LIC's Limited Premium Endowment Plan is a participating Endowment Plan with a Limited Payment facility. It is the simple endowment plan with death and maturity benefit along with rider benefit.
|
Minimum |
Maximum |
Entry Age (Last Birthday) |
18 years |
57 years for PT=12, PPT=8 62 years for PT=12, PPT=9 59 years for PT=16 54 years for PT=21 |
Maturity Age (Last Birthday) |
- |
69 years for PT=12, PPT=8 74 years for PT=12, PPT=9 75 years for all other cases |
Policy Term (PT) in years |
12 years |
16, 21 years |
Premium Paying Term (PPT) in years |
8 years |
9 years |
Premium Paying Frequency |
Annual, half-yearly, quarterly and monthly |
|
Sum Assured |
Rs 3,00,000 |
No Limit |
The annual premium is mentioned in Rupees for a Sum Assured of Rs 5 Lacs and Premium Paying Term of 8 Years. Basic Premium is mentioned below (Tax not included).
Age |
Policy Tenure 12 years |
Policy Tenure 16 years |
Policy Tenure 21 years |
30 Years |
54410 |
46741 |
38729 |
40 Years |
55194 |
47917 |
40542 |
50 Years |
57668 |
51175 |
45001 |
Grace Period: 30 days grace period is allowed for premium payment. If the policyholder fails to make payment within the grace period, the policy lapses. However, there are 2 years from the due date of the first unpaid premium for the policy to be revived.
Free Look Period: If you would not be pleased with the coverage and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.
Policy Termination or Surrender Benefit: The policy acquires a surrender value after 2 policy years and can also avail a loan.
In case of suicide committed within 12 months of policy inception, only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher than 80% of premiums paid or acquired Surrender Value is paid.
The policyholder has to fill up an ‘Application form/ proposal form’ with an accurate medical history, address proof, and other KYC documents. In some cases, a medical examination may be required by the LIC of India, based on the sum assured and the person's age.
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