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Benefits of LIC Limited Premium Endowment Plan

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.
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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.
  • Rider Benefits:

    • 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.

Benefits of LIC Limited Premium Endowment Plan Reviews

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  • Kotak Life Life Insurance
    "Excellent"
    0.5 4.5/5 "Excellent!"
    I am a employee of Kotak Life and have taken one policy for saving also company has provided me a policy. It is a long term policies. The tenure period is 15 years. I pay the premium of 18K yearly through online or sometimes cash. The online app is good and the transactions are done immediately.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 23, 2019
  • Birla Sun Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have applied my life insurance with birla life, there agent was good, they have explained me clearly about the policy benefit, and there coverage, and the premium amount they have charged me was nominal, it was on yearly basis , and i use to pay premium through on line.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 23, 2019
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my life insurance with HDFC LIFE from long time, and I itself have applied for this insurance is i have knowledge regarding this,and there premium amount they have given me was nominal ,i use to pay up to 3500 as an premium on yearly basis,and there is no hidden charged , and i pay premium through on line.
    Was this review helpful? 0
    , jaipur
    Reviewed on Jan 23, 2019
  • ICICI Prudential Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my life insurance with ICICI prudential ,i took this insurance long bank , and i was agent and previously i was Ex -employee for them ,so i have knowledge about the insurance which insurance will be best ,and i pay premium on yearly basis, i use to pay through on line mode.
    Was this review helpful? 0
    , jaipur
    Reviewed on Jan 23, 2019
  • LIC Life Insurance
    "Good "
    0.5 4.5/5 "Excellent!"
    I have one LIC policy and its a term plan which was taken in the year of 2000 through an agent. I am happy with the service and the benefits are good. Am paying the premium of 25K per year through online. The sum assured value is 5L and I need to pay the premium till 2020.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 23, 2019
  • LIC Life Insurance
    "Not satisfied"
    0.5 3.0/5 "Satisfactory"
    I am having LIC policies and am using the service for more than 10 years. I only visit the branch and never contact the customer care center. I think its a money back policy and need to pay only once. I have paid the premium of 45K for 3 years through cheque. The benefits are below average.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 23, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    My life is insured with LIC from last 12 years and it is a money back policy. I get money back after every 5 years in this policy. I pay my premium once in 6 months and i am convenient with the payment options. Tenure period for this policy is after 30 years.
    Was this review helpful? 0
    , surat
    Reviewed on Jan 23, 2019
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance policy with LIC from last 15 years and it is a long term policy. My premium amount is auto debited from the salary account for this policy. I am happy with the returns and benefits of this policy. This policy will get matured at 2028.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 23, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have a life insurance policy with LIC from last 8 years and it is a money back policy. I get money back after every 5 years and this policy is for 20 years. I pay my premium on annual basis through online and i get good returns after maturity period.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 23, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 3.5/5 "Pretty good"
    I have taken Jeevan bheema from Lic as its been Government institution , so the assurance is there regarding the policy benefits , I used to get income tax benefits I make the payments through auto debit option overall am pretty much satisfied with the service and response. .
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 23, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 3.5/5 "Pretty good"
    I took this Life insurance Money back policy from Lic insurance company mainly because of the good returns, its long tenure period of 20 years , the payment can be done through only payments Quarterly . The best about the policy is claim rate is high compared to other policy available in the market. There customer service and customer response is good .
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 23, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 3.5/5 "Pretty good"
    I took life insurance jeevan saral policy from life corporation of India . I already paid for few years . As the policy coverage of good sum assures amount , which was my first policy at my initial stage . It has good benefits like accidental coverage and critical illness coverage . The tenure period is 25 years . Overall am satisfied with my policy
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 23, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 3.5/5 "Pretty good"
    I took this life insurance jeevan anand policy from Lic insurance company mainly because of the good returns. The tenure period is 20 where i already made the payment for first 2 yeairs . Am doing my payment yearly through online banking this policy covers accidental benefits and critical illness .
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 23, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my life insurance with Life insurance corporation of India, there service is good, the agent had explain me about the policy coverage,and about plan benefits clearly, and the premium amount they have charged me on yearly basis, and they have charged me up to 3000 it is nominal , and premium amount i use to pay through on line.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 22, 2019
  • Birla Sun Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my life insurance with Aditya birla , there service is they provide me was excellent, till now i have not face any issue in that, there premium amount they have charged me in monthly basis,they have charged me up to 6200, and it is nominal to me , the agent had explain me about the policy coverage and plan benefit properly,i use to pay on on line mode. overall service is good.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 22, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have purchased my money back policy long bank and twice i have received the cash in my account without giving any request and I'm quite happy about the received sum assured amount. I pay the premium amount of Rs. 600 every month. I make the premium through online.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 22, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    Bought my life insurance policy from LIC. I have chosen the plan called Jeevan Anand. This is the tax benefits policy. I pay the premium amount of Rs. 1000 every month with the tenure period of 2.5 lakhs. This is a 15 years tenure period policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 22, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have bought the life insurance policy in the year of 2011. My agent has suggested me about this policy. I have been paying the premium amount of Rs.10300 through ECS. I have chosen the mode of annually. Overall, I'm satisfied with the LIC policy.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jan 22, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    Purchased my money back from LIC. I have selected the LIC company for my policy its because of the better option. They are providing various payment mode facilities. I'm satisfied with the sum assured amount and LIC customer care service is really fine.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 22, 2019
  • Kotak Life Life Insurance
    "Good Insurance Policy"
    0.5 4.0/5 "Great!"
    I have purchased a accidental covered policy from Kotak Mahindra bank. Kotak gives more online services and the app is really good. I have got this policy 5 months back. I made a premium amount of Rs. 1200 and this policy covers only for me. I have not claimed anything in this policy so far.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 22, 2019
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