Limited Premium Endowment Plan from LIC is a non-linked plan that provides an ideal combination of protection and savings. The policy holder gets a lump sum amount at the time of maturity. This plan takes care of the needs of the surviving family in case of the unfortunate death of the policy holder. Moreover, the loan facility available on the Limited Premium Endowment plans enables the policy holder to discharge the financial obligations that arise from time to time. The policy holder can avail loan up to 80% of the paid-up policy and up to 90% of the policy in force. One of the unique features of the plan is the limited premium paying term. For instance, the policy holder will have to pay a premium for no more than 8 years for a policy of a 12-year term.
For instance, Mr Smart, aged 35 intends to take a BSA 3, 00,000 (21-year policy) with a paying term of 8 years. The total premium paid by Mr Smart is 1,90,280 (annualized at 23785/- for 8 years). In return, Mr Smart will receive 5,32,200/- (gross investment return assumed at 8% p.a.) at the time of maturity.
Please note that this plan is closed now and not available to purchase anymore. You may please contact us at +91-9230091000 for further assistance.