Lic Limited premium Endowment plan is a limited premium paying conventional with-profits Endowment assurance plan. LIC New Limited Premium Endowment Plan is a traditional plan which means not related to market. This policy provide Insurance and Returns both. This is Limited Premium Plan Means you have to pay premium for limited period and risk cover whole policy term. in this new policy of lic you have to pay premium only 8 & 9 years only and risk cover 12,16 & 21 years.
Eligibility Conditions and Restrictions :
Minimum Entry Age : 18 Years Completed
Maximum Entry Age : 65 Years (Nearest Birthday)
Maximum Entry Age : 75 Years
Minimum Sum Assured : 3,00,000
Maximum Sum Assured : No Limit( Depending upon Income)
Term : 12 Years,16 Years & 21 Years
Premium Payment Term : 8 Years & 9 Years
Premium Payment Mode : Yearly, Halfly, Quarterly & Monthly(ECS)
Maximum Accidental Death and Disability Benefit Rider up to age 70 Years.
Also see : LIC Single premium endowment plan policy review
Policy Benefits :
On Death :In case of death of Policyholder within the policy term, then the nominee gets ‘Sum assured on death’, Simple Revisionary Bonus and Final additional Bonuses(if any). Sum assured on death means 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.
Also see : Jeevan Akshay LIC Plan Review
On Survival : 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.
Income Tax Benefit :
Premium paid are Tax Exempted u/s 80 C & the
Maturity amount is Tax Free u/s 10 (10) (D).
Limited premium endowment plan Mode Rebate :
Yearly 2% of tabular premium
Half-Yearly 1% of tabular premium
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
Surrendered Value :
Under the rules of LIC this Policy plan will be surrendered after the period of 2 year premium paid.
Loans available for the this LIC Plan and policy holder can get the loan after the completion of two year successfull payment of the policy.