LIC's Ltd. Premium Endowment Plan - Features
LIC’s Limited Premium Endowment plan is a Limited Premium Payment Endowment Assurance Insurance Plan. In this plan, you have to pay the premium for shorter than the Policy Term period agreed upon. The Maturity is payable at the end of the Policy Term or on death of the policyholder whichever is earlier. After the completion of the Policy term the Maturity amount will be equal to The Basic Sum Assured along with vested Simple Reversionary Bonus + Final Additional Bonus as applicable and declared by LIC of India.
LIC's Ltd. Premium Endowment Plan – Benefits
- Survival Benefit : (provided all due premiums have been paid)
Maturity : Basic Sum Assured + Vested Simple Reversionary Bonuses + Final Additional Bonuses (as applicable and declared)
- Death Benefit : (provided the policy is In force) 125% of Basic Sum-Assured, OR 10 times of Annualized Premium, OR 105% of all Premiums paid as on death, WHICHEVER IS HIGHER
- Income Tax Benefit : Premium paid under this plan is eligible for TAX rebate under section 80C of Income Tax Act
Maturity under this plan is 100% Tax free under sec 10(10D)
LIC's Ltd. Premium Endowment Plan - Details
- Endowment Plan with Guaranteed Returns.
- Comparatively low premium with Short Term Investment facility.
- Simple Reversionary Bonus & Final Additional Bonus as applicable is payable on Maturity or earlier death.
- Rider Benefit - Accidental Death and Disability Benefit Rider and Term Rider.
- Rebate on Higher Sum Assured and Mode of Payment