturity" equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.

Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.

Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity.

Optional Benefit:

The policyholder has an option of availing the following Rider benefit(s):

  • LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V01)
  • LIC’s New Term Assurance Rider (UIN: 512B210V01)

Rider sum assured cannot exceed the basic sum assured.

For more details on the above riders, refer to the rider brochure or contact LIC’s nearest Branch Office.

Brochure


Brochure


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