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 |