LIC Limited Premium Endowment Policy 830

Introduction of LIC Limited Premium Endowment Policy 830

LIC Limited Premium Endowment Policy 830, name itself indicates that this policy has an option of Limited Period premium payment. In LIC Limited Premium Endowment Policy 830 the payment of premiums is limited compared to the policy term. Suppose if policyholder has taken 12 years policy term then he/she needs to pay the premium either 8 or 9 years maximum which is limited period of premium payment term. LIC Limited Premium Endowment Policy 830 provides a combined facility of protection and saving. This plan provides bonus which will be declared on this policy every year. This LIC Limited Premium Endowment Policy 830 insurance plan financially helps the family of policyholder if policyholder dies unfortunately before maturity or a lump sum amount on maturity if the policyholder survives.

Entry age of LIC Limited Premium Endowment Policy 830

• Minimum Entry age -18 years (Completed)
• Maximum Entry age is based on term policy which is tabulated below

Maximum Entry age

Term of the policy	Premium payment term 8 years	Premium payment term 9 years
12	Maximum age is 57 years	Maximum age is 62  years
16	Maximum age is 59 years	Maximum age is 59 years
21	Maximum age is 54 years	Maximum age is 54 years

Terms and other Eligibility Conditions of LIC Limited Premium Endowment Policy 830

Sum Assured	minimum – Rs.3,00,000 maximum – No limit
Policy term	12,16,21 years
Premium payment term	8,9 years
Premium payment mode	Yearly, Half-Yearly, Quarterly,  monthly(ECS, SSS)
Minimum Accident death benefit	One lakh
Maximum Accident death benefit	One crore
Maximum cover ceasing age	69 years (Nearest birthday) for 12 year policy term and 8 years Premium payment term. 70 years (Nearest Birthday) in all other cases.
Grace Period	If the Premium is not paid within the time then a delay of 30 days for Yearly, Half-Yearly and Quarterly modes and 15 days for monthly mode is extended to pay the premium amount which is grace period.

LIC Limited Premium Endowment Policy 830 Rebates

Rebate means providing Discount on Premium. There are 2 types of Rebates

• Based on Sum assured Rebate
• Mode Rebate

Sum Assured Rebate:

Basic Sum Assured (or) Policy Value	Rebate per Rs.1000 of Sum Assured
Rs.3,00,000 to Rs.4,90,000	NIL
Rs.5,00,000 to Rs.9,90,000	0.50% of Basic Sum Assured
Rs.10,00,000 and above	0.75% of Basic Sum Assured

Corporate Employees Insurance Scheme (CEIS) Rebate: 5 % on tabular Premium for all LIC Employees.

Mode Rebate:

Premium Payment mode	Percentage
Yearly Mode	2%  of Tabular Premium
Half-Yearly Mode	1%  of Tabular Premium
Quarterly and Monthly	NIL

Benefits of LIC Limited Premium Endowment Policy 830

Death Benefit: In case of death of the Life Insured within the policy term, then the nominee gets ‘Sum assured on death’, Simple Reversionary Bonus and Final additional Bonuses(if any). Sum assured on death means 10 times of annualized premium or 125% of basic sum assured or 105% of all premiums will be paid. Death benefit shall not be less than 105% of all premiums paid as on date of death.

Maturity Benefit: If policyholder survives till the end of policy term then policyholder will receive Sum Assured on Maturity, Bonus and Final Additional Bonus (if any). Here Sum Assured on Maturity is equal to Basic Sum Assured.

LIC Limited Premium Endowment Policy 830 Buying Procedure

Documents required to buy LIC Limited Premium Endowment Policy 830

• Application form/Proposal form along with photo.
• Address proof
• Age proof
• Medical reports (if required)

Claim Procedure of  LIC Limited Premium Endowment Policy 830

The documents required for claim procedure under LIC Limited Premium Endowment Policy 830 are given below

• NEFT form
• Discharge form
• Cancel check or Bank Pass book xerox
• Policy bond
• Death certificate

LIC Limited Premium Endowment Policy 830 Premium Calculator 

In LIC Limited Premium Endowment policy 830 to calculate the premium rates the following details are required.

