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.
Compare this plan with other Investment Plans
LIC Endowment Assurance Policy Limited Payment - Key Features
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
There are 3 Additional Riders available:
...
LIC Endowment Assurance Policy Limited Payment - Benefits
In case of death of the Life Insured, the nominee receives Sum Assured + accrued Bonus.
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
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
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.
There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium
Loan facility is available under this policy but only after the life insured is at least 18 years old.
