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LIC Limited Premium Endowment Plan

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LIC has always been one of the most trusted life insurance companies in India. The choices for insurances and getting benefits out of it are the main reasons why people tend to select this one over others. Citizens can find their particular one after reading the terms and conditions provided to them. Recently, LIC’S Limited Premium Endowment Plan is gaining popularity due to its dual objectives. It provides the user with an opportunity to save and find protection at the same time.

Features Of LIC Premium Endowment Plan

Death Benefit: In case the policyholder dies before this premium policy matures then all the premiums paid and due are paid to the family of that person. But death benefit means something more than just that. It has been named as “Sum Assured on Death” where the reversionary bonuses and the additional yearly bonuses (if there is any remaining) will be paid to the person’s family.

Benefit After Maturity: The maturity amount for the premium or “Sum Assured on Maturity” is the same base amount with reversionary bonuses and additional bonuses if remained any. All the premiums should be paid, and after the completion of the premium years and maturity years, a total amount will be paid to the policyholder.

The Bonuses: Simply put, those bonuses as the reversionary and additional are all gained due to the participation of profits for the corporation on the whole. There is declared and claimed by the Corporation and through which the total premium policy will perform. The Final additional bonus will be given on the year when this policy will be claimed finally. That can be either in the year of the policy holder’s untimely death or after maturity normally.

Other than those main benefits mentioned above, any policyholder of this premium policy will gain some optional benefits as in, Rider benefits:

  • LIC benefit under the claim for accidental death of the premium holder or even the disability after the accident.
  • There is a New Term Assurance Rider available for the policyholders.
Eligibility Conditions & Restrictions 
Minimum age90 days completed
Maximum age65 years
Maximum maturity age75 years
Policy Term10 years to 25 years
Minimum Sum AssuredRs.50,000
Maximum Sum AssuredNo limit
Premium paymentSingle Premium
LoanEligible after 1st year
SurrenderEligible at any time
On DeathSum Assured + Bonus
On MaturitySum Assured + Bonus
Income Tax Benefit20% of Premium paid are eligible for Tax rebate u/s 80c