lic policy

life insurance of india




LIC’s LIMITED PREMIUM ENDOWMENT PLAN – 830

 

LIC’s LIMITED PREMIUM ENDOWMENT PLAN (Plan No. 830)

  1. INTRODUCTION:

It has been decided to introduce LIC’s Limited Premium  Endowment Plan (Plan No. 830) with

BENEFITS

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/-

Age :28

Term :21

P.P.T. :9

D.A.B. : 300000

Term Rider S.A.:300000

Death Sum Assured :375000

Basic Sum Assured :300000

1st year Premium With TAX 4.5% :

MODE PREMIUM TAX TOTAL PREMIUM
Yearly 22925 1032 23957
Half Yearly 11577 521 12098
Quarterly 5846 263 6109
Monthly 1949 88 2037

After 1st year Premium With TAX 2.25% :

MODE PREMIUM TAX TOTAL PREMIUM
Yearly 22925 516 23441
Half Yearly 11577 260 11837
Quarterly 5846 132 5978
Monthly 1949 44 1993

 

YEAR SURRENDER VALUE LOAN
2017 0 0

 

2018 12,763  11,487

 

2019  26,313

 

 23,682

 

2020 :

 

52,274  47,047

 

2021  65,613

 

 59,052

 

2022  79,140

 

 71,226

 

2023  92,908

 

 83,617

 

2024  1,10,111

 

 99,100

 

2025  1,28,405

 

 1,15,565

 

2026  1,35,742

 

 1,22,168

 

2027  1,43,353

 

 1,29,018

 

2028  1,51,292

 

 1,36,163

 

2029  1,59,635

 

 1,43,672

 

2030  1,68,490

 

 1,51,641

 

2031  1,77,972

 

 1,60,175

 

2032  1,88,257

 

 1,69,431

 

2033  1,99,523

 

 1,79,571

 

2034  2,11,942

 

 1,90,748

 

2035  2,25,850

 

 2,03,265

 

2036  2,43,151

 

 2,18,836

 

2037  2,63,401

 

 2,37,061

 

 

ON Maturity Amount

Approximate Return at Maturity Time

Sum Assured :- 3,00,000 +

Bonus-3,10,000

F.A.B-30,000

Total Approximate Return :6,45,000



Leave a Reply

Your email address will not be published. Required fields are marked *

ads

Check Page Rank Copyright © 2014 - 2018 policyforum.in knhweb