We will call you back.
Just share your number for a call back in less than 15 minutes
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
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.
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.
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.
This policy provides the loan facility, provided all the premiums have been paid for at least 2 full policy years.
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.
This policy provides tax benefits are applicable under the Income Tax Act, 1961.
|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||-|
|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)||-|
Following riders can be opted under this plan, on payment of additional rider premium.
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.
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.