LIC Limited Endowment plan 830 Review
LIC Limited Premium Endowment Plan 830, name itself indicates that this policy has an option of Limited Period premium payment. In LIC Limited Endowment Plan 830 the payment of premiums is limited compared to the policy term. Suppose if policyholder has taken 12 years policy term then he/she needs to pay the premium either 8 or 9 years maximum which is limited period of premium payment term. LIC limited endowment plan 830 provides a combined facility of protection and saving. This plan provides bonus which will be declared on this policy every year. This LIC Limited Premium Endowment Plan 830 insurance plan financially helps the family of policyholder if policyholder dies unfortunately before maturity or a lump sum amount on maturity if the policyholder survives.
Entry age of Lic Limited Premium Endowment Plan 830
- Minimum Entry age -18 years (Completed)
- Maximum Entry age is based on term policy which is tabulated below
Maximum Entry age
| Term of the policy | Premium payment term 8 years | Premium payment term 9 years |
| 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 |
Terms and Eligibility Conditions of Lic Limited Premium Endowment Plan
| Sum Assured |
|
| Policy term |
|
| Premium payment term |
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| Premium payment mode |
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| Minimum Accident death benefit |
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| Maximum Accident death benefit |
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| Maximum cover ceasing age |
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| Grace Period |
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Limited Premium Endowment Plan Rebates
Rebate means providing Discount on Premium. There are 2 types of Rebates
- Based on Sum assured Rebate
- Mode Rebate
Sum Assured Rebate:
| Basic Sum Assured (or) Policy Value | Rebate per Rs.1000 of Sum Assured |
| Rs.3,00,000 to Rs.4,90,000 | NIL |
| Rs.5,00,000 to Rs.9,90,000 | 0.50% of Basic Sum Assured |
| Rs.10,00,000 and above | 0.75% of Basic Sum Assured |
Corporate Employees Insurance Scheme (CEIS) Rebate: 5 % on tabular Premium for all LIC Employees.
Mode Rebate:
|
Premium Payment mode |
Percentage |
| Yearly Mode | 2% of Tabular Premium |
| Half-Yearly Mode | 1% of Tabular Premium |
| Quarterly and Monthly |
NIL |
Limited Premium Endowment Plan 830 Benefits
Death Benefit: In case of death of the Life Insured within the policy term, then the nominee gets ‘Sum assured on death’, Simple Reversionary Bonus and Final additional Bonuses(if any). Sum assured on death means 10 times of annualized premium or 125% of basic sum assured or 105% of all premiums will be paid. Death benefit shall not be less than 105% of all premiums paid as on date of death.
Maturity Benefit: If policyholder survives till the end of policy term then policyholder will receive Sum Assured on Maturity, Bonus and Final Additional Bonus (if any). Here Sum Assured on Maturity is equal to Basic Sum Assured.
Limited Period Endowment Plan Buying Procedure
Documents required to buy LIC Limited Premium Endowment Plan 830
- Application form/Proposal form along with photo.
- Address proof
- Age proof
- Medical reports (if required)
Claim Procedure of Lic Limited Period Endowment Plan
The documents required for claim procedure under LIC Limited Payment Endowment Plan 830 are given below
- NEFT form
- Discharge form
- Cancel check or Bank Pass book xerox
- Policy bond
- Death certificate
Limited Endowment Plan 830 Premium Calculator
In LIC Limited Premium Endowment policy 830 to calculate the premium rates the following details are required.
Name:
Age :
E-Mail Id:
Mobile Number:
Policy term :
Premium payment term :
Sum assured :
Example of Lic Limited Endowment Plan 830
Suppose, Sudheer had decided to buy the new limited endowment plan lic, following details of sudheer are given below:
Age : 25
Policy term : 12 years
Premium payment term : 8 years
Sum assured : Rs.10,00,000
Now, Sudheer has to pay premium with and without tax that are varying from first year premium to remaining years premium. To understand more clearly refer the following table given below,
First Year Premium
|
Mode of Payment |
Without tax | Tax | With tax |
| Yearly premium | 274433 | 8480 | 282912 |
| half yearly premium | 138608 | 4283 | 142891 |
| Quarterly premium | 70000 | 2163 | 72163 |
| Monthly premium | 23333 | 721 | 24054 |
From Second Year to last year Premium
| Mode of Payment | Without tax | Tax | With tax |
| Yearly premium | 274433 | 4240 | 278673 |
| half yearly premium | 138608 | 2141 | 140749 |
| Quarterly premium | 70000 | 1082 | 71082 |
| Monthly premium | 23333 | 360 | 23693 |
Requirement of medical reports has to be submitted under this Limited Endowment Plan Lic 830 are tabulated below
| Medical Requirements |
| FBS, Lipidogram Elisa for HIV, Hb% (Rs. 1140) |
Additional Information of Limited Premium Endowment Plan (table no.830)
Loan facility: Loan facilities are available after payment of premiums for at least 2 years under this lic limited premium policy 830. Maximum loan amount granted will be 90% for force policies and 80% for paid up policies.
