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LIC Limited Period Endowment Plan
LIC Limited Period Endowment Plan




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LIC Limited Period Endowment

1 Details
1.1 Insurance Provider
Life Insurance Corporation of India
1.2 Claim Settlement Ratio
1.2.1 Settlement Ratio (2015-16)
95.51%
Rank: 1 (Overall)
1.2.2 Settlement Ratio
LIC Bhagya Laks..
98.00%
Rank: 1 (Overall)
Edelweiss Tokio My Life Plus
1.2.3 Settlement Ratio (2013-14)
LIC New Jeevan ..
98.14 %
Rank: 2 (Overall)
DHFL Pramerica Family Income
1.3 Type
Endowment Plan
1.4 Status
In-force
1.5 Online
23% Endowment Plans Life insurance plans have it !
1.6 Eligibility
1.6.1 Min Entry Age
AEGON Religare ..
18 years
Rank: 17 (Overall)
Bajaj Allianz Cash Assure
ADD ⊕
1.6.2 Max Entry Age
ICICI Pru Immed..
62 years
Rank: 17 (Overall)
Reliance Classic Plan 2
ADD ⊕
1.6.3 Min Vesting Age
Canara HSBC Sma..
30 years
Rank: 19 (Overall)
Shriram Secure Investment Plan
ADD ⊕
1.6.4 Max Vesting Age
Bharti AXA Life..
69 years
Rank: 17 (Overall)
LIC New Children Money Back Plan
ADD ⊕
1.7 Policy Term
1.7.1 Min Term
Edelweiss Tokio..
12 years
Rank: 10 (Overall)
HDFC Life New Group Unit Linked Plan
ADD ⊕
1.7.2 Max Term
TATA AIA Fortun..
21 years
Rank: 24 (Overall)
HDFC Life New Group Unit Linked Plan
ADD ⊕
1.8 Returns
1.8.1 Min Sum Assured
Aviva Life Shie..
₹ 300000
Rank: 55 (Overall)
ICICI Pru Immediate Annuity Plan
1.8.2 Min Sum Assured (Variable)
Not Applicable
1.8.3 Max Sum Assured
IDBI Federal Lo..
Not Available
Rank: N/A (Overall)
Kotak Gratuity Plus Group Plan
1.8.4 Max Sum Assured (Variable)
No Limit
1.9 Group Plan
1% Endowment Plans Life insurance plans have it !
1.9.1 Group Type
Not Applicable
1.9.2 NEE Size
Metlife Group T..
Not Available
Rank: N/A (Overall)
Reliance Traditional Group Employee Benefit Plan
1.9.3 EE Size
Metlife Complet..
Not Available
Rank: N/A (Overall)
HDFC Group Term Insurance
2 Premium
2.1 Minimum Premium
2.1.1 Min Premium
Kotak Preferred..
Not Available
Rank: N/A (Overall)
HDFC Life Group Credit Protect Insurance Plan
2.1.2 Min Premium (Variable)
Depends on age, term and Sum Assured chosen
2.2 Maximum Premium
2.2.1 Max Premium
Metlife Traditi..
Not Available
Rank: N/A (Overall)
HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana
2.2.2 Max Premium (Variable)
No Limit
2.3 Payment Options
Limited Pay
2.4 Regular Modes
Annual, Monthly, Quarterly, Semi-Annual
2.5 Top Up
Not Allowed
2.5.1 Top Up Value
Kotak Invest Ma..
Not Available
Rank: N/A (Overall)
Pension Plus
3 Loan And Benefits
3.1 Loan
81% Endowment Plans Life insurance plans have it !
3.2 Surrender
90% Endowment Plans Life insurance plans have it !
3.2.1 Surrender Value
Depends on the total premium paid, policy term and the policy year
3.3 Benefits
3.3.1 Tax
All Endowment Plans Life insurance plans have it !
3.3.2 Tax Benefit Amount
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfillment of terms and conditions.
3.3.3 Service Tax
Not Applicable
3.3.4 Maturity
99% Endowment Plans Life insurance plans have it !
3.3.5 Maturity Benefit Amount
Basic Sum Assured + Bonus + Final Additional Bonus
3.3.6 Death
99% Endowment Plans Life insurance plans have it !
3.3.7 Death Benefit Amount
Sum Assured on Death + Bonus + Final Additional Bonus
3.3.8 Annuity
No Endowment Plans Life insurance plans has it !
3.4 Bonus
Reversionary Bonus, Terminal Bonus
4 Provisions
4.1 Renewal
72% Endowment Plans Life insurance plans have it !
4.1.1 Renewal Period
Bajaj Allianz R..
Not Available
Rank: N/A (Overall)
HDFC Life Group Unit Linked Pension Plan
4.2 Riders
4.2.1 Accidental Death
57% Endowment Plans Life insurance plans have it !
4.2.2 ADBR Description
Available as an optional cover
4.2.3 Critical Illness
27% Endowment Plans Life insurance plans have it !
4.2.4 CI Description
Not Applicable
4.2.5 Term Rider
16% Endowment Plans Life insurance plans have it !
4.2.6 TR Description
Not Applicable
4.2.7 Permanent Disability
22% Endowment Plans Life insurance plans have it !
4.2.8 PD Description
Not Applicable
5 Terms and Conditions
5.1 Grace Period
LIC Jeevan Raks..
30 Days
Rank: 1 (Overall)
HDFC Group Term Insurance
ADD ⊕
5.2 Free Look Period
Mera Term Plan
15 Days
Rank: 2 (Overall)
Reliance Online Term
ADD ⊕
5.3 Exclusion On Base Policy
Suicide Clause
5.4 Charges
5.4.1 Premium Allocation
4% Endowment Plans Life insurance plans have it !
5.4.2 Premium Allocation Charge
Not Available
5.4.3 Policy Administration
4% Endowment Plans Life insurance plans have it !
5.4.4 Policy Administration Charge
Not Available
5.4.5 Fund Management
4% Endowment Plans Life insurance plans have it !
5.4.6 Fund Management Charge
Not Available
5.4.7 Mortality
5% Endowment Plans Life insurance plans have it !
5.4.8 Mortality Charge
Not Available
5.4.9 Switching
Not Allowed
5.4.10 Switching Charge
Reliance Group ..
Not Available
Rank: N/A (Overall)
SBI Life Kalyan ULIP Plus
5.4.11 Partial Withdrawal
Not Allowed
5.4.12 Partial Withdrawal Charge
Kotak Invest Ma..
Not Available
Rank: N/A (Overall)
Aviva Live Smart Plan
5.4.13 Premium Redirection
Not Allowed
5.4.14 Premium Redirection Charge
Kotak Invest Ma..
Not Available
Rank: N/A (Overall)
SBI Life Kalyan ULIP Plus
5.5 Group Members
5.5.1 Addition
Not Allowed
5.5.2 Deletion
Not Allowed
5.6 Medical Examination
77% Endowment Plans Life insurance plans have it !

