The LIC Limited Premium Endowment Plan has several benefits ranging from maturity benefit to death benefit. It has rider benefits such as accidental death and disability benefit rider and new term assurance rider with free lock-in period.
Offering the elements of savings and protection together, LIC’s Limited Premium Endowment Plan is non-participating and non-linked in nature. This plan is most popular for its ability to offer liquidity when required, owing to its facility of providing loans.
LIC Limited Premium Endowment Plan also secures the future of the family members of the insured in case he/she passes away during the policy term (before maturity). Additionally, it also provides a lump-sum payment to the insured upon maturity of the policy.
Benefits Offered Under LIC’s Limited Premium Endowment Plan:
Maturity Benefit: The maturity benefit is provided by LIC when the Life Assured survives the stipulated maturity date. The policy, however, has to be in force for the maturity benefit to materialise. The policyholder has to have paid his/her premiums diligently and regularly. The basic sum assured (sum assured on maturity) is provided to the insured along with the vested reversionary bonuses and the final additional bonus amount (if the insured is entitled).
Death Benefit: The ’sum assured on death’ is provided to the family of the insured in case he/she passes away before the stipulated maturity date. Along with the sum assured amount, vested reversionary bonuses, and final additional bonus (if the insured is entitled) is also offered by LIC. The amount made available as ‘sum assured on death’ is 125% higher than Basic Sum Assured or 10 times more than the annualised premium amount. Moreover, the death benefit cannot be any less than 105% of the total premiums that have been paid up until the date of death.
LIC’s Accidental Death and Disability Benefit Rider:
LIC Limited Premium Endowment Plan defines an accident as ‘a sudden, unforeseen, and involuntary event caused by external, violent, and visible means’. The policyholder has to pay a certain amount of money in order to avail the benefits of this rider. The rider can be purchased at any time while the policy is still in force within the basic plan’s premium paying term. However, the outstanding premium paying timeframe (of the basic plan) has to be 5 years. The premiums under this rider will not have to be paid by the policyholder once premiums for the policy have been duly paid. The riders will be made available to the insured during the term of the policy or prior to the policy anniversary.
LIC’s New Term Assurance Rider:
If the policyholder wants to purchase this rider, he/she will be required to do so during the policy’s inception and will be required to pay extra premiums as well. The additional amount will have to be paid alongside the basic plan’s premiums during the policy’s premium paying term. If the Life Assured passes away during the term of the policy, then LIC provides an extra portion of money alongside the Term Rider Sum Assured amount to the family members. However, the rider will still have to be in force for this facility to be made available. Also, the premiums for the rider have to be paid regularly.
Premiums for LIC Limited Premium Endowment Plan
The payable amount of money (premiums) shall be ‘total installment premium’ which encompasses the following elements:
Installment made towards the Basic Plan
Installment made towards LIC's Accidental Death and Disability Benefit Rider, if the policyholder has purchased the same
Installment made towards LIC's New Term Assurance Rider, if the policyholder has purchased the same
There are multiple other terms and conditions that fall under the LIC Limited Premium Endowment Plan. These include free-lock period, forfeiture during certain circumstances, nominations and assignments, and so on.
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Benefits of LIC Limited Premium Endowment Plan
I have taken a life insurance in LIC on five years before. The policy is for 20 years. I am paying premium in the quarterly package the amount which is nominal for me. While getting a policy the agent has given an information about the policy details.
On 10 years before, I took life insurance policy for my spouse in LIC with tenure period of 15 years. Since its money back policy, 5 years once I got amount of 5K which I have received for twice . I use to pay premium on quarterly basis of the amount of 3087 rupees which is nominal. The agent has given an information about the policy details and provided hard copy of documents on time.
I have taken a life insurance in LIC on 9 years before. Tenure period of 15 years. I am paying premium on half yearly package the amount of 6490 rupees which is nominal. The agent has given an information about the policy details. It covers myself and the policy name is Jeevan Anand.
I have taken Life Insurance policy directly through LIC agent .This was a maturity benefit policy for the tenure of 21 years.I am paying the premium on monthly basis .I am paying the premium through online .This policy is still alive and all the details about the policy was clearly explained by the agent.
