LIC Limited Premium Endowment Plan 830 is a limited premium paying plan with profits. It is a non-linked plan with UIN (Unique Identification Number) 512N293V01 and offers a combination of protection and savings. In the case of unfortunate death of the life assured any time before maturity, LIC Limited Premium Endowment Assurance Plan provides financial support for the family. In the case of survival of the policyholder this plan provides the lump sum amount at the time of maturity.
LIC Limited Premium Endowment Plan Benefits and Features
Benefits
Death Benefit:
On death of the policyholder during the policy period,
Death Benefit = Sum Assured on Death + vested simple reversionary bonuses + FAB (Final Additional Bonus)
Where ‘Sum Assured on Death’ is defined as the higher of 10 times of annualized premium or 125% of Basic Sum Assured. This benefit shall not be less than 105% of total premiums paid as on date of death. Where all these premiums exclude extra premium, service tax and rider premiums, if any.
Maturity Benefit:
On survival of the policyholder till the end of policy term:
Maturity Benefit = Sum Assured on Maturity + vested simple reversionary bonuses + FAB (Final Additional Bonus)
Where Sum Assured on Maturity = Basic Sum Assured
Features
- LIC Limited Premium Endowment Policy (Plan 830) offers a combination of protection and savings.
- It provides optional benefits namely LIC Accidental Death and Disability Benefit Rider and LIC New Term Assurance Rider.
- The Modes of premium payment are Yearly, Half-Yearly, Quarterly, and Monthly (ECS only or through Salary Deductions).
- Grace Period:
- For premium payment of yearly or half-yearly or quarterly the Grace Period is allowed for one calendar month but not less than 30 days.
- For premium payment of monthly mode, the Grace Period is allowed for 15 days.
- Surrender Value: You can surrender the LIC Limited Premium Plan 830 at any time during the policy period, provided at least 2 full years premiums have been paid.
- Rebate is available on large sum assured.
- Loan: After paying the premium for 2 full years, a policyholder can avail the Loan Facility under this plan.
LIC Limited Premium Policy (Plan 817) Eligibility Conditions
The Eligibility Conditions for LIC Limited Premium Endowment Plan are as follows.
Entry Age:
- Minimum Entry age -18 years (Completed)
- Maximum Entry age is based on term policy which is tabulated below
Maximum Entry age
| Maximum Entry Age | ||
| Term (in years) | PPT = 8 years | PPT = 9 years |
| 12 | 57 | 62 |
| 16 | 59 | 59 |
| 21 | 54 | 54 |
Other Eligibility Conditions:
| Policy Term | 12 years, 16 years and 21 years |
| Premium Paying Term | 8 and 9 years |
| Minimum Basic Sum Assured | Rs. 3,00,000/- |
| Maximum Basic Sum Assured | No Limit |
Note: The Basic SA (Sum Assured) shall be in multiples of Rs. 10,000/-. The Entry Age for the policyholder taken as age nearest birthday except for the minimum entry age (18 Years).
LIC Limited Premium Plan Riders
There are two riders available under this plan, they are:
- LIC Accidental Death and Disability Benefit Rider.
- LIC New Term Assurance Rider.
LIC Accidental Death and Disability Benefit Rider
- With the payment of additional premium, you can get the optional rider under LIC Limited Premium Policy namely LIC Accidental Death and Disability Benefit Rider.
- Within the premium paying term you can opt this at any time provided the outstanding PPT is at least 5 years.
- On the death of a life assured due to the accident, an additional amount equal to Accident Benefit Sum assured is payable along with the death benefit, provided the rider (optional benefit) is in force at the time of the accident.
- On accidental permanent disability of a life assured (within 180 days from the date of accident), an amount equal to Accident Benefit Sum assured will be paid in equal monthly installments spread over 10 years and future premiums will be waived off.
Eligibility for Accidental Death and Disability Benefit Rider
| Minimum Age of Entry for a Policy Holder | 18 Years (Completed) |
| Maximum Age of Entry for a Policy Holder | 65 Years (nearest birthday) |
| Maximum Cover Ceasing Age |
|
| Minimum Accident Benefit Sum Assured | Rs. 10,000/- |
| Maximum Accident Benefit Sum Assured | An amount equal to the Sum Assured under the Basic Plan subject to the maximum of Rs. 100 lakh overall limit taking all existing policies. |
Note: The Accident Benefit SA (Sum Assured) shall be in multiples of Rs. 10,000 only.
LIC New Term Assurance Rider
- On payment of additional premium, the LIC New Term Assurance Rider is available at the inception of the policy. If you have opted for this rider, then you need to pay the additional premium during the premium paying term of the policy along with the premium for the basic plan and any rider (if opted for).
- On the death of the policyholder during the policy term, an additional amount equal to Term Assurance Rider Sum Assured is payable along with the death benefit, provided the rider (optional benefit) is in force at the time of the accident.
- If there are more than one policy and if the Term Assurance Rider SA (Sum Assured) exceeds total Rs. 25 Lakhs, then the benefits shall apply to the first 25 Lakhs Term Assurance Rider SA in order of date of policies issued.
