LIC's Limited Premium Endowment Plan is a best non-linked plan and it offers life protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.
• Non -linked, With-Profits, Regular premium payment Money back plan.
• Provides risk cover on the life of child during the policy term and number of survival benefits to meet the various financial needs of children.
I. Minimum Age at entry for Life Assured : 0 years (last birthday)
II. Maximum Age at entry for Life Assured : 12 years(last birthday)
III. Policy Term : [25-Age at entry] years
IV. Minimum/Maximum Maturity Age : 25 years
V. Minimum Basic Sum Assured : Rs.1,00,000
VI. Maximum Basic Sum Assured : No limit
VII. Mode of payment : Yearly .Half-yearly ,Qly ,Monthly(ECS only or through salary deduction -SSS)
Basic Sum Assured shall be in multiples of Rs.10,000/-.
In case the age at entry of the Life Assured is less than 8 years, the risk under this plan will commence either one day before the completion of 2 years from the date commencement of policy or one day before the policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier. For those aged 8 years or more, risk will commence immediately.
The policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.
Yearly mode : 2% of tabular premium
Half-yearly mode : 1% of tabular premium
Quarterly and monthly : NIL
High Sum Assured Rebate:
Basic Sum Assured : Rebate (Rs.)
1,00,000 to 1,90,000 : Nil 2,00,000 to 4,90,000 : 2 per thousand Basic Sum Assured 5,00,000 and above : 3 per thousand Basic Sum Assured
An amount equal to the total amount of premium/s paid excluding taxes, extra premium and rider premium, if any shall be payable.
An amount equal to sum of "Sum Assured on Death" and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where "Sum Assured on Death" is defined as higher of 10 times of annualized premium or Absolute amount assured to be paid on death i.e. Basic Sum assured. This death benefit shall not be less than 105% of the total premiums paid as on date of death.
The premiums mentioned above exclude tax, extra premium and rider premium, if any.
20% of the basic sum assured on completion of ages 18 years, 20 yrs & 22 years provided the policy is in full force.
40% of the Basic Sum Assured) along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
The policyholder will have the option to take the survival benefit (s) at any time on or after its due date but during the currency of the policy. In case of deferment of a due survival benefit(s) opted by the policyholder, the Corporation will pay increased survival benefit (s) equal to
Survival Benefits % * Sum Assured * Factor applicable to Survival Benefit (s)
LIC's Premium Waiver Benefit Rider is available on payment of additional premium. This rider can be opted for along with the basic plan at the inception or at any time during the policy term provided the outstanding policy term of the basic plan is at least 5 years.
Maximum loan 90% of the Surrender value in case of in force polices and 80% in case of paid up polices.
Can be surrendered at any time during the policy term provided premiums have been paid for full three years.