HDFC Life is one of the worst companies you would want to take your life insurance from. I am writing this review with my personal experience + experiences of some other users who purchased the policy. They are running a scam where about 1 yr after issuing your policy, they automatically cancel it, citing "non disclosure of pre-existing illness" as the reason. The same thing happend with me and many others. I have no such reported illness of any kind. And even if I had, why was the policy issued in the first place? Upon my request to provide an explanation or more detail about this 'illness', no respone was given to me, neither by HDFCLife nor by Policybazaar, through which I had purchased this policy. I was cheated of my one-year premium amount and my policy was lapsed.
If you are at all serious about preserving your mental and financial well-being, do not go anywhere near any of these two companies. They are the biggest fraud in the life insurance market.
I have taken Life Insurance policy directly through LIC agent .This was a maturity benefit policy for the tenure of 15 years .This policy is still alive and got all the relevant details about the policy through the agent .The policy documents was shared on time .I am comfortable with the service.
I have taken Life Insurance policy which was taken through LIC agent.This was an endowement policy and paying the premium on yearly basis .The policy tenure is for 15 years and paying the premium through the agent .This policy is still active and i am comfortable with the service .
Bajaj Allianz life insurance is very flexible. I have taken a policy. The Premium was given as per my budget. Plans and benefits are great, If anyone wants to go a life insurance my first suggestion will be Bajaj Allianz life insurance. Thanks
I took my life insurance policy from LIC around 5 years back and this policy is going to matured in the year of 2026. It was for the safety and protection for the family. I have selected the payment option as very half year and i pay the premium amount of Rs. 2000. I will give the cash to my agent and he will pay in the LIC office.
LIC policy is safe and if you have a long term policy, it will be useful. If i go to their office, the response is fine. They have a good portal to know about the payment premium amount and existing policy details. I make the premium through online. I took the money back policy and it got matured already.
In LIC website, they are updating the policy details on a timely basis. I took my retirement plan in life insurance corporation of India. For the safety purpose, i have selected this company. I am investing the money of Rs. 10K every month. I get the returns after my age of 56. This is a tax benefitable policy.
I have taken money back policy from LIC its because of the safety reason. I have been investing the money of Rs. 10K every month. I purchased the policy 4 years ago. They are providing the sum assured amount of Rs. 1.2 lakhs. This is a tax beneficial policy. I make the premium amount through online.
I didn't use the customer care service till now in LIC where i have taken my life insurance policy. I'm not sure about the plan name but i pay the premium every year once. I have been paying the premium amount of Rs. 17699 and total term period of the plan is 16 years. For the savings purpose, i have chosen LIC.
I have taken Life Insurance policy directly through LIC agent .This policy tenure is 10 years .I am paying the premium through Half yearly basis and paying the premium through Online .The agent gave a clear picture about the policy and not yet faced any difficulties .I am satisfied with the service so far .
I have taken a life insurance in LIC since 1990. This policy term is 20 years. I am paying premium on monthly package and the amount which is nominal. I am paying premium in a cheque mode. While getting a policy my agent has given an information about the policy details and this is a money back policy.
I have taken Life Insurance policy taken through LIC agent.This was a Maturiy benefit policy and each and every details was shared by the agent .This policy is still active and there was no difficulties faced as well. Overall am happy with it.
I have taken a life insurance in LIC on 9 years before. Tenure period of policy is 20 years. I am paying premium on quarterly package the amount of 3K which is nominal. Agent is my neighborhood so he has given an information about this policy. It covers my whole family.
I have taken a life insurance in LIC on 3 years before. The policy is for 16 years. I am paying premium on monthly package the amount of Rs. 17k which is nominal. I am paying premium manually. While getting a policy my agent has given an information about the policy details. It covers myself. It is a jeevan anadha policy
LIC plan is a savings cum income plan and i get the good returns in future. Its covers for life. I took the policy through agent who is my relative recommended me about this policy. My father is taking care of the premium part hence I'm not sure about the coverage value.
I have taken a life insurance policy from LIC more than 5 years.The agent is very supportive and providing proper guidance and this is a JEEVAN ANAND policy. Policy is valid for life long and the tenure is 20 years after some years. I am paying annual premium is Rs.24k, this is a death benefit plan after that my wife will be getting some returns.