Eligibility for New Term Assurance Rider
Entry Age:
- Minimum Entry age – 18 years (Completed)
- Maximum Entry age is based on term policy which is tabulated below
Maximum Entry age
| Maximum Entry Age | ||
| Term (in years) | PPT = 8 years | PPT = 9 years |
| 12 | 57 | 60 |
| 16 | 59 | 59 |
| 21 | 54 | 54 |
| Policy Term | Same as Basic Plan |
| Premium Paying Term | Same as Basic Plan |
| Minimum Term Assurance Rider Sum Assured | Rs. 1,00,000/- |
| Maximum Term Assurance Rider Sum Assured | Less than or equal to Basic SA, but not exceeding the overall limit of Rs. 25 Lakhs. |
Note: The Term Assurance Rider SA (Sum Assured) shall be in multiples of Rs. 10,000 only.
LIC Limited Premium 830 Plan Rebates
For the basic LIC Limited Premium Policy (plan 830), three rebates are available. They are,
- Mode Rebate
- Sum assured Rebate
- CEIS Rebate
MODE REBATE
| Mode | Percentage |
| Yearly mode | 2% of tabular premium |
| Half-yearly mode | 1% of tabular premium |
| Quarterly and Monthly Mode | Nil |
HIGH BASIC SUM ASSURED REBATE
| Basic Sum assured | Rebate |
| Rs. 3,00,000/- to Rs. 4,90,000/- | NIL |
| Rs. 5,00,000/- to Rs. 9,90,000/- | 0.50 % Basic Sum Assured |
| Rs. 10,00,000/- and above | 0.75 % Basic Sum Assured |
CEIS REBATE
Limited Premium LIC Plan completed under CEIS (Corporations Employee Insurance Scheme) will be eligible for this CEIS Rebate of 10 percent of a tabular premium for Basic Plan as well as AD&DB (Additional Death and Disability Benefit) Rider Premium and Term Assurance Rider Premium, if opted for.
LIC Limited Premium Endowment Policy Premium Calculator
With the help of LIC Limited Premium Calculator, you can easily calculate the Premium Amount, Maturity Benefit, Death Benefit, Riders, Loan and other factors of LIC Limited Premium Endowment Plan 830. To calculate the premium amount, maturity, etc. you need to enter some values such as Policy period, Sum assured, and Age in the LIC Limited Premium Endowment Plan Calculator.
Limited Premium LIC Endowment Plan Buying Procedure
To buy this LIC Limited Premium 830 Plan, you need to visit the nearest LIC Branch or LIC official website. Buying or paying premium through online is the easier way than doing it offline. Some documents are required to buy an LIC Limited Premium Endowment Plan, they are,
- Application form/Proposal form along with the photo.
- Address proof
- Age proof
- Medical reports (if required)
LIC Limited Premium Endowment 830 Policy Claim Process
Also, for claiming Limited Premium LIC Policy 830, you may visit the nearest LIC Branch or LIC official website. Claiming for a benefit through online is the easier way than doing it offline. In the case of the death of a policyholder within the policy period, then you can make a death claim. On survival of the policyholder till the end of the policy term, then you can make the Maturity Claim. Some documents are required to claim LIC Limited Premium Endowment Plan 830, they are,
Death Claim:
- The claim form as prescribed by the Corporation.
- Original Policy Document.
- NEFT Mandate Form: This is for direct credit of claim amount to the bank account.
- Proof of title.
- Proof of Death.
- Proof of accident/disability.
- Medical treatment before the death.
- School/College/Employer’s Certificate.
- Proof of age of the life assured: This is in case age is not admitted under the policy.
Maturity Claim:
- Discharge Form
- Original Policy Document
- NEFT Mandate Form
- Proof of age of the life assured: This is in case age is not admitted under the policy.
Additional Information
- Paid-up Value: If you have paid at least 2 full years premium and any subsequent premiums have not been duly paid, then this policy shall not be wholly void, but shall subsist as a Paid-up policy.
- Paid-up Value = Basic Sum assured x (No. of premiums paid/ Total no. of premiums payable)
- Revivals: If you have not paid any premiums within the grace period, then the policy will lapse. That lapsed policy may be revived during the lifetime of the policyholder, but within a period of 2 consecutive years from the date of first unpaid premium and before the maturity date.
- Suicide Clause: If the life insured commits suicide at any time within 12 months from the commencement of risk, then the company will not allow any claim under this LIC Limited Premium Endowment Plan. Instead, he/she will be returned back with 80% of premiums he paid excluding any taxes and extra premium if any.
- Taxes: Taxes including Service Tax (if any) shall be applicable as per the Tax Laws.
More Information on LIC Limited Premium Endowment Plan
- Cooling-Off Period: You may return the policy to the corporation within 15 days from the date of receipt of the policy in case of dissatisfaction with policy conditions and terms.
- Back-Dating Interest: The policyholder can backdate the policy within the same FY (financial year). Back-dating interest as applicable at the time of policy completion. The charges will be applicable for the period in excess of 1 month.
- Policy Stamping: Policy Stamping Charges = 20 paise per 1000 of Basic Sum Assured under this LIC Limited Premium Endowment Plan.
- Assignments/Nominations: As per section 39 of Insurance Act, 1938, at the proposal stage a nomination can be made in the policy . As per section 38 of Insurance Act, 1938, on a subsequent assignment, the notice of assignment or change of nomination should submit to the corporation for registration.
- Proposal Form: Proposal Form Number 300 may be used under this LIC Limited Premium Endowment Plan, which is subject to change.