Limited Premium Endowment Plan No. 830

LIC launched one more endowment plan on 9th December 2014. LIC’s Limited premium endowment Plan No. 830 is a non-linked guaranteed life insurance plan which provides protection with investment. This plan is having fixed premium paying terms of 8 & 9 years and fixed policy terms 12, 16 & 21 years which allows policy holder to plan for financial requirements by paying less number of years and secure life and receive maturity at later stage. The maturity amount is payable at the end of the policy term, or on the death of the policy holderwhichever is earlier.

Limited Premium Endowment Plan No. 830 Benefits

Death Benefit: In case of death of the Life Insured within the policy term, then the nominee gets ‘Sum assured on death’, Simple Reversionary Bonus and Final additional Bonuses. Sum assured on deathmeans 10 times of annualized premium or 125% of basic sum assured or 105% of all premiums will be paid. Death benefit shall not be less than 105% of all premiums paid as on date of death.

Maturity Benefit: If policyholder survives till the end of policy term then policyholder will receive Sum Assured on Maturity, Bonus and Final Additional Bonus (if any). Here Sum Assured on Maturity is equal to Basic Sum Assured.

Additional Informationof LIC Limited Premium Endowment Policy 830

Loan facility: Loan facilities are available after payment of premiums for at least 2 years under this LIC Limited Premium Endowment Policy 830. Maximum loan amount granted will be 90% for force policies and 80% for paid up policies.

Policy Revival: If the premium is not paid by you within the grace period then the policy will lapse. If you are interested to continue this policy then you can revive your policy on or before 2 years from the date of first Unpaid premium.

Cooling Off Period: If you are not satisfied with this policy, you may return the policy within 15 days from the date of receipt of the policy.

Backdating policy: The policy can be backdated within the same financial year.

Service Tax: 3.09% service tax is applicable.

Proposal Forms: Proposal Form no. 300 or 340 will be used under this LIC Limited Premium Endowment Policy 830.

Suicide clause: If the policy holder commits suicide for any of the reasons within 1 year of date of commencement of risk or from date of revival, then 80% of premium for what he had paid will be returned to his assignees or nominees. If policyholder commits suicide after 1 year then Full Sum assured + Bonus will be paid by corporation to their nominee.

Paid up value: On death the paid up value of sum assured is given as

Death paid up sum assured= Sum Assured on death x (number of premiums paid / number of premiums payable during the premium paying term).

The Sum assured on Maturity under a paid up policy shall be reduced is given as

Maturity paid up sum assured= Sum Assured on Maturity x (number of premiums paid / number of premiums payable).

Surrender value: Available after payment of complete 2 years premiums. There are 2 types of surrender value.

Guaranteed Surrender Value (GSV): GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders, if opted for. GSV factor shall be applicable to vested Simple Reversionary bonus,if any.

Special Surrender Value (SSV) : Surrender Value shall be the discounted value of the Paid-up Sum Assured and vested simple reversionary bonuses.

Riders: Riders are available under this LIC Limited Premium Endowment Plan. Accidental death and disability benefits are also available.

Policy Stamping: Under, LIC Limited Premium Endowment Policy stamping charges will be 20 paise per thousand sum assured.

Eligibility Conditions and Restrictions

• Age at entry : 18 Year.
• Age at Maturity : 54 Years.
• Plan Term : 12, 16 and 21 Years.
• Premium Mode : Yearly, Half Yearly, Quaterly, Monthly (SSS or ECS).
• Basic Sum Assured : 300000 and above (In multiples of 10000).

Limited premium endowment plan Mode Rebate
Mode	Rebate
Yearly	2% of tabular premium
Half-Yearly	1% of tabular premium
Quaterly	Nil

Limited premium endowment plan Sum Assured Rebate
Basic Sumassured	Rebate
10,00,000 and above	0.75‰ BSA
5,00,000 to 9,90,000	0.5.00‰ BSA
3,00,000 to 4,90,000	Nill

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Ravindra Yadav