LIC's Limited Payment Endowment Assurance(Plan no. 48)

Posted by Admin on 0

LIC’s Limited Payment Endowment provides the flexibility of choosing the Premium Paying Term (PPT). This plan best suit for those who have long term financial goal and wants to pay premium only for limited period.

All other features are quite similar to plan Endowment Assurance,

The good part of this policy is even you are paying premium for limited term and Bonus is paid for entire term.

However premium is marginal higher then Endowment with Profit (plan 14) but at the end you end up paying less premiums.

Highlight:

Special to the plan:

  • Flexibility of choosing PPT.
  • Bonus is paid for the entire term irrespective of PPT.

Eg:If you pay premium for 20 year and Policy term is 25 year, Bonus is paid for entire term of 25 year.

  • Life Risk covered for entire term, irrespective of PPT.
  • Maturity amount is paid at the end of term and not at the end of PPT.

Regular Benefits:

  • Natural Death: S.A + Bonus + FAB.
  • Accidental Death: 2 times S.A + Bonus + F.A.B.(If accidental benefit is taken)
  • You can pay premium Monthly/Quarterly/Half Yearly/Yearly/Single.
  • Maturity Benefit tax-free.
  • Tax rebate on premium paid.
  • Loan facility (Subject to certain rules).
  • Rider: Accident and disability.

Condition:

Minimum age is 12 year and maximum age is 60 years.

Minimum term is 5 year and maximum is 25 years.

Premium paying term (PPT) will be

For 25 years – 5,10,15,20

For 20 years – 5, 10, 15

For 10 years – 5, 10

Minimum S.A is Rs. 50,000 and Maximum no limits.

E.g.: Following table will highlight the benefits for a healthy person of age 30 years and for term of 25 years (PPT 15 and 20).

Sum Assured

5,00,000

10,00,000

Prem Pay Term

15

20

15

20

Yearly Prm

25,326.00

21,519.00

50,653.00

43,038.00

Total

3,79,890

4,30,380

7,59,795

8,60,760

Maturity Benefit

Sum Assured

5,00,000

10,00,000

Bonus @ 60/1000

7,50,000

1500000

F.A.B

2,50,000

500000

Total

15,00,000

30,000,00

Conclusion: If you think endowment plan are best option for you and wants to pay premium only for limited term then this plan is for you.

About the Author

Write admin description here..

Get Updates

Subscribe to our e-mail newsletter to receive updates.

Share This Post

Related posts

0 comments:

Blogger templates. Proudly Powered by Blogger.
back to top