Launch Date | Table No. | UIN | Status |
1/12/2014 | 830 | 512N293V01 | Active |
Under the LIC Limited Premium Endowment Plan, an individual pays regular premium for a period of 8 or 9 years that has a fixed policy term (12 or 16 or 21 years). On completion of the policy term, the individual receives a Maturity Benefit which is a lumpsum comprising of the Sum assured and accrued bonus. If in-case on death of the insured, during the policy term his nominee receives the Death benefit that is a lumpsum amount comprising of accrued bonus and sum assured on death, which is higher among;
Illustration:
Consider,
Person’s age: 35
Sum assured: Rs. 5 lakhs
Premium Paying Term: 9 years
Policy term: 21 years
An individual chooses a policy term of 21 years but pays a regular monthly premium of Rs 3058 for a limited term of 9 years, for an assured sum of Rs 5 lakhs. Once, the policy term ends, the insured receives approximately Rs. 1075000 as the maturity benefit. If in-case the insured dies after paying all the premiums but before the policy term ends, then his nominee receives the death benefit which is shown above.
BonusYear | RevBonus | MinPT | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
2014 | 4% | 12 | ||||||||
2014 | 4.5% | 16 | ||||||||
2014 | 5% | 21 | ||||||||
2015 | 4.00% | 12 | ||||||||
2015 | 4.50% | 16 | ||||||||
2015 | 5.00% | 21 | ||||||||
2016-17 | 4% | 12 | ||||||||
2016-17 | 4.5% | 16 | ||||||||
2016-17 | 5% | 21 |
Bonus explained: For a sum assured of Rs. 100000/-, if the bonus declared is 4.2% or Rs 42/- per thousand, then the amount of Rs 4200/- gets accumulated into the policy for that year.
Minimum Basic Sum Assured | Rs. 300,000 | |
Maximum Basic Sum Assured | No Limit | |
(The Basic Sum Assured shall be in multiples of Rs. 10,000/-) | ||
Policy Term | 12, 16 & 21 years | |
Premium Paying Term | 8 & 9 years | |
Minimum Age at entry | 18 years (completed) | |
Maximum Age at entry | ||
Term (in Years) | PPT = 8 years | PPT = 9 years |
12 | 57 | 62 |
16 | 59 | 59 |
21 | 54 | 54 |
Maximum Maturity Age | ||
69 years (nearest birthday) for 12 year Term and 8 year PPT | ||
74 years (nearest birthday) for 12 year Term and 9 | ||
75 years (nearest birthday) in all other cases |
The following rider is available under this plan:
Accidental Death and Disability Rider: In this rider the nominee/ family receives the sum assured after the insured’s accidental death or dismemberment or permanent disability.
New Term Assurance Rider: In this rider the policyholder gets an additional life cover (sum assured). On death of the insured, the nominee receives additional equivalent amount of money payable in this rider
Life Insurance Corporation is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of Rs.1560482 crore.
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