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  • lic limited endowment plan, 830
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Limited Premium Endowment Plan

Benefits :

Benefits payable on maturity :
On survival to the end of the policy term, SUM ASSURED on MATURITY along with vested simple reversionary bonuses and Final Additional bonus, if any, shall be payable. Where SUM ASSURED on MATURITY is equal to Basic Sum Assured.

Benefits payable at death :
On death of the life assured during the term , SUM Assured and vested simple reversionary Bonuses and Final Additional Bonus, if any, shall be payable.

Tax benefits : Tax rebate as per Income Tax Act 1961.

Eligibility conditions :

Minimum age of entry : 18 years
Maximum age of entry : 62 years
Policy term : 12, 16 and 21 years
Premium paying term : 8 or 9 years
Minium sum assured : Rs. 3,00,000/-
Maximum sum assured : No Limit

Participation in Profits :

Depending upon the Corporation's experience the policies shall participate in the profits and shall be eligible for simple reversionary bonus at such rate and on such terms as may be declared by the Corporation.

Final Additional Bonus may also be declared under the policy which will be payable on the expiry of the policy term or on earlier death, provided the policy has run for certain minimum term.

Accidental Death and Disability Rider :

Accidental Death and Disability Benefit Rider (AD & DB) is available as an optional rider by payment of additional premium.

Premium paying mode : Yearly, half yearly, Quarterly and Monthly ( Bank ECS or through salary deductions )

Grace period for payment of premium :
A grace period of one calender month but not less than 30 days will be allowed for payment of yearly or half yearly or quarterly premiums and 15 days for monthly mode of premium payment.
If premium is not paid before the expiry of the days of grace, the Policy lapses.

Loan : Loan facility is available.

Cooling-off period :
If a policy holder is not satisfied with the "Terms and Conditions" of the policy, he/she may return the policy to the Corporation within 15 days from the date of receipt if the policy.
The refund of premium to the Policyholder shall be subject to the following deductions :
a) Stamp duty on policy;
b) Actual cost of medical examination and special reports, if any;
c) Proportionate risk premium ( in respect of Base plan and Riders, if opted for ) for the period on cover as per C.O. Circular Ref: CO/PD/39 dated 31st December, 2013.