Name:

Age :

E-Mail Id:

Mobile Number:

Policy term :

Premium payment term :

Sum assured :

Example of LIC Limited Premium Endowment Policy 830

Suppose, Sudheer had decided to buy the LIC Limited Premium Endowment policy 830 then following details of sudheer are given below:

Age : 25

Policy term : 12 years

Premium payment term : 8 years

Sum assured : Rs.10,00,000

Now, Sudheer has to pay premium with and without tax that are varying from first year premium to remaining years premium. To understand more clearly refer the following table given below,

First Year Premium

Mode of Payment	Without tax	Tax	With tax
Yearly premium	274433	8480	282912
half yearly premium	138608	4283	142891
Quarterly premium	70000	2163	72163
Monthly premium	23333	721	24054

From Second Year to last year Premium

Mode of Payment	Without tax	Tax	With tax
Yearly premium	274433	4240	278673
half yearly premium	138608	2141	140749
Quarterly premium	70000	1082	71082
Monthly premium	23333	360	23693

Requirement of medical reports has to be submitted under this LIC Limited Premium Endowment policy 830 are tabulated below 

Medical Requirements

FBS, Lipidogram Elisa for HIV, Hb% (Rs. 1140)

Additional Information of LIC Limited Premium Endowment Policy 830

Loan facility: Loan facilities are available after payment of premiums for at least 2 years under this LIC Limited Premium Endowment Policy 830. Maximum loan amount granted will be 90% for force policies and 80% for paid up policies.

Policy Revival: If the premium is not paid by you within the grace period then the  policy will lapse. If you are interested to continue this policy then you can revive your policy on or before 2 years from the date of first Unpaid premium.

Cooling Off Period: If you are not satisfied with this policy, you may return the policy within 15 days from the date of receipt of the policy.

Backdating policy: The policy can be backdated within the same financial year.

Service Tax: 3.09% service tax is applicable. For more information regarding Service Tax, visit www.taxqueries.in.

Proposal Forms: Proposal Form no. 300 or 340 will be used under this LIC Limited Premium Endowment Policy 830.

Suicide clause: If the policy holder commits suicide for any of the reasons within 12 months of date of commencement of risk or from date of revival, then 80% of premium for what he had paid will be returned to his assignees or nominees. If policyholder commits suicide after 12 months then Full Sum assured + Bonus will be paid by corporation to their nominee.

Paid up value: On death the paid up value of sum assured is given as

Death paid up sum assured= Sum Assured on death x (number of premiums paid / number of premiums payable during the premium paying term).

The Sum assured on Maturity under a paid up policy shall be reduced is given as

Maturity paid up sum assured= Sum Assured on Maturity x (number of premiums paid / number of premiums payable).

Surrender value: Available after payment of complete 24 months premiums. There are 2 types of surrender value.

Guaranteed Surrender Value (GSV): GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders, if opted for.  GSV factor shall be applicable to vested Simple Reversionary bonus,if any.

Special Surrender Value (SSV) : Surrender Value shall be  the discounted  value of the Paid-up Sum Assured and vested simple reversionary bonuses.

Riders: Riders are available under this LIC Limited Premium Endowment Policy 830. Accidental death and disability benefits are also available.

Policy Stamping: Under, LIC Limited Premium Endowment Policy 830 stamping charges will be 20 paise per thousand sum assured.

FAQ’s of LIC Limited Premium Endowment Policy 830

Can you give me the brief explanation or example about benefits covered under this LIC Limited Premium Endowment Policy 830?

EXAMPLE: Suppose Ravi aged 30 years decided to take Limited Premium Endowment Plan 830 for the policy term (PT) of 21 years and Premium Paying Term (PPT) of 9 years. He chooses basic sum assured of Rs 3,00,000

Now, Ravi is required to pay an annual premium of Rs 24,320 for the premium paying term (9 years) only.

Case 1: Death during policy

If Ravi dies during the policy term, then his nominee will receive the Death Sum Assured i.e. 125% of Basic Sum Assured (125% of Rs.3,00,000) + Accrued Bonuses. After this, the policy will terminate.

Case 2: Accidental Death during policy

If during the policy term, Ravi dies due to an accident, his nominee will receive the Death Sum Assured (125% of Rs 3,00,000) + Additional Accidental Sum Assured (Rs 3,00,000) + Accrued Bonuses. The policy will terminate after this event.

Case 3: Survival till maturity

If Ravi survives till the end of policy term, he will get the Basic Sum Assured i.e. Rs 3,00,000 + Accrued Bonuses. Thereafter policy will terminate.

Can I surrender my policy before maturity?

You can surrender your policy before maturity. A policy acquires surrender value after completion of paying premiums of two years policy.

Is loan facility is available under this policy?

Yes, loan facility is available under this policy after paying 2 years of complete premium.

If premium is not paid then is there any chance of restarting the policy?

If the premium is not paid by you within the grace period of 15 days for monthly mode and 30 days for remaining modes then the  policy will lapse. If you are interested to continue this policy then you can revive your policy on or before 2 years from date of first Unpaid premium.

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