LIC’s LIMITED PREMIUM ENDOWMENT PLAN (Plan No. 830)
It has been decided to introduce LIC’s Limited Premium Endowment Plan (Plan No. 830) with
Benefits payable on death:
On death of the Life Assured during the policy termDeath Benefit defined as sum of Sum Assured on Death and vested Simple Reversionary Bonuses and Final additional bonus, if any, shall be payable.
Sum Assured on Death is defined as the higher of 10 times of annualized premium or Absolute amount assured to be paid on death 125% of the Basic Sum Assured.
This death benefit shall not be less than 105% of all the premiums paid as on date of death. The premiums mentioned above exclude taxes (includeing service tax), extra premium and rider premium(s), if any.
Benefits payable on maturity
On survival to the end of the policy term
Sum Assured on Maturity + a long with vested simple reversionary bonuses and Final Additional bonus, if any, shall be payable. Where Sum Assured on Maturity
is equal to Basic Sum Assured.
Participation in Profits
Depending upon the Corporation’s experience the policies shall participate in the profits and shall be eligible for simple reversionary bonus at such rate and on such terms as may be declared by the Corporation. Final Additional Bonus may also be declared under the policy which will be payable on the expiry of the policy term or on earlier death, provided the policy has run for certain minimum term.
ELIGIBILITY CONDITIONS AND RESTRICTIONS
For Basic Plan:
Minimum Age at entry for Life Assured : 18 years (completed)
Maximum Age at entry for Life Assured :
Policy Term : [12,16 and 21] years
Premium paying Term : [8 and 9] years
Minimum Basic Sum Assured : Rs. 3,00,000/-
Maximum Basic Sum Assured : No Limit
The Basic Sum Assured shall be in multiples of Rs. 10000/- only.
Age at entry for the Policyholder is to be taken asage nearest birthday except for the minimum age at entry i.e. 18 years. For
LIC’s Accidental Death and Disability Benefit Rider:
Minimum Entry Age : 18 years (completed)
Maximum Entry Age : The cover can be opted for at inception or at any policy anniversary only on or before 3rd policy anniversary in case of PPT= 8 years
and on or before 4th policy anniversary in case of PPT=9 years, under the Basic plan. However, in any case the maximum age at entry shall not exceed 65 years (nearest birthday).
Maximum cover ceasing Age : 69 years (nearest birthday) for 12 year Term
and 8 year PPT & 70 years (nearest birthday) in all other cases
LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V01)
LIC’s New Term Assurance Rider (UIN: 512B210V01)
Minimum Accident Benefit Sum Assured : Rs. 10,000/-
D.A.B. : 300000
Term Rider S.A.:300000
Death Sum Assured :375000
Basic Sum Assured :300000
1st year Premium With TAX 4.5% :
After 1st year Premium With TAX 2.25% :
ON Maturity Amount
Approximate Return at Maturity Time
Sum Assured :- 3,00,000 +
Total Approximate Return :6,45,000