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Posted on 02 12, 2016 by pfadmin
Key Benefits & Highlights of LIC’s Limited Premium Endowment Policy
“LIC’s Limited Premium Endowment Policy is a non linked plan offers an good combination of protection and also saving features. Plan future recipe provides economic support to the family members of the deceased insured person (policy holder) any time of policy year before the policy maturity, and the bigger bump sum amount at the time of policy maturity to the policy holder. Also Have an option can take care of liquidity needs by the loan facility.”
Policy Main Specification:
Age at Entry (Last Birthday): 18 Years
Maximum Age at Entry (Last Birthday):
57 years for Policy Term (PT) = 12, Premium Paying Term (PPT) = 8
62 years for Policy Term (PT) = 12, Premium Paying Term (PPT) = 9
59 years for Policy Term (PT) = 16, Premium Paying Term (PPT) = 16
54 years for Policy Term (PT) = 21, Premium Paying Term (PPT) = 21
Maximum Maturity Age (Last Birthday) : 75 Year
69 years for Policy Term (PT) = 12, Premium Paying Term (PPT) = 8
74 years for Policy Term (PT) = 12, Premium Paying Term (PPT) = 9
75 years for all other cases
Policy Term (PT): 12, 16, 21 years
Premium Paying Term (PPT): 8, 9 years
Minimum Sum Assured: 1,00,000
Maximum Sum Assured: No bound (based on income Limit)
Variable options to pay Premium (Paying Mode): Yearly, Half-yearly, Quarterly, Monthly (by bank ECS)
Key Features of LIC’s Limited Premium Endowment Policy
LIC’s Limited Period Endowment Policy is a Higher Returns with higher bonus
Benefits of LIC’s Liimited Premium Endowment Policy
Sample Premium Detail with Rates
Sample premium rates declared below in table (excluding service tax) per Rs. 1000/- Basic Sum Assured (SA):
|Term||12 years||16 years||21 years|
LIC’s Limited Premium Endowment Policy Details and KYC
Under the policy Grace Period: 30 days will be allowed to premium pay. Policyholder if fails to pay the premium within the policy grace period, automatically the policy will be get lapsed. And there is a option to be revived the policy within the period of two years from the date of the first unpaid policy premiums.
Free Look Period: Policy holder are not satisfied under the policy condition or like coverage etc., policy holder have the options to cancel the policy within the period of 15 days from date of receipt, provided any claim happen LIC will not be paid.
Exclusions: Suicide committed within one year (12 months) of policy period from the date of commencement of risk, LIC will not pay any claim under this policy except for to the extent of 80% of the premiums paid excluding any taxes, extra premium and rider premiums, if any, provided the policy is in force.
Documents Required: Proposal Form 300/340 shall be filled under this plan with exact medical history, and also other proof of documents are required to completed the policy, like address proof and other Know your customer (KYC) documents. Additionally Medical test may required based on the sum assured also the age of the person wants to take the policy.
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