Limited Premium Endowment Plan

Eligibility Conditions and Other Restrictions:

Benefits
Eligibility Condition And Other Restrictions

Minimum Basic Sum Assured : Rs. 300,000
Maximum Basic Sum Assured : No Limit
(The Basic Sum Assured shall be in multiples of Rs. 10,000/-)
Policy Term : 12, 16 & 21 years
Premium Paying Term : 8 & 9 years
Minimum Age at entry : 18 years (completed)

Maximum Age at entry

Maximum Age at entry
Term(in Years) PPT = 8 years PPT = 9 years
12 57 62
16 59 59
21 54 54


' Maximum Maturity Age : 69 years (nearest birthday) for 12 year Term and 8 year PPT
74 years (nearest birthday) for 12 year Term and 9 year PPT &
75 years (nearest birthday) in all other cases

Payment of Premiums:

Premiums can be paid regularly during the premium paying term at yearly, half-yearly, quarterly or monthly mode (through ECS only) or through salary deductions over the term of policy. However, a grace period of one month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.

Mode and High S.A. Rebates:
Mode Rebate:
Yearly mode - 2% of Tabular Premium
Half-yearly mode - 1% of Tabular premium
Quarterly & Salary deduction - NIL



High Sum Assured Rebate:
Basic Sum Assured (B.S.A) :: Rebate (Rs.) 3,00,000 to 4,90,000 - Nil
5,00,000 to 9,90,000 - 0.50%o B.S.A.
10,00,000 to and above - 0.75%o B.S.A.



1. Revival:
If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium by paying all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation at the time of the payment, subject to submission of satisfactory evidence of continued insurability.
Revival of rider(s), if opted for, will be considered along with revival of the Basic Policy, and not in isolation.

2. Paid-up Value:
If, after atleast two full years’ premium have been paid and any subsequent premiums be not duly paid, this policy shall not be wholly void, but shall subsist as a paid-up policy.
The Sum Assured on Death under a paid-up policy shall be reduced to such a sum, called ‘Death Paid-up Sum Assured’ and shall bear the same ratio to the Sum Assured on Death as the number of premiums paid bears to the total number of premiums payable i.e. Death Paid-up Sum Assured = Sum Assured on Death * (no. of premiums paid / no. of premiums payable during the premium paying term). Death Paid-up Sum Assured along with along with vested simple reversionary bonuses, if any, is payable on death of the Life Assured during the policy term.
The Sum Assured on Maturity under a paid-up policy shall be reduced to such a sum called ‘Maturity Paid-up Sum Assured’ and shall bear the same ratio to the Sum Assured on Maturity as the number of premiums
paid bears to the total number of premiums payable i.e. Maturity Paid-up Sum Assured = Sum Assured on Maturity * (no. of premiums paid / no. of premiums payable). Maturity Paid-up Sum Assured along with along with vested simple reversionary bonuses, if any, is payable on expiry of the policy term. A paid-up policy will not accrue any further bonuses.
Rider(s) do not acquire any paid-up value and the rider benefits cease to apply, if policy is in lapsed condition.

3. Surrender Value:
The policy can surrendered provided atleast two full years’ premiums have been paid. The Guaranteed Surrender value shall be percentage of total premiums paid (net of service tax) excluding extra premiums and premiums for rider(s), if opted for. This percentage will depend on the policy term and policy year in which the policy is surrendered


1. Policy Loan :
Loan can be availed under the policy provided the policy has acquired a surrender value and subject to the terms and conditions as the company may specify from time to time.



1. Exclusion:
Suicide:

This policy shall be void
-> If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of 80% of the premiums paid excluding any taxes, extra premium and rider premiums other than term assurance rider, if any, provided the policy is inforce.

-> If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the premiums paid till the date of death (excluding any taxes, extra premium and rider premiums other than term assurance rider, if any,) or the surrender value, shall be payable. The Corporation will not entertain any other claim under this policy.

Disclaimer: The above information is general information of policy. Policy will governed by terms and condition issued by LIC OF INDIA