LIC’s Limited Premium Endowment Plan -Plan 830 – is a non-linked with-profit endowment plan with a limited premium payment period. Premium can be limited to a relatively shorter period of just 8 or 9 years. This plan is highly suitable for NRI’s and High Net worth Individuals (HNIs), who have high income in the current period but cannot guarantee it for a long period. Another advantage is that the total premium paid is considerably lower than the Sum Assured of the plan.
LIC’s Limited Premium Endowment – Plan 830 – Key Features
- Term of the policy can be chosen from 12, 16 and 21 years.
- Customer can choose premium payment period of 8 or 9 years for all terms.
- Death coverage is 10 times of annualised premium or 125% of the Sum Assured, which ever is higher.
- Maturity Benefit of the plan includes Sum Assured + Accrued Bonus + Final Addition Bonus (if any).
- LIC’s Accidental Death and Disability Benefit and Additional Term Insurance shall be available as optional riders.
LIC’s Limited Premium Endowment – Plan 830 – Features and eligibility conditions
|Limited Premium Endowment – Basic features|
|Terms Available||12, 16 and 21 Years|
|Premium Paying Term||8 Years or 9 Years|
|Mode Rebate||Yearly||2 %|
|Half Yearly||1 %|
|Quarterly and Monthly (NACH)||No rebate|
|Sum Assured Rebate||Less than 5,00,000||Nil|
|5,00,000 to 9,90,000||0.5 /1000 SA|
|10,00,000 and above||0.75/ 1000 SA|
|Limited Premium Endowment – Eligibility conditions and restrictions|
|Sum Assured||3,00,000||No Limit|
|Age at Entry||18 Years||Term||PPT – 8 Years||PPT – 9 Years|
LIC’s Limited Premium Endowment – Plan 830 – Premium and Benefit Calculator.
Premium and Benefit calculator for LIC’s Limited Premium Endowment Plan is intended to help you to understand the premium and benefit details of the plan at depth. You can supply the requirement for presentation such as Age, Term, Premium Paying Term Sum Assured etc. and obtain the complete report as per the submitted details. Click the button provided below to open the calculator.
LIC’s Limited Premium Endowment – Plan 830 – Example of benefits
In order to understand LIC’s Limited Premium Endowment plan at depth, let us consider the example of a person taking the plan. Let the details of the person purchasing the plan be as follows.
|Plan Details Considered for Illustration|
|Age||35 Years||Sum Assured||10,00,000|
|Term||21 Years||Premium Payment Term||8 Years|
|Premium Details (First Year)|
|Basic Premium||GST||Total Premium|
*Please note: Illustration shown here is just an example to understand the benefits of LIC’s Limited premium Endowment Policy. The bonus rates shown are as per the latest bonus rates declared by LIC of India. The actual benefits in the policy can vary as per the experiences of the corporation. Please visit LIC of India website for more details.
LIC’s Limited Premium Endowment – Plan 830 – Income tax benefits.
The premium paid for Limited Premium Endowment Plan is exempted u/s 80C of income tax act. The entire maturity amount is also exempted from income tax u/s 10(10D) of Income tax act.
Other limited Premium Payment Policies from LIC of India
LIC of India has introduced some more Limited Premium Payment policies and the most popular one among them is LIC’s Jeevan Labh (Plan 836). Read complete details of LIC’s Jeevan Labh. Other limited premium policies include Money Back policies and Jeevan Lakshya.