LIC has launched new plan “Limited Premium Endowment Insurance Plan“. It is a participating non-linked plan that provides a combined facility of protection and saving. This insurance plan financially helps the family of policyholder if he/she dies unfortunately before maturity or a lump sum amount on maturity if the policyholder survives.
This is a very beautifully designed product, for a special segment wherein the prospective customers are not too keen on paying premium for a longer duration, but yet want to have a risk cover for a substantially longer period.
Limited Payment Endowment Plan 830 launched on 9th December 2014
LIC Limited Payment Endowment Plan 830 Features and Benefits
- Minimum age at entry > 18 years completed
- Maximum age at entry > 62 years (age near birthday)
- Maximum exit age > 75 years
- Policy Term > 12 yrs/ 16 yrs/ 21 years
- Premium Paying Term > 8 & 9 years
- Minimum Sum Assured > Rs.3 Lacs. Thereafter, in multiples of Rs.10000/-
- Maximum Sum Assured >No limit
- Maturity Sum Assured > Basic Sum Assured + Vested Bonus + FAB, if any
- Death Sum Assured > Sum Assured + VB + FAB, if any, where SA is defined as Higher of- 10 times of Annualized Premium
OR 125% of Basic Sum Assured OR 105% of all premiums paid
- Accident Benefit Rider > Optional rider with minimum Rs.10000/- & maximum upto Rs.1 Cr, subject to max SA
- Term Assurance Rider > Optional, with min Rs.1 Lac & max Rs.25 Lacs
- Mode Rebates > 2% for Yly & 1% for Hly
- High SA Rebates>
- 5 Lacs to 9.90 Lacs=0.50%
- 10 Lacs & above= 0.75%0
- Revival of Lapsed policies > Within 2 yrs from date of FUP
- Agent’s Commission >10% in First Year and 5% thereafter.