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LIC Endowment Assurance Policy Limited Payment

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.

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Optional higher cover
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Simple endowment plan
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Lumpsum amount
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Key Features

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Simple endowment plan

This plan is a simple endowment plan with guaranteed returns

Sum assured

Sum assured + accrued Bonus paid on Maturity or on earlier Death.

Lumpsum amount

The lumpsum amount of money received on maturity can be reinvested to buy annuity for old age sustenance

Optional higher cover

Optional higher cover through 3 additional riders

Riders

There are 3 Additional Riders available:

  • Accidental Death Benefit Rider
  • Critical Illness Rider
  • Term Rider

Benefits

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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

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Minimum

Maximum

Sum Assured (in Rs.)

50,000

No Limit

Policy Term (in years)

5

55

Premium Payment Term (in years)

1

20

Entry Age of Policyholder

12

65

Age at Maturity

-

75

Payment modes

Single, Yearly, Half-yearly, Quarterly, Monthly and SSS

FAQs

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angle down iconWhat happens if 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.

angle down iconWhat happens if 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

angle down iconWhat happens if 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.