Money Excel - Personal Finance Blog

Menu
MENUMENU
MENUMENU
  • Home
  • Business Ideas
    • 225 Small Business Ideas
    • 40 Online Business Ideas
    • 20 Business Ideas for Beginners
    • 20 small manufacturing business
    • 30 Food Business Ideas
    • 100 Business Ideas low investment
  • Stock Market
    • Best Demat & Trading Accounts 2020
    • Best Stocks 2020 by Experts
    • Best Virtual Trading Apps
    • Best Stock Screener
    • Best Discount Brokers in India
    • Multibagger Stocks of LockDown
    • Rakesh Jhunjhunwala Portfolio
  • Mutual Funds
    • Best Mutual Funds 2020-21
    • Best Direct Mutual Fund Platform
    • Best Mutual Fund Mobile Apps
  • Incometax
    • Income Tax Slab FY 2020-21
    • Income Tax Calculator FY 2020-21
    • Income Tax Refund Request
    • Pay Advance Tax Online
    • Download New 15G -15 H Forms
  • Investment
    • Best Investment Ideas 2020
    • Long Term Investment Options
    • Best Investment Regular Income
    • Best Investment Options NRI
  • Credit Card
    • Best Credit Cards 2020-21
    • Best credit card for online shopping
    • Best Forex Card in India
    • Best Business Credit Cards
    • Credit Cards against Fixed Deposit
  • Insurance
    • Best Term Insurance Plans 2020
    • Best Health Insurance 2020
    • Best LIC Policy 2020
    • Best Car Insurance Companies
    • Best Mobile Insurance Companies
  • Downloads
Home
Insurance
LIC New Limited Premium Endowment Plan – Review

LIC New Limited Premium Endowment Plan – Review

Raviraj Parekh June 27, 2020

Limited Premium Endowment Plan

LIC Limited Premium Endowment Plan – Table 830 is participating non-linked plan that provides protection and savings together. Limited Premium Endowment Plan is conventional Endowment Assurance plan. This plan provide financial assistance for the family in case of unfortunate death of policy holder.

Let’s discuss and review LIC Limited Premium Endowment Plan (Table 830) in detail.

LIC Limited Premium Endowment Plan

Premium Paying Term:-

Do not miss below posts -
  • 5 Best Health Insurance Plans
  • Pradhan Mantri Suraksha Bima Yojana – PMSBY
  • LIC New Endowment Plus ULIP Plan Table 835 Features & …

Premium paying term will be limited in this plan, means if you have opted for policy term 16 years you need not to pay premium for full 16 years. Premium payment will be limited to 8 years or 9 years.

Eligibility Conditions:-

  • Minimum Age Entry for Life Assured – 18 years (completed)
  • Maximum Age Entry for Life Assured

          Limited Premium Endowment Plan

  • Policy Term – 12,16 or 21 Years
  • Policy paying term – 8 or 9 Years
  • Minimum Sum Assured – 3,00,000 Rs/-
  • Maximum Sum Assured – No limit

The benefits and other details of the plan are given below.

Benefits:-

Benefit payable on Death:

On death of the life Assured during the policy term, the Death Benefit, defined as sum of  “Sum Assured on Death” and vested Simple Revisionary Bonuses and Final Additional bonus, if any, shall be payable.

Where “Sum Assured on Death” is defined as the higher of 10 times of annualized premium or absolute amount assured to be paid on death i.e. 125% of the Basic Sum Assured.

Do not miss below posts -
  • Jeevan Ankur Plan of LIC is it for you?
  • Term Insurance Plans for NRI in India
  • Top 6 Best Online Term Insurance Plans in India

This death benefit shall not be less than 105% of all the premiums paid as on date of death.

The premiums mentioned above exclude taxes (including service tax), extra premium and rider premium(s), if any.

Survival Benefits payable on maturity:

On survival to the end of the policy term, “Sum Assured on Maturity” along with vested simple revisionary bonuses and Final Additional bonus, if any, shall be payable, where Sum Assured on Maturity is equal to Basic Sum Assured.

 Accidental Death and Disability Benefit Rider:

LICs Accident & Death and Disability Benefit Rider (AD&DB) is available as an optional rider by payment of additional premium. This rider can be opted for at any time within the premium paying term of the Basic Plan provided the outstanding premium paying term is at least 5 years The benefit cover under this rider shall be available during the policy term or before the policy anniversary on which the age nearer birthday of the Life Assured is 70 years, whichever is earlier.

Cooling Off Period:

If a policy holder is not satisfied with the Terms and Conditions & the policy, he/she may return the policy to the Corporation within 15 days from the date & receipt of the policy. The refund of premium to the Policyholder shall be subject to following conditions

  1. Stamp duty on policy
  2. Actual cost of medical examination and special reports, if any 

Premium ready racknor or premium rates of LIC Limited Premium Endowment Plan is available here.

LIC Endowment Plan Table 830

Tax Implications –

Maturity claim – Maturity amount is exempted from the tax.

Death claim – Death claim received under the plan are free from taxation.

Over to you

At first instance this plan seems to be attractive, however please remember this is endowment plan and history says endowment plan gives return in range of 5-7% only. Although it is said that it is limited premium plan but difference between, premium paying term and policy term is very less.

You should not mix your insurance requirement with investment. If you are planning to take insurance you should purchase term plan. For Investment you can explore various other options such as mutual funds, PPF, equity etc.

If you have any questions about LIC Limited Premium Endowment Plan please share via comment section given below.

Prev Article
Next Article
Tags:LIC limited premium plan lic new plan LIC new policy Limited Premium Endowment plan table 830

About The Author

Raviraj Parekh

Raviraj is the man behind moneyexcel.com. He is PGDBA, engaged in blogging for 10 years. Moneyexcel blog is ranked as one of the Top 10 Personal Finance Blog in India. He is not affiliated with any financial product, service provider, agent or broker. The purpose of this blog is to spread financial awareness and help people in achieving excellence for money. Please note that the views expressed on this Blog/Comments are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment advice or legal opinion.

Leave a Reply

Cancel reply

IIFL Demat Account

Search

Top Posts & Pages

  • Income Tax Calculator FY 2020-21 (AY 2021-22) – Excel Download
  • Rakesh Jhunjhunwala Portfolio Holdings - January 2021
  • How to check Property Records and Land Records online in India?
  • LIC Premium Paid Certificate Download For Income Tax Purpose - Online
  • 20 small manufacturing business ideas with low cost
  • 225 Small Business Ideas with Low Investment in 2021-22
  • Cash Deposit Machine Locator – How to find CDM Near You?
  • Income Tax Calculator FY 2019-20 (AY 2020-21) - Excel Download
  • Top 60 Manufacturing Business Ideas
  • 10 ways to Convert Black Money to White

Subscribe to Blog via Email

Join 5,470 other subscribers

Follow MoneyExcel

Money Excel – Personal Finance Blog

Personal Finance Blog
Copyright © 2021 Money Excel - Personal Finance Blog
| About |Downloads | Contact Us | Sitemap | Disclaimer | Privacy Policy |