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LIC Endowment Assurance Policy Limited Payment

Sample Premiums for this plan
The below illustration is for a healthy Male (non-tobacco user) opting for
1 Lakhs Cover
4304
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Optional higher cover
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Simple endowment plan
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Lumpsum amount

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.

Compare this plan with other Investment Plans

LIC Endowment Assurance Policy Limited Payment - Key Features

Simple endowment plan
no-claim-bonus icon

This plan is a simple endowment plan with guaranteed returns

Sum assured
earn-and-burn icon

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

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

Optional higher cover
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Optional higher cover through 3 additional riders

Riders
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There are 3 Additional Riders available:

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

LIC Endowment Assurance Policy Limited Payment - Benefits

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 ...

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 (10...

Eligibility conditions in LIC Endowment Assurance Policy- Limited Payment

 

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

LIC Endowment Assurance Policy Limited Payment - FAQs

angle right 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 right 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 right 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.