LIC Limited Premium Endowment Plan 830

          This is a participating non-linked policy that offers the policy holder the optional benefits of LIC’s Accidental Death and Disability Benefit Rider and LIC’s New Term Assurance Rider. If the policy holder dies during the policy term, then the Sum Assured on Death is payable(provided all due premiums are paid) which is defined as the higher among 10 times of annualized premium and 125% of Basic Sum assured, along with Simple reversionary bonuses and Final additional bonus.In case of survival of maturity period by policy holder, Sum assured on Maturity will be paid along with Simple reversionary bonuses and final additional bonus as a lump sum on the condition that no premiums are due. Age at entry must be 18 Years to 54 years. The plan term might be 12, 16 and 21 years. Premium Mode may be Yearly, Half Yearly, Quarterly or Monthly. The Basic Sum Assured would be 3, 00,000 rupees and above (In multiples of 10000).

           The policy holder will get a share in the profits of the company through Simple Reversionary Bonus if the policy is running properly. Final Bonus will be declared at the time of claiming the policy through death or maturity.In case of accidental death, an optional rider called Accidental Death Benefit rider can be opted for which provides twice the sum assured, available with payment of Rs.100 per 1 lakh sum assured every year. Rebate is given as 2% of tabular premium for yearly mode and 1% of tabular premium for half-yearly mode.

           LIC’s Limited Premium Endowment Plan is a Non-Linked Plan with a combination of savings and protection. LIC Limited Premium Endowment Plan introduced on 09th December 2014 by Life Insurance Corporation. The Unique Identification Number is 512N293V01. In the case of unfortunate death of the Life Assured, financial support is provided to the family members by the Endowment Plan. Policyholder gets the lump sum amount at the time of Maturity for surviving till the end of the Policy Term.

            It is a Limited Period Premium Payment Plan which provides the loan at the time of liquidity need. On Payment of additional Premium Accident Death Benefit Rider, New Term Assurance Rider is available for the Life Assured. The Policy Term is 12,16 and 21 years in which the premium paying term may be 8 and 9 years.

Eligibility Conditions

Minimum Entry Age: 18 years.

Maximum Entry Age depends on the different terms of the Policy which is tabulated below.

Policy Term (in years)	Premium Paying Term 8 years	Premium Paying Term 9 years
12	57 years of Maximum Age	62 years of Maximum Age
16	59 years of Maximum Age	59 years of Maximum Age
21	54 years of Maximum Age	54 years of Maximum Age

Minimum Basic Sum Assured	Rs 3,00,000/-.
Maximum Basic Sum Assured	No Limit.
	The Basic Sum Assured shall be multiples of Rs 10,000/-.
Policy Term	12,16 and 21 years.
Premium Paying Term	8 and 9 years.
Premium Payment Mode	Monthly (ECS), Quarterly, Half Yearly or Yearly.

Benefits

Death Benefit: On the sudden death of the Policyholder within the Policy term, the Sum Assured on Death along with vested simple reversionary bonus and a final additional bonus is payable. The Sum Assured on death is 125% of the basic sum assured or 10 times of the annualized premium which should not be less than 105% of all premiums paid as on date of death.

Maturity Benefit: If the Life Assured survives till the end of the policy term, Maturity Benefit is provided which is Sum Assured on Maturity + simple reversionary bonus + Final Additional Bonus (FAB).

Sum Assured on Maturity = Basic Sum Assured.

LIC Limited Premium Endowment Plan Riders

           The Policyholder can avail the benefits of Riders on payment of additional premium along with the basic plan. The Riders in LIC’s Limited Premium Endowment Plan are.

           LIC’s Accidental Death and Disability Benefit Rider: This rider is available to opt within the premium paying term by the Policyholder. If Sudden Death occurs to the Life Assured, the Nominee will receive the Accident Benefit Sum Assured. On Disability of the Proposer due to the accident, the Accident Benefit Sum Assured is paid for a period of 10 years and all future premiums of Basic Plan which is equal to the Accident Benefit Sum Assured will be waived off.

