LICs Limited Premium Endowment Plan
LICs Limited Premium Endowment Plan is a participating Endowment Plan with Limited Payment facility. It is the simple endowment plan with death and maturity benefit along with rider benefit.
This is a Participating Traditional Limited Pay Endowment Plan
Premium needs to be paid only for a period of 8 or 9 years while the policy continues for the entire policy tenure of 12, 16 or 21 years as chosen
On survival till the end of the policy tenure, the maturity benefit is paid to the policyholder and the policy terminates
If the life insured dies within the policy tenure, the death benefit is paid to the nominee and the policy terminates
There is additional coverage which can be opted for additional premium.
Details About Premium
The annual premium is mentioned in Rupees for a Sum Assured of Rs 5 Lacs and Premium Paying Term of 8 Years. Basic Premium is mentioned below (Tax not included)
Grace Period: 30 days grace period is allowed for premium payment. If policyholder fails to make payment within the grace period, the policy lapses. However, there is a period of 2 years from the due date of the first unpaid premium for the policy to be revived
Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.
Policy Termination or Surrender Benefit: The policy acquires a surrender value after completion of 2 policy years and can also avail Loan
In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid