LIC's Limited Premium Endowment Plan(Table No-830) is a participating non-linked plan.This policy provides higher returns and Risk cover both.This plan also provide an option of limited preiod premium payment.Customer have option to choose to term of policy like 12,16,and 21 years and premium paying term 8 & 9 years only.This plan also takes care of liquidity needs through its loan facility.
- Death Benefit: On the sudden death of the Policyholder within the Policy term, the Sum Assured on Death along with vested simple reversionary bonus and a final additional bonus is payable. The Sum Assured on death is 125% of the basic sum assured or 10 times of the annualized premium which should not be less than 105% of all premiums paid as on date of death.
- Maturity Benefit:
"Sum Assured on Maturity" equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.
- Participation in Profits:
The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.
Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity.
Accidental Death and Disability Benefit Rider
LIC’s New Term Assurance Rider