LIC's Limited Premium Endowment Plan
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.
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, provided the policy has run for certain minimum term.
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)
Eligibility conditions in LIC's New Limited Premium Endowment Plan
- Sum Assured Minimum Rs. 300,000 & Maximum Unlimited.
- Policy Term Will be 12,16 and 21 years
- Premium Payment Term will be 8 and 9 years only
- Minimum age of policy holder will be 18 years & Maximum 69 Years
- Age at Maturity Minimum 18 Years & Maximum 75 Years.
- Payment modes will be Yearly , half-yearly , quarterly and monthly.
- Grace Period will 30 Days in yearly mode and 15 days in half-yearly,quarterly & monthly mode.
- Loan Facility available in this plan.