830 Limited Premium

LIC’s Limited Premium Endowment Plan Table No. 830

LIC’s Limited Premium Endowment 830 is a plan with the limited premium paying terms, non linked Endowment Assurance Plan with Profit. That combines protection with savings. Other benefits are also available under this plan like tax benefits, loan facility and rider benefits.

Sum assured: Minimum limit for sum assured is Rs. 3 lakh and there is no maximum limit.

Policy Term: 12, 16 or 21.

Premium Paying Term: 8 or 9 Year

Entry Age: The minimum entry age of the policyholder should be 18 years and the maximum age limit is 62 years.

Maximum Maturity Age: 75 Years.

Premium Payment Mode: Premium can be paid Monthly, Quarterly, Half Yearly or Yearly.

Maturity Benefits: on maturity, basic sum assured along with vested simple reversionary bonus and the final additional bonus is paid to the policy holder.

Death Benefits

If the Death happens, the nominee will get:
Base Sum Assured + Simple Reversionary Bonus (every year) + Final Additional Bonus (applicable in the year of death)

Rider benefits: Accidental Death benefit is available during the policy term; accident benefit sum assured will be paid along with death benefit under the basic plan. Disability benefits are paid till 70 years of age of the policy holder.

Income Tax Benefit: Premium paid in this policy is tax exempted under section 80C. The maturity benefits are also exempted from tax under section 10(10D).

Liquidity Benefit: Policy holder can take a loan under this policy after completion of 2 full years of the Policy.

For simplicity study following table

Min Age18 Year
Max Age62 Year
Max Maturity Age75 YEar
Policy Term12, 16, 21 Year
Premium Paying Term8, 9 Year
Min Sum AssuredRs. 3,00,000/-
Max Sum AssuredAny
Payment ModeAll
Surrender2 Years

The example of Limited Premium Endowment Plan, 830.

Suppose someone of 30 years age is going to apply policy Limited Premium Endowment Plan, 830 for the Basic Sum Assured Rs. 10,00,000/-, and the Policy term of 16, 21 and 25 years with Premium Paying terms 8 and 9 years.

“Limited Premium Endowment” Table 830

Age: 30 Year

Basic Sum Assured: Rs. 10,00,000/-

PlanLimited PremiumLimited PremiumLimited PremiumLimited PremiumLimited PremiumLimited Premium
Age30 Year30 Year30 Year30 Year30 Year30 Year
Premium Paying Term8 Year8 Year8 Year9 Year9 Year9 Year
Policy Term12 Year16 Year21 Year12 Year16 Year21 Year
Basic Sum AssuredRs. 10,00,000/-Rs. 10,00,000/-Rs. 10,00,000/-Rs. 10,00,000/-Rs. 10,00,000/-Rs. 10,00,000/-
Double Accidental BenefitRs. 10,00,000/-Rs. 10,00,000/-Rs. 10,00,000/-Rs. 10,00,000/-Rs. 10,00,000/-Rs. 10,00,000/-
Death Sum AssuredRs. 12,50,000/-Rs. 12,50,000/-Rs. 12,50,000/-Rs. 12,50,000/-Rs. 12,50,000/-Rs. 12,50,000/-
Premium First YearRs. 1,14,918/-Rs. 99,152/-Rs. 82,721/-Rs. 1,04,827/-Rs. 90,495/-Rs. 75,498/-
Premium second Year OnwardsRs. 1,12,443/-Rs. 97,017/-Rs. 80,940/-Rs. 1,02,570/-Rs. 88,546/-Rs. 73,873/-
Total Premium PaidRs. 9,02,019/-Rs. 7,78,271/-Rs. 6,49,301/-Rs. 9,25,327/-Rs. 7,98,863/-Rs. 6,66,482/-
Money Back At the YearNANANANANANA
Maturity ReturnRs.14,80,000/-Rs. 17,45,000/-Rs. 21,50,000/-Rs.14,80,000/-Rs. 17,45,000/-Rs. 21,50,000/-
Total ReturnRs.14,80,000/-Rs. 17,45,000/-Rs. 21,50,000/-Rs.14,80,000/-Rs. 17,45,000/-Rs. 21,50,000/-

Above Calculations are approximate and according to current bonus rate. It may vary according to the rate of bonus and taxes.

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