Lic Limited Payment Endowment 830 – Policy Review
Lic Limited Payment Endowment 830 – Policy Review : Loads of people that I meet on a daily basis for their Financial Planning have come up with a onetime premium or a shorter duration premium as far as their Insurance needs is concerned. Investments are often associated with long term payments and even PPF but somehow Insurance has always been a burden in the minds. Thus, keeping their requirements in mind, LIC has come up with a new plan called Limited Payment Endowment Plan.
Limited Payment Endowment Plan is a new policy for people who need longer tenure coverage but are not willing to pay premiums for such a long tenure. They have the flexibility to opt for Limited Payment Endowment Plan and pay premium only for a short duration of 8 or 9 years whereas the life insurance coverage may continue for the entire policy tenure of 12, 16 or 21 years as chosen. Limited Payment Endowment Plan has been specially designed for people looking for shorter premium paying options or people who have a shorter premium paying capability but require a much longer coverage tenure.
The maturity benefit received in Limited Payment Endowment Plan is in a lumpsum along with the accrued bonuses on survival till the end of the entire policy tenure. In fact, the entire coverage available during the policy tenure of 12, 16 or 21 years as chosen is beyond the Basic Sum Assured if the additional benefits are chosen. Even for Accidental Death and Disability Benefit and Term Benefit riders, opted as additional benefits, the premium needs to be paid only for the limited period and not the entire tenure.
Even the premium is quite competitive. For example only Rs 24713 per year needs to be paid by a 30 year old man opting for a 8 years premium paying term and gets the whole array of benefits at his disposal. Thus, this plan is the answer to a lot of insurance concerns of people who are not able to afford longer premium paying tenure.