LIC's New Limited Premium Endowment Plan Table no 830
LIC's New Limited Premium Endowment Plan Table no 830 Features
LIC New Limited Premium Endowment Plan is a traditional plan which means not related to market. This policy provide Insurance and Returns both. This is Limited Premium Plan Means you have to pay premium for limited period and risk cover whole policy term. in this new policy of lic you have to pay premium only 8 &9 years only and risk cover 12,16 & 21 years.
LIC New Limited Premium Endowment Plan Benefits
Death Benefit - If Person Dies during the Policy Tenure, the Nominee will get the Benefits that is Sum Assured plus Simple Reversionary Bonuses plus Final Additional Bonus. Where Sum Assured is equal to ten times of Yearly premium.
Maturity Benefit - Maturity Benefit is equal to Sum Assured plus Simple Reversionary Bonuses plus Final Additional Bonus.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The Maturity Benefit is also tax free under section 10(10)D subject to fulfilment of all terms and conditions.
Rider Benefits - There are two optional rider with this policy.
- Accidental Death and Disability Benefit Rider.
- New Term Assurance Rider
Eligibility conditions and other restrictions in LIC's New Limited Premium Endowment Plan
- Sum Assured Minimum Rs. 300,000 & Maximum Unlimited.
- Policy Term Will be 12,16 and 21 years
- Premium Payment Term will be 8 and 9 years only
- Minimum age of policy holder will be 18 years & Maximum 69 Years
- Age at Maturity Minimum 18 Years & Maximum 75 Years.
- Payment modes will be Yearly , half-yearly , quarterly and monthly.
- Grace Period will 30 Days in yearly mode and 15 days in half-yearly,quarterly & monthly mode.
- Loan Facility available in this plan.