LIC Limited Premium Endowment Policy Plan No – 830 Review
LIC introduced Limited Premium Endowment Policy on 9th Dec, 2014. LIC’s Limited Premium Endowment Policy 830 has an option of Limited Period premium payment. Limited Premium Endowment Policy Participates in Profits means Bonus will be declared on this policy every year. Limited Premium Endowment Plan 830 is also a Conventional Endowment Plan which means it is a combination of saving and insurance coverage policy. Customers are provided flexibility to fix the term of the policy like 12, 16 and 21 years and premium paying term like 8 or 9 years.
LIC Limited Payment Endowment plan 830 Conditions
Minimum Age at Entry – 18 years (Completed).
Maximum Age at Entry
| Term of the Policy | Premium Payment Term 8Years | Premium Payment Term 9Years |
| 12 | Maximum age is 57 years. | Maximum age is 62 years. |
| 16 | Maximum age is 59 years. | Maximum age is 59 years. |
| 21 | Maximum age is 54 years. | Maximum age is 54 years. |
| Policy Term | · 12, 16, 21 years. |
| Premium Payment Term | · 8, 9 years. |
| Minimum Sum Assured | · Rs. 3,00,000. |
| Maximum Sum Assured | · No Limit. |
| Premium payment mode | · SSS, ECS, Quarterly, Half Yearly and Yearly. |
| Maximum Accident Death Benefit | · 1 Crore. |
LIC Limited Endowment Plan Rebates
Rebate means a discount on premium. There are 2 rebates in this policy one is Mode Rebate, and another is Sum Assured Rebate.
Mode Rebate: Rebate given based on premium payment mode chosen.
| Premium Payment Mode | Percentage |
| Yearly Mode | 2% of Tabular Premium. |
| Half yearly Mode | 1% of Tabular Premium. |
| Quarterly and Monthly | Nil. |
LIC Limited Premium Endowment Policy Maturity Benefits
LIC’s limited premium endowment Plan 830 provides two types of benefits. One is Maturity Benefit, and other is Death Benefit.
Maturity Benefit: Sum assured + Bonus + Final Additional Bonus.
LIC Limited Premium Endowment Plan Death Benefits
Death Benefit: “Sum assured on death”+ Bonus + Final Additional Bonus if any.
“Sum Assured on Death” Means higher amount among 10 times of yearly premium and 125 % of sum assured
LIC Limited Period Endowment Policy Surrender Value
If the policy is surrendered within first 2 years from date of taking the policy then person will not receive any amount as well as paid premium. After 2 years Policy can be surrendered.
After 2 years, if the premium is not paid then policy becomes reduced paid up means policy value will be changed based on the premium paid until that time. No Further Bonus will be added. But the policy will not become inactive entirely. Sum assured on death becomes reduced along with the maturity sum assured.
Riders Available
- LIC Accidental Death and Disability Benefit Rider.
- LIC New Term Assurance Rider.
LIC Limited Premium Endowment Policy Loan Facility
- Loan Facility is available in this policy.
- Minimum 2 years premium should be paid to get eligibility for taking a loan.
- Maximum Loan amount granted will be
- 90% for in-force policies.
- 80% for paid up policies.
Additional Information
Revival: Policy should be revived until 2 years from last unpaid premium.
Loan Facility: Loan Facilities are available under this Lic limited premium endowment plan 830.
Riders Facility: Available.
Suicide Clause: If Policy Holder Commits Suicide within one year from date of taking the policy, 80% of paid premium will be returned back. If committed suicide after 1 year then Full Sum Assured + Bonus will be paid by LIC to their nominee.
Service Tax: 3.09%. For information about Tax on Life Insurance Policies www.taxqueries.in
Cooling off Period: Policyholder can return policy within 15 days from the date of receiving the policy.
Date Backing Facility: Possible.
Proposal Form: Form No 300.