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.
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.
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.
The payable amount of money (premiums) shall be 'total installment premium' which encompasses the following elements:
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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