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
LIC has offered a Jeevan Anand policy and i have taken for 5 year before. I am paying premium of Rs. 15,000 on quarterly basis which is sufficient. While getting a policy the agent has given me a clear policy details and their service was good and it has a good policy coverage.
On one year back, I have taken life insurance from LIC. Since the agent has recommended with all good benefits so I preferred this policy to apply. I have received the hard copy on time. The tenure period of 15 years 2021 getting maturity and i am paying premium on quartely 40,000 which am paying to the agent. It covers up to myself with the sum assured of 7.5L.
I taken a life insurance in MAX LIFE on 6 months back. It covers up to myself with tenure period of 35 years. To pay the premium amount there is additional criteria like accidental and for an emergency purpose can do claim at any time, so total amount need to pay of 18K on yearly. They have tied up with many hospitals.
I have taken life insurance policy of Jeevan Bhima for the tenure of 15 years .The premium is paid through yearly basis and premium is paid by myself through lic office only.This policy is stil active and the policy features and benefits was clealry shared by the agent .
On 5 months before taken a life insurance from BHARTI-AXA. The tenure period of 15 years plus 5 years of maturity. My friend has suggested this policy to apply and I received the hard copy on time. The premium amount of 21K need to pay on yearly. The coverage amount of 10L if an emergency or accidental happen other 10Lis applicable. The charge is high when compared to other.
I have taken a life insurance in LIC on 6 years before. The policy of tenure period of 20 years. I am paying premium on half yearly package the amount of 8K which is nominal. While getting a policy my agent has given an information about the policy details. It covers up to myself.
I got Money Back policy from LIC. It was taken on 14 years back. The tenure period of 20 years. The premium amount need to pay on half yearly basis of 2,480 rupees. Evey 5 years I get good returns from their end. So far I have not faced any charge. I use to remainder and update from my agency.
I took a life insurance for myself only from LIC. The policy of Jeevan Mithra which I need to pay of 10K on quarterly basis. I took this policy on 15 years back, when I was a student took this insurance so all the details got from their end on time. Only for investment taken this policy.
LIC has offered a life insurance for my children. It covers my kids only. It was taken on 2015 which is good policy. The tenure period of 20 years. Agent has given all the details about the policy and also provided hard copy documents on time. The premium amount to pay of around 3K.
For my spouse I taken a life insurance policy from LIC on 3 years back. It covers only for her. The tenure period will be 20 years. I use to pay the premium amount of 20K per annum. Since somebody suggested about this policy so I opted for it. The policy is Jeeven Anandh.
I taken a life insurance from LIC on 7-8 years back. They have given the policy of Jeevan Anandh which was covered only for myself. The premium amount which I need to pay of 6K around. The agent has given all the details about this policy. So far I have not faced any charge. To pay the amount I visit branch directly. The tenure period of 20 years.
I got a money back policy from LIC hence taken on 12 years back. I am paying premium on quarterly package the amount of 6K which is nominal. While getting a policy the agent has given an information about all details and received the hard copy documents on time. It covers up to myself only.
My Aunt is working in LIC, she only suggested me to take this Life Insurance policy. I am paying annual premium of Rs. 30,000 which is auto debited from my account. This policy benefits are clearly explained to my mom and she knows it better than me. Its a money back policy taken last 2 years back.
On one year back, I have taken life insurance from LIC. Since the agent has recommended with all good benefits so I preferred this policy to apply. I have received the hard copy on time. The tenure period of 20 years. I need to pay the premium on monthly of 3K which am paying to the agent. It covers up to myself with the sum assured of 5L.
I have taken life insurance policy through lic agent .This was a maturity benefit policy and the policy tenure is for 15 years and the premium is paid on yearly basis .I am using net banking service as well as mobile banking service both are very user friendly .This was taken for my family benefits and customer service was good.
Taken the life insurance policy with MAX company around 8 years ago. My colleague is suggested me to take the policy from here. The claim ratio is more compared to others. I am paying the premium amount of Rs. 15000 and i will get a sum assured amount of Rs. 3.5 lakhs. In online, i will pay the premium amount without any hassle.
Purchased my Reliance life insurance policy last 3 years before. My friend is working as an agent hence he suggested me to take this policy here. Yearly, I'm paying the premium amount of Rs. 15000. They are giving me a sum assured amount of Rs. 2.5 lakhs for the term period of 10 years plan. This policy has tax benefits also.
I have taken life insurance policy through Max life insurance .This policy tenure is10 years and the premium was paid on yearly through ECS mode.The policy features and benefits are well known to me since working with Max.I am satisfied with my policy.
I have taken Life Insurance policy through Max Life insurance .Since working with max life i know the policy features and benefits.This policy is monthly income plan and for the tenure of 10 years .This policy premium is paid on yearly basis .I am paying the premium on ecs mode and it is totally for family benefits.I am paying the premium of rs.30,000.
I have taken life insurance policy directly through Max life since i am working with them .This was a monthly income plan and it is availed for family benefits only.I am paying the premium on ECS mode and the premium amount was Rs.50,000.The policy details was clearly shared by the agent and i am satisfied with the service .