LIC LIMITED PREMIUM ENDOWMENT PLAN is a combined benefit of saving and protection,you can call a short term plan also. Because in this plan insured have 3 terms (12 , 16 , and 21 years) but premium paying terms are ( 8 and 9 years) that’s why we called a limited premium .Those who planned for short term, this plan is a best option for them.
∙ Plan for short term .
∙ Policy terms are 12 , 16 & 21 yrs But premium paying terms are 8 & 9 yrs.
∙ Accidental death & Disability benefit rider facility available.
∙ Plan for 80c & 10(10D) tax benefit.
If insured dies during the policy term , then nominee will get SUM ASSURED on death . simple reversionary bonus and final additional bonus , if any , shall be payable. The sum assured on death equals 125% of basic sum assured OR 10 times the annualized premium OR 105 % of all premium. The death benefits would not be less than 105% of all the premiums paid as on the date of insured death.
: On maturity insured will get , sum assured along with vested simple reversionary bonuses and final additional , if any , shall be payable . where sum assured on maturity is equal to basic sum assured.
|Age of Entry||18 to 62 years|
|Premium Paying Mode||Yearly, Half Yearly, Quarterly, Monthly (ECS Only)|
|Premium Payment Term||8 or 9 Years (Fixed)|
|Policy Term||12, 16 and 21 Years (Fixed)|
|Basic Sum Assured||300000 and above ( in multiple of 10000)|
|Policy Revival||within 2 year|
|Rebate Premiums||2% on yearly, 1% on Half Yearly, Nil on Quarterly|
|Loan||After 2 years|
|Surrender||After 2 years of full premium payment|
|Guaranteed Surrender Value||From 30% to Maximum 80% of total premium paid|