LIC Endowment Assurance Policy- Limited Payment Plan
LIC Endowment Assurance Policy- Limited Payment is a limited premium whole life endowment policy with high bonus and liquidity facility incorporated. In this plan single premium can also be paid. Basically in this plan, you pay premium once or for a short period of time and enjoy the benefits of being under cover throughout the entire tenure. The Sum Assured along with accrued Bonus is payable on the Policy Maturity or on earlier death.
Key Features of LIC Endowment Assurance Policy- Limited Payment
§ This plan is a simple endowment plan with guaranteed returns
§ Sum assured + accrued Bonus paid on Maturity or on earlier Death.
§ The lumpsum amount of money received on maturity can be reinvested to buy annuity for old age sustenance
§ Optional higher cover through 3 additional riders
Benefits you get from LIC Endowment Assurance Policy- Limited Payment
Death Benefit – In case of death of the Life Insured, the nominee receives Sum Assured + accrued Bonus.
Maturity Benefit – At the maturity of the policy, the insured will get Sum Assured + accrued Bonus. Final Addition Bonus is also payable if premium has been paid for at least 17 years.
Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)
Eligibility conditions in LIC Endowment Assurance Policy- Limited Payment
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Minimum
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Maximum
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Sum Assured (in Rs.)
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50,000
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No Limit
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Policy Term (in years)
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5
|
55
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Premium Payment Term (in years)
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1
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20
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Entry Age of Policyholder
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12
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65
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Age at Maturity
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-
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75
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Payment modes
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Single, Yearly, Half-yearly, Quarterly, Monthly and SSS
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Sample illustration of premium of LIC Endowment Assurance Policy- Limited Payment
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs 1,00,000and Policy Term = 25 years with PPT = 20 years respectively.
Additional Features & Benefits of LIC Endowment Assurance Policy- Limited Payment
Riders – There are 3 Additional Riders available:
· Accidental Death Benefit Rider
· Critical Illness Rider
· Term Rider
You stop paying the premium – If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions.
You want to surrender the policy – There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium
You want a loan against your policy – Loan facility is available under this policy but only after the life insured is at least 18 years old.
Alternate Endowment Plans from Other insurance companies
1. Canara HSBC OBC Life Insurance Secure Smart Plan
2. Future Generali Assure
3. IndiaFirst Secure Save Plan
Other Endowment Insurance Plans from LIC
1. New Jana Raksha Plan
2. Jeevan Mitra
3. New Jeevan Shree 1
4. Jeevan Pramukh
5. Bima Nivesh 2005
6. LIC's Jeevan Amrit
7. LIC's Bima Account -I
8. LIC's Bima Account -II
9. LIC's Endowment Plus