Information on LIC Limited Period Endowment

LIC Limited Period Endowment Plan is one of the Endowment Plans provided by Life Insurance Corporation of India. Claim settlement ratio for this insurance company is 98.00%. This policy can be bought online. To buy this plan, life insured has to be at least 18 years old as on his last birthday. Maximum entry age for this plan is: 62 years. Vesting age or maturity age for this plan is 30 years. Information on LIC Limited Period Endowment policy term and returns can be found on details.

Payment Options for LIC Limited Period Endowment Premium

Insurance premium is an amount that is paid to the insurance provider at regular or limited intervals or at once. Regular payment means that one pays premium (money you pay in exchange of life cover) throughout the policy term. Limited pay means that one pays premium only for a limited number for years say 3 to 5 years whereas single pay means that you pay premium at once. After maturity of some of the insurance plans, these premiums are returned to you along with additional bonus as policy gains. LIC Limited Period Endowment Plan Premium and gains are ways of investment for the life insured person. Payment options for LIC Limited Period Endowment premium include: Limited Pay.

LIC Limited Period Endowment Gains

LIC Limited Period Endowment gains are the benefits that are available under the insurance policy. You can avail loan under this plan. If one is unable to pay premiums, some companies allow surrender of policy. The amount of money that you get back after you surrender your policy is known as surrender value. LIC Limited Period Endowment Plan assures guaranteed surrender value. Compare LIC Limited Period Endowment Plan and MET Pension (Par) to know the difference between gains of these plans. Tax benefit is applicable for this plan. When a policy has tax benefit, it means that the premiums you pay for that policy are eligible for deduction in tax returns and so is a part of the money you get at the end of policy term. Maturity benefit is provided by Life Insurance Corporation of India. This plan assures death benefit.

Provisions of LIC Limited Period Endowment

Provisions of LIC Limited Period Endowment include riders i.e. special clauses to consider the cases where the policy holder will not be able to pay premium. For example in case the life insured suffers disability due to some accident or in case of demise of the policy holder due to some accident. Special circumstances like the are covered in riders. In such conditions, these riders provide an option for you to surrender the policy and get back the money that you have paid in terms of premiums. Accidental Death is applicable for this plan. Critical Illness is not applicable for this plan. Term Rider cannot be availed under this policy. This insurance plan does not assure Permanent Disability. Riders can sometimes be bought by paying additional premium.

  • Terms and Conditions:
  • LIC Limited Period Endowment Plan Terms and Conditions include grace period, free look period, etc. Grace period is the period where in the policy can be reinstated by paying the unpaid premiums. Grace Period available for this plan is of 30 Days. Free look period is the period where in you can return the policy if you are not satisfied with the terms and conditions of LIC Limited Period Endowment Plan. Free look period available for this plan is of 15 Days.

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