Policy Revival: If the premium is not paid by you within the grace period then the policy will lapse. If you are interested to continue this policy then you can revive your policy on or before 2 years from the date of first Unpaid premium.
Cooling Off Period: If you are not satisfied with this policy, you may return the policy within 15 days from the date of receipt of the policy.
Backdating policy: The policy can be backdated within the same financial year.
Service Tax: 3.09% service tax is applicable.
Proposal Forms: Proposal Form no. 300 or 340 will be used under this lic’s limited premium endowment plan.
Suicide clause: If the policy holder commits suicide for any of the reasons within 12 months of date of commencement of risk or from date of revival, then 80% of premium for what he had paid will be returned to his assignees or nominees. If policyholder commits suicide after 12 months then Full Sum assured + Bonus will be paid by corporation to their nominee.
Paid up value: On death the paid up value of sum assured is given as
Death paid up sum assured= Sum Assured on death x (number of premiums paid / number of premiums payable during the premium paying term).
The Sum assured on Maturity under a paid up policy shall be reduced is given as
Maturity paid up sum assured= Sum Assured on Maturity x (number of premiums paid / number of premiums payable).
Surrender value: Available after payment of complete 24 months premiums. There are 2 types of surrender value.
Guaranteed Surrender Value (GSV): GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders, if opted for. GSV factor shall be applicable to vested Simple Reversionary bonus,if any.
Special Surrender Value (SSV) : Surrender Value shall be the discounted value of the Paid-up Sum Assured and vested simple reversionary bonuses.
Riders: Riders are available under this LIC Limited Premium Endowment Policy 830. Accidental death and disability benefits are also available.
Policy Stamping: Under, LIC Limited Premium Endowment Policy 830 stamping charges will be 20 paise per thousand sum assured.
FAQ’s of Limited Endowment Plan Lic
Can you give me the brief explanation or example about benefits covered under this LIC Limited Premium Endowment Policy 830?
EXAMPLE: Suppose Ravi aged 30 years decided to take Limited Premium Endowment Plan 830 for the policy term (PT) of 21 years and Premium Paying Term (PPT) of 9 years. He chooses basic sum assured of Rs 3,00,000
Now, Ravi is required to pay an annual premium of Rs 24,320 for the premium paying term (9 years) only.
Case 1: Death during policy
If Ravi dies during the policy term, then his nominee will receive the Death Sum Assured i.e. 125% of Basic Sum Assured (125% of Rs.3,00,000) + Accrued Bonuses. After this, the policy will terminate.
Case 2: Accidental Death during policy
If during the policy term, Ravi dies due to an accident, his nominee will receive the Death Sum Assured (125% of Rs 3,00,000) + Additional Accidental Sum Assured (Rs 3,00,000) + Accrued Bonuses. The policy will terminate after this event.
Case 3: Survival till maturity
If Ravi survives till the end of policy term, he will get the Basic Sum Assured i.e. Rs 3,00,000 + Accrued Bonuses. Thereafter policy will terminate.
Can I surrender my policy before maturity?
You can surrender your policy before maturity. A policy acquires surrender value after completion of paying premiums of two years policy.
Is loan facility is available under this policy?
Yes, loan facility is available under this policy after paying 2 years of complete premium.
If premium is not paid then is there any chance of restarting the policy?
If the premium is not paid by you within the grace period of 15 days for monthly mode and 30 days for remaining modes then the policy will lapse. If you are interested to continue this policy then you can revive your policy on or before 2 years from date of first Unpaid premium.
For more details please refer the given below official link,
Click here for Lic Limited Premium Endowment Policy