- 1 LIC Limited Premium Endowment Policy Plan No – 830 Review
- 2 LIC Limited Payment Endowment plan 830 Conditions
- 3 LIC Limited Endowment Plan Rebates
- 4 LIC Limited Premium Endowment Policy Maturity Benefits
- 5 LIC Limited Premium Endowment Plan Death Benefits
- 6 LIC Limited Premium Endowment Policy Credit to Do’s and agents
- 7 LIC Limited Period Endowment Policy Surrender Value
- 8 Riders Available
- 9 LIC Limited Premium Endowment Policy Loan Facility
- 10 LIC Limited Premium Endowment Policy Premium Calculator
- 11 Limited Endowment Plan LIC Benefit illustration
- 12 Additional Information
- 13 Related Lic Endowment Plans
LIC introduced Limited Premium Endowment Policy on 9th Dec, 2014. LIC’s Limited Premium Endowment Policy 830 has an option of Limited Period premium payment. Limited Premium Endowment Policy Participates in Profits means Bonus will be declared on this policy every year. Limited Premium Endowment Plan 830 is also a Conventional Endowment Plan which means it is a combination of saving and insurance coverage policy. Customers are provided flexibility to fix the term of the policy like 12, 16 and 21 years and premium paying term like 8 or 9 years.
Lic Limited Premium Endowment Plan Calculator helps you to calculate the premium and maturity amount for LIC Limited Payment Policy 830. Before buying the Lic, Limited Endowment plan check the premium rates for your desired sum assured using this Lic Limited Premium Endowment Calculator or Lic Limited Endowment Maturity Calculator.
LIC Limited Payment Endowment plan 830 Conditions
Minimum Age at Entry – 18 years (Completed).
Maximum Age at Entry
|Term of the Policy||Premium Payment Term 8Years||Premium Payment Term 9Years|
|12||Maximum age is 57 years.||Maximum age is 62 years.|
|16||Maximum age is 59 years.||Maximum age is 59 years.|
|21||Maximum age is 54 years.||Maximum age is 54 years.|
|Premium Payment Term||
|Minimum Sum Assured||
|Maximum Sum Assured||
|Premium payment mode||
|Maximum Accident Death Benefit||
LIC Limited Endowment Plan Rebates
Rebate means a discount on premium. There are 2 rebates in this policy one is Mode Rebate, and another is Sum Assured Rebate.
Mode Rebate: Rebate given based on premium payment mode chosen.
|Premium Payment Mode||Percentage|
|Yearly Mode||2% of Tabular Premium.|
|Half yearly Mode||1% of Tabular Premium.|
|Quarterly and Monthly||Nil.|
High Sum Assured Rebate: High Sum Assured Rebate Based on Sum assured means Policy Value.
|Basic Sum Assured (BSA) or Policy Value||Rebate per Rs. 1000 /- Sum Assured|
|3,00,000 to 4,90,000||NIL.|
|5,00,000 to 9,90,000||0.50 %of B.S.A.|
|10,00,000 and Above||0.75% of B.S.A.|
Corporate Employees Insurance Scheme (CEIS) Rebate: 5 % on tabular Premium for all LIC Employees.
LIC’s limited premium endowment Plan 830 provides two types of benefits. One is Maturity Benefit, and other is Death Benefit.
Maturity Benefit: Sum assured + Bonus + Final Additional Bonus.
Death Benefit: “Sum assured on death”+ Bonus + Final Additional Bonus if any.
“Sum Assured on Death” Means higher amount among 10 times of yearly premium and 125 % of sum assured.
Do Credit 30%.
|1st year||2nd and 3rd-year||4th year onwards|
Bonus Commission: 40 % of the first year Commission.
Insurance Broker Credit
|1st year||2nd and 3rd-year||4th year onwards|
Bonus Commission: No Bonus Commission to Brokers.
LIC Limited Period Endowment Policy Surrender Value
If the policy is surrendered within first 2 years from date of taking the policy then person will not receive any amount as well as paid premium. After 2 years Policy can be surrendered.
After 2 years, if the premium is not paid then policy becomes reduced paid up means policy value will be changed based on the premium paid until that time. No Further Bonus will be added. But the policy will not become inactive entirely. Sum assured on death becomes reduced along with the maturity sum assured.
- LIC Accidental Death and Disability Benefit Rider.
- LIC New Term Assurance Rider.
- Loan Facility is available in this policy.
- Minimum 2 years premium should be paid to get eligibility for taking a loan.
- Maximum Loan amount granted will be
- 90% for in-force policies.
- 80% for paid up policies.
Limited Endowment Plan LIC Benefit illustration
Use this link to know details about the premium amount, maturity amount, surrender value, loan value and Bonus provided, etc.
Revival: Policy should be revived until 2 years from last unpaid premium.
Loan Facility: Loan Facilities are available under this Lic limited premium endowment plan 830.
Riders Facility: Available.
Suicide Clause: If Policy Holder Commits Suicide within one year from date of taking the policy, 80% of paid premium will be returned back. If committed suicide after 1 year then Full Sum Assured + Bonus will be paid by LIC to their nominee.
Service Tax: 3.09%. For information about Tax on Life Insurance Policies www.taxqueries.in
Cooling off Period: Policyholder can return policy within 15 days from the date of receiving the policy.
Date Backing Facility: Possible.
Proposal Form: Form No 300.
For more details, please refer the given below official link,