Eligibility Conditions of LIC AD&DB Rider

Minimum Entry Age	18 years
Maximum Entry Age	65 years (nearest birthday).
Maximum Cover Ceasing Age	69 years (for 12-year Term and 8 years PPT).
	70 years (for all other cases).
Minimum Accident Benefit Sum Assured	Rs 10,000/-.
Maximum Accident Benefit Sum Assured	equals to Basic Sum Assured subject to a maximum of Rs 100 lakhs.

LIC’s New Term Assurance Rider: On Death of the Life Assured during the Policy term, the Nominee will receive the Term Assurance Rider Sum Assured if opted for this rider. An additional Premium has to be paid along with the Basic Plan during the Premium Paying Term.

Eligibility Conditions of New Term Assurance Rider

Minimum Entry Age: 18 years.

Maximum Entry Age varies for the PPT and Policy Term

Policy Term in years	Premium Paying Term for 8 years	Premium Paying Term for 9 years
12	Maximum Entry Age of 57 years	Maximum Entry Age of 60 years
16	Maximum Entry Age of 59 years	Maximum Entry Age of 59 years
21	Maximum Entry Age of 54 years	Maximum Entry Age of 54 years

Policy Term	Same as Base Plan
Premium Paying Term	Same as Basic Plan
Minimum Term Assurance Rider Sum Assured	Rs 100,000/-.
Maximum Term Assurance Rider Sum Assured	less than or equal to Basic Sum Assured.

Claim Process

          The Life Assured/Nominee can apply for Claim amount on sudden death of the Insured or completion of the Policy Term. Maturity or Death Benefit is provided along with the Sum Assured at the time of claim process. For Claim amount the following documents are to be carried by the Policyholder/Nominee. The Claim Form is available at the official website of LIC or at the Life Insurance Corporation Branch Office.

• NEFT Mandate Form.
• Claim Form.
• Original Policy Document.
• Proof of Title.
• Proof of Death.
• Proof of Disability/Accident.
• Medical Treatment Document before death.
• Proof of Age.

Additional Information 

Paid up Value:

Death Paid Up Sum Assured = Sum Assured on Death * (no of premiums paid/no of premiums payable during the PPT).

Maturity Paid Up Sum Assured = Sum Assured on Maturity * (no of premiums paid/no of premiums payable).

Surrender Value: The Life Assured can surrender the Policy at any time of the Policy term, if completed payment of 2 years premiums.

• Guaranteed Surrender Value: The GSV is the percentage of the total premiums paid excluding the riders premium and extra premium if any paid.
•  Special Surrender Value: The SSV is the discounted value of the sum of Maturity Paid Up Sum Assured and the vested simple reversionary bonus if any.

Revivals: The Life Assured can revive the Policy within 2 consecutive years from the date of first unpaid premium amount.

Loan Facility: The Policyholder has the benefit to avail the loan after payment of premiums for 2 years on following conditions. The Maximum Loan to be granted to the Life Assured as a percentage of Surrender Value is

• For in force policies – 90%.
• For Paid-up policies – 80%.

Taxes: The Taxes including Service Tax will be as per the Tax laws and tax rate varies from time to time.

Back Dating Interest: The Policy can be dated back within the same financial year. The interest on back dating is applicable at the time of completion of the Policy.

Cooling Off Period: The Policyholder can return the Policy within 15 days from the date of receipt of policy, if not satisfies with the Terms and Conditions of the Policy.

Proposal Form: Under this LIC Limited Premium Endowment Plan, Proposal Form No 300 should be used.

Reinsurance: As per Reinsurance Treaty, Normal Procedure of Reinsurance is applicable.

Suicide Clause: The Nominee will receive the 80% of premiums paid if the Life Assured commits suicide within 12 months from the date of commencement of risk.

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