LIC LIMITED PAYMENT ENDOWMENT POLICY
LIC Limited Payment Endowment Policy Table 48 ( With Profits) is one of the earliest plans with L.I.C. and it is still going strong with its unique features like premium payment for a limited period ( i.e. one does not have to pay premiums till the end of the term), high bonus rates, terminal additional bonus, availability to almost all, etc., etc., along with risk cover!
BENEFITS
- A flexible plan for the Policyholder to select Premium paying term of his choice.
- Just as in the case of limited payment whole life polices, here, too, the payment of premium can be limited either to a single payment or to a term shorter than the policy. The endowment is, however, payable only at the end of the policy term, or on the death of the policyholder if it takes place earlier.
- Premium to be paid for a fixed term. However, the risk cover continues till the end of policy period
- On Maturity, Sum Assured + Bonus + FAB if eligible.
- On Death, before policy term Sum Assured + Bonus is payable to the nominee.
ELIGIBILITY CONDITIONS: LIC Limited Payment Endowment
| Table No. | 48(Limited Payment Endowment Plan with profits) |
| Entry Age | Min 12 years n.b.d. & Max 60 years n.b.d |
| Maximum Maturity Age | 75 years l.b.d. |
| Terms | 10, 15, 20, 25 years |
| Premium Paying Term | 5, 10, 15, 20 |
| Female | Plan allowed to all categories |
| Health | Plan allowed to handicapped, substandard lives. |
| Sum Assured | (Min) Rs. 50,000 (Maxi.) : No Limit |
| Loan | available after payment of at least 3 years’ premium |
| Tax Rebate | Available under Section 80c |
| Premium Modes | Yearly, Half-yearly, Quarterly, Monthly, Salary Saving Scheme |
If accident benefit is desired within an overall limit of Rs.50,00,000/-, the same can be availed by paying extra premium of merely Re.1 per thousand S.A., during the premium paying term only.
This is the most popular form of life assurance since it not only makes provision for the family of the Life Assured in the event of his early death but also assures a lump sum at any desired age. The amount assured, if not paid by reason of his earlier death, becomes payable at the end of the endowment term when it may be invested to provide an annuity during the remainder of his life or in any other way he may think most suitable at the time.
Being an endowment assurance policy, LIC Limited Payment Endowment is apt for people of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise. The amount assured if not paid by reason of his death earlier will payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder’s life or in any other way he may think most suitable at that time.
