Get Quotes from Top Insurers with Lowest Premium
Enter Details > Get Quotes > Buy Your privacy is protected.
Why Comparepolicy.com
Unbiased information on plans from varied insurance companies
Easy comparisons to choose the best insurance plan
No hidden costs, pay the same premiumas offered by the insurer
Pre and post sales expert assistance for smooth online buying experience
Reliable, Accurate and Quick policy servicing
THANK YOU!
Our representative will get back to you soon.
You can also directly contact us at
+91-7836966356

LIC’s Limited Premium Endowment Plan

What is the Plan all About?

LIC’s Limited Premium Endowment Plan is a non-linked, participating plan that offers both protection and savings. This plan provides a lump sum payout on your survival at the maturity of the policy. By opting for this plan, your family’s financial protection is also ensured, in case of a mishap.

BUY NOW

What are the Key Features?

  • Maturity payout
  • Death cover
  • Participation in Corporation’s Profits
  • Rebate on choosing sum assured of Rs 5 Lacs & above
  • Enjoy rebate on choosing annually or semi annually payment mode
  • Choose rider(s) to boost policy benefits
  • Avail loan facility
  • Enjoy tax benefits

What are the Plan Benefits?

Death Benefit

    In the event of death of the life assured prior the date of maturity, Sum Assured on Death plus vested Simple Reversionary Bonuses and Final Additional Bonus is payable, provided the policy is in-force. Sum Assured on Death is higher of 125% of Basic Sum Assured or 10 times of annualized premium. The death benefit is not less than 105% of the total premium paid, till the date of death.

Maturity Benefit

    On survival of the life assured till the date of maturity, sum assured on maturity along with vested Simple Reversionary Bonuses and Final Additional Bonus is payable, provided the policy is in-force.

Bonus

    Simple Reversionary Bonuses is declared at the end of each financial year and when declared, these bonuses become a part of guaranteed benefit. Final Additional Bonus is also declared, in case of claims arising due to death or maturity, whichever occurs earlier.

Loan Benefit

    This policy provides the loan facility, provided all the premiums have been paid for at least 2 full policy years.

Surrender Value

    Under this policy, the surrender value can be acquired at any time, provided all the due premiums have been paid for at least 2 full policy years. The guaranteed surrender value is a percentage of the total premiums paid. The surrender value of vested simple reversionary bonuses is also payable. The Special Surrender Value is payable, if it is favorable to the policyholder. The Special Surrender Value is the discounted value of the sum of Maturity Paid-up Sum Assured and vested simple reversionary bonuses.

Tax Benefit

    This policy provides tax benefits are applicable under the Income Tax Act, 1961.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 18 Years 57/59/54 Years (for 8 Years PPT & 12/16/21 Policy Term), 62/59/54 Years (for 9 Years PPT & 12/16/21 Policy Term)
Age at Maturity - 69 Years (12 Year Policy Term & 8 Years PPT), 74 Years (12 Year Policy Term & 9 Years PPT), 75 Years (all Other Cases)
Policy Tenure 12/16 Years 21 Years
Premium Paying Term 8/9 Years -
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Premium Amount - -
Sum Assured Rs 3 Lacs No Limit (subject To Underwriting)
Freelook Period 15 Days From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

Following riders can be opted under this plan, on payment of additional rider premium.
 

  • LIC’s Accidental Death and Disability Benefit Rider
  • LIC’s New Term Assurance Rider

How the Plan Works?

Let’s understand the plan with the help of below illustration.

Mr. Raman at 35 years, wants to buy a plan that provides both savings and protection. He opts to buy LIC’s Limited Premium Endowment Plan with the policy term of 21 years, pays the annual premium of Rs 23,785 with the basic sum assured of Rs 3 Lacs.
 

Scenario A: Raman Survives through the Policy Term

If Mr. Raman survives till the end of the policy term, Rs 3 Lacs plus vested Simple Reversionary Bonuses and Final Additional Bonus is payable. The maturity benefit can be used to fulfill your financial goals.
 

Scenario B: Raman dies during the Policy Term

In the event of demise of Mr. Raman during any policy year, Rs 3 Lacs along with vested Simple Reversionary Bonuses and Final Additional Bonus is payable. This death benefit ensures the financial security for his family.


Benefit Illustration

LIC’s Limited Premium Endowment Plan

Note: The non-guaranteed benefits as mentioned in the above illustration are calculated at Projected Investment Rate of Return of 4% per annum (Scenario 1) and 8% p.a. (Scenario 2) respectively.