The LIC’s Limited Premium Endowment Plan is a profit sharing endowment policy.
1. LIC’s Limited Premium Endowment Plan offers a great combination of protection and saving. It is a nice combination of insurance and investment.
2. It is an endowment assurance plan that is not linked to or is not dependent on share market with guaranteed returns.
3. This plan has a fixed premium paying terms of 8 & 9 years.
4. The plan has fixed policy terms 12, 16 & 21 years.
5. The policy has less number of premium paying term than the actual policy term.
6. Loan facility is also available in this policy after 2 years of premium payment.
7. Double Accident Benefit can be added as a rider with the plan.
8. This plan is eligible for bonus as declared by LIC. This plan has a comparatively higher bonus.
9. It is also eligible for Final Addition bonus declared by LIC.
10. Rebate is given for yearly and half-yearly mode of premium payment.
11. You also have the option to surrender the policy after 2 years of full premium payment
12. The plan is available for the age group of 18 to 62 years.
13. The Death Benefit and Maturity Benefit for this policy is sum assured + bonus.
14. The insured can avail tax benefits under section 80C for the premium paid.
15. The maturity amount is also tax-free under section 10